30 Nov -0001
Rockville, Md. The global market for automotive steering systems, worth more than US$ 30 Bn in 2017, is on track to approach US$ 40 Bn by the end of 2022 on steady growth, according to Fact.MR. Steering has moved to the centre of vehicle engineering, with electric assistance and integrated hydraulics giving drivers safer, easier control as engines and platforms evolve.
Electric power steering is winning share by technology, passenger cars generate most of the revenue, and factory fitment through OEM dominates supply. Asia Pacific excluding Japan leads by region, well ahead of Europe and North America.
The clearest shift is under the wheel. Electric power steering is gaining fast, accounting for more than US$ 12 Bn of revenue in 2017, while manual systems slide toward the margins with only sluggish growth left in them. Passenger cars carry the market, set to surpass US$ 23 Bn by 2022, and other vehicle types contribute meaningfully but stay behind. OEM is the dominant channel, since drivers rarely replace a steering system, which leaves little room for the aftermarket and steers most of the gains through original equipment between 2017 and 2022.
Asia Pacific excluding Japan leads by revenue and is expected to reach US$ 14.2 Bn by 2022. North America brings in around US$ 7 Bn by 2017, and Europe grows steadily across the period.
Regulation and expectation move together here. Stricter passenger safety laws are raising the bar for steering performance, and buyers increasingly want the smooth, predictable handling that electric and assisted systems deliver. Swings in commodity prices remain the main complication, adding cost uncertainty to a market otherwise on a steady path.
The field is led by dedicated steering specialists and large tier-one groups.
For suppliers, electric power steering capability and close OEM ties are the main levers for growth. Investors get a large market with steady, production-led demand. Procurement teams can plan around OEM channels dominating supply, EPS becoming the default technology, and Asia Pacific carrying the largest opportunity through 2022.
Fact.MR's study covers the global automotive steering system market for the 2017 to 2022 forecast period, with segmentation by technology, vehicle type, sales channel and region. It sizes each segment, maps the competitive field, and weighs the safety and technology forces shaping demand. Further detail is available in the automotive steering system market report.
Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. The firm is known for its syndicated research, custom research and consulting solutions, helping clients make decisions on demand, competition, investment, procurement and future growth.
Automotive Steering System Market
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Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. We are known for our syndicated research, custom research, and consulting solutions.