Global Steering Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Steering Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global steering market report has been segmented on the basis of component, technology, vehicle type, and region.

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Global Steering Market: Overview

Steering system rotates the automotive wheel in a swivel movement in such a way that steering wheel edge turns a long way to short way. There are two types of steering mechanisms namely Ackermann steering gear mechanism and Davis steering gear mechanism. Among these two mechanism the Ackermann steering is used globally, owing to its simplicity characteristics.

Global Steering Market: Dynamics

Increasing vehicle production and trade activities is resulting into high demand for steering systems to control vehicle direction is a key factor expected to drive growth of the global steering market during the forecast period.

Moreover, increasing adoption of steer-by-wire (SbW), electric power steering (EPS), and rear-axle steering or all-wheel-steering (AWS) technologies as advance steering systems by automotive steering systems industries. This is among major factor expected to proliferate growth of the global market.

Furthermore, rising awareness and adherence regarding fuel efficiency norms, contributes high adoption of electronic assisted steering systems in heavy duty vehicles. This adoption is primarily attributed due to its weight reduced capability which in turn is expected to boost growth of the potential market.

However, high maintenance and complex balance associated with cost and performance of smart steering systems are major factor expected to decline growth of the target market to a certain extent.

In addition, high cost associated with assisted power steering system and limitation on load bearing capacity of electric power steering systems are some other challenging factors expected to hamper growth of the potential market in the near future.

Global Steering Market: Opportunities and Trend

Increasing R&D activities for driverless cars especially artificial intelligence controlled steering wheels is a key factor expected to create significant opportunities for prominent and new players in the global steering market in the coming 10 years.

Increasing installation of EPS systems in commercial vehicles and high adoption of SbW technology in production of autonomous vehicles are major trends observed in the target market.

For instance, in August 2018, US-based Nexteer Automotive Group Limited announced partnership with WABCO Holdings, Inc. This partnership primarily focused on WABCO active steering systems supply for commercial vehicles using Nexteer’s Magnetic Torque Overlay (MTO) technology.

Global Steering Market: Segment Analysis

The steering column segment in the component segments is expected to register highest CAGR in the global market. The segment growth is primarily attributed to increasing production of automobiles where, steering column is an integral part of main steering system in any vehicle.

Global Steering Market: Regional Analysis

The steering market in Asia Pacific is expected to register moderate share and is expected to dominate in the target market. High production and sales of automobiles, increasing per capita income, high developmental initiatives in road infrastructure, and growing focus towards a manufacturing-driven economy are major factors expected to drive Asia Pacific steering market.

Whereas, market in North America is expected to register second highest CAGR in the global market during the forecast period, followed by market in the Europe region.

Global Steering Market Segmentation:

Segmentation by Component:

Electric motor
Hydraulic Pump
Steering Column
Steering Wheel Speed Sensor

Segmentation by Technology:

Manual
Hydraulic Power Steering (HPS)
Electro-Hydraulic Power Steering (EHPS)
Electronic Power Steering (EPS)
C-EPS
P-EPS
R-EPS

Segmentation by Vehicle Type:

Passenger Car
Light Commercial Vehicle
Heavy Commercial Vehicle