DUBLIN--(BUSINESS WIRE)--The "Automotive Steering System Market by Technology (HPS, EHPS, EPS), EPS Type (R-EPS, C-EPS, P-EPS), Pinion Type (Single, Dual), Mechanism (Collapsible, Rigid), Components (OE & Aftermarket), Vehicle Type and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The automotive steering system market is projected to reach USD 36.9 billion by 2025 from USD 29.3 billion in 2020, at a CAGR of 4.7% from 2020 to 2025.
With progression in time, the COVID-19 impact has severely disrupted the supply chain for the entire automotive ecosystem. This has halted production facilities across the globe resulting in disruption in the exports of the automotive components. This scenario is expected to affect the automotive steering system market, as the growth of the market is directly related to the production of the vehicles. The global production of vehicles pre-COVID-19 was expected to reach from 90-95 million units in 2020 to 110-115 million units by 2025. According to OICA, though global vehicle production declined by 5.2% between 2018-2019, the production outlook was supposed to showcase significant growth from 2021-2022 owing to multiple steps taken by OEMs, as well as some governments, to attract customers.
Collapsible EPS is the fastest growing market, by Mechanism
The steering column consists of a collapsible housing containing a collapsible rotating shaft. As a safety measure, the steering column is designed to collapse in the event of a front-end collision. As global auto OEMs continue expanding into growing and emerging markets, the demand for collapsible steering columns is expected to increase. The market for collapsible steering column systems has been growing rapidly over the past few years due to the rising sales of passenger cars, expansion of global players in developing economies, and technological advances.
Asia Oceania is estimated to be the fastest growing market for automotive steering system market
The regional growth can be attributed to higher production of vehicles in countries such as China, Japan, and India. Governments across the Asia Oceania region have formulated stringent safety and emission norms that are expected to increase the installation of electric power steering. Moreover, features such as lane-keep assist, automated parking, lane changes, and the ability to guide vehicles around obstacles all make EPS an ideal choice. The strong presence of automotive steering manufacturers, such as JTEKT Corporation, NSK Ltd., Showa Corporation, and Hyundai Mobis in countries such as China, Japan, and South Korea, is expected to further drive the growth of the automotive steering system market in Asia Oceania in the coming years. These features will require more electronic installations, which, in turn, is expected to drive the automotive steering system market.
Market Dynamics
Drivers
- Stringent Fuel Efficiency Norms to Drive Demand for Electrically Assisted Steering Systems
- Increasing Consumer Preference for Driving Comfort and Technologically Advanced Vehicles
Restraints
- Limited Load-Bearing Capacity of Eps Systems
- High Cost of Assisted Power Steering Systems
Opportunities
- Use of Eps Systems in Commercial Vehicles
- Adoption of Steer-By-Wire Technology
Challenges
- Failure of Eps System Subcomponents
Companies Mentioned
- China Automotive Systems Inc.
- Denso Corporation
- Gss Steering Systems LLC
- Huayu Automotive Systems Company Limited
- Hyundai Mobis Co. Ltd.
- Jtekt Corporation
- Mando Corporation
- Maval Industries
- MVO Gmbh
- Nexteer Automotive Group Limited
- Nsk Ltd.
- Pailton Engineering
- Robert Bosch Gmbh
- Rollax GmbH & Co. Kg
- Showa Corporation
- Thyssenkrupp Ag
- ZF Friedrichshafen Ag
For more information about this report visit https://www.researchandmarkets.com/r/iqa6d0
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