Global Automotive Steering Systems Market to Add 1.5x Value by 2031: Fact.MR Study
Published : 29 Jul 2021 Industry: Automotive
Fact.MR’s report forecasts the global automotive steering systems market to be valued at nearly US$ 34 Bn, expanding at over 4% CAGR across the 2021-2031 forecast period. Technological advancements in the automotive industry has significantly underscored the importance of automotive steering systems in recent years.
Historically, between 2016 and 2020, sales of automotive steering systems expanded close to 4%, closing in at nearly US$ 23 Bn by the end of the aforementioned period. As the COVID-19 pandemic took hold, prospects dipped significantly in the initial quarters, attributed to substantial shortfalls in automotive output amid mandatory lockdowns. However, since Q4 2020, restrictions have lifted, restoring projections.
Manufacturers are majorly driven by the objective of reducing emissions, prompting numerous innovations and product launches across key regions. For instance, in 2018, WABCO Holdings Inc. signed a MoU with Valeo to develop short and mid-range sensor technologies for next-generation advanced driver assistance systems. Such initiatives are boding well for autonomous steering systems demand.
Key Takeaways from Market Study
- By type, electrically powered automotive steering systems to expand at over 5% CAGR until 2031
- Heavy commercial vehicles (HCV) to remain primary end user, accounting for around 40% revenue
- Aftermarket sales of automotive steering systems to emerge dominant, amid constant maintenance requirements
- U.S to comprise bulk of North American demand, expanding at around 4% CAGR
- East & South Asia to jointly account for 60% of global automotive steering systems demand
- China, Japan and India to dominate the automotive steering system market.
“Increasing demand for reducing emissions and safety while driving is propelling the market for automotive steering systems.’ says a Fact.MR analyst
Automotive steering system companies are focusing on providing comfortable and hassle-free rides that would not harm the environment.
- In July 2021, Bosch and VW have announced integration of swarm intelligence. The company is focusing on improving road safety that would make assistance robust and convenient for drivers. Furthermore, the real time information for high resolution maps updates about real road traffic.
- Key manufacturers in the automotive steering systems include Nexteer Automotive Group Limited, JTEKT Corporation, ThyssenKrupp AG, NSK Ltd., Mitsubishi Electric Corporation, China Automotive Systems Inc., Sona Koyo Steering Systems Limited and Robert Bosch Limited.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global automotive steering system market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study indulges essential insights on the market on the basis of type (hydraulic steering system and electronic steering system), vehicle type (passenger vehicles and commercial vehicles) and across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
About the Automotive Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned automobile team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant - Industrial Goods and Automotive