Automotive Steering System Market Estimated to Perceive Accrued Value with a Staggering CAGR; MRFR Unleashes Industry Insights Up To 2032

Automotive Steering Systems Overview

The automotive steering systems market will witness a healthy growth from 2018 to 2023, a research report suggests. Growing at a CAGR of 4.44%, the market is projected to reach US$5,500 million by 2024. Rising auto production & sales is expected to support the market growth along with extensive demand in developing regions. As predicted by analysts, emergence of fully autonomous cars will negatively affect the market’s performance from 2024 - 2032. During the forecast period, the market will be supported by new product development and the development of automotive electric power steering.

The high upfront cost and the emergence of fully autonomous cars on the other hand will challenge auto parts sector based organizations functioning in the global automotive steering systems market. Analysts have split the market into components, sales channel, steering system, and vehicle type segments based on products and services. Auto parts based companies have been profiled. Growing concerns regarding high costs is set to affect the global market during the forecast period 2018 to 2023. The report also provides the market’s performance forecasts till 2023. Analysts have studied the strategy of auto parts segment based organizations to help new entrants and established businesses. The auto parts sector itself is supported by the middle-income group's dream of owning a vehicle as well as the effective marketing of companies. During the forecast period 2018 to 2023, the automotive steering systems market is set to witness a health growth across components, sales channel, steering system, and vehicle type segments as well as regional markets.

Market Segmentation

The auto parts sector has seen growth across components, sales channel, steering system, and vehicle type segments owing to rising automotive production and the rise in EV production. To study the market, analysts have further segmented components, sales channel, steering system, and vehicle type into vehicle type on the basis of commercial vehicles and passenger vehicles. The market is further segmented into components sub segment which is split into electric motor, hydraulic pump, and steering sensor & column. Additionally, the automotive steering systems market on the basis of steering systems is segmented into electrically powered, electro-hydraulic powered, hydraulic powered, and manual. The market is further segmented into sales channels sub segment which is split into OEMs and aftermarket. 

The segmental analysis presented in the report provides auto parts field based organizations insights into key growth factors such as technological improvements as well as challenges such as the lack of internet among consumers the market will face from 2018 to 2023. Rise in car loans due to low-interest rates and advances in driver assistance systems are some of the key factors having an influence on auto parts industry based companies, suggest analysts as per the automotive steering systems market report. But the report also identifies the lack of growth in demand and the dearth of professional service solutions as major threats companies in auto parts will face till 2023. 

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Automotive Steering Systems Market Research Report

Regional Overview

Auto parts market based companies in the automotive steering systems market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. The green automobiles trend will be a key growth driver for regional markets. However, the lack of skilled manpower will turn out to be a threat. For the forecast period 2018 to 2023 each of these regional markets are studied in the report. Starting from North America, the regional market and auto parts vertical based companies are spread across the United States, Canada, and Mexico. 

The increasing demand for highly skilled professionals will turn out to be a major challenge from 2018 to 2023. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by the proliferation of electric vehicles as well as the demand for zero-emission vehicles, suggests the report. Similarly, the auto parts sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the automotive steering systems market covers the Middle East and Africa. Forecast based on the reports findings are presented for the forecast period till 2023.

Competitive Landscape

The global automotive steering systems market research report brings a comprehensive study of components, sales channel, steering system, and vehicle type market segments, regional analysis, and auto parts vertical based company details of key players. As the forecast period 2018 to 2023 will bring new opportunities for the market owing to the future of the transportation system and significant opportunities for automotive steering systems, the market is set to grow at a compound annual growth rate of 7% and is predicted to reach a value of US$5,500 million by 2023. With SWOT analysis of auto parts sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as the shifting consumer preference for alternative solutions and supply chain related problems, companies in the auto parts sector can change the way business is done.

Industry News

ZF Friedrichshafen AG has completed the $149.5 million sale of R.H. Sheppard Co., Inc. to Bendix Commercial Vehicle Systems LLC. Following ZF's acquisition of WABCO, the divestment was announced. Sheppard is a market-leading manufacturer of commercial vehicle steering technologies. Bendix Commercial Vehicle Systems LLC, a subsidiary of Knorr-Bremse and part of its Commercial Vehicle Systems division, completed the purchase of Sheppard.