The global automotive steering system market was valued at US$ 22,501.01 million in 2020 and is projected to reach US$ 30,875.8 million by 2028; it is expected to grow at a CAGR of 4.3% during 2021–2028.
The constant technological advancements in the automotive sector along with the development of innovative solutions to complement the overall traveling experience have significantly improved the quality of automobiles compared to the ones developed two decades earlier. The automotive original equipment manufacturers (OEMs) have introduced several advanced features that enhance the visual aesthetics and efficiencies of vehicles, among other performance indicators. Among these, the automotive steering systems are specially designed to eliminate the requirement for a pump, a drive belt, and a hose connected to the engine to use variable amounts of power. Moreover, the integration of Internet of Things (IoT) in the cars is the next big digital development in the automotive industry. Also, the introduction of autonomous vehicles would bring another revolution in the automotive industry in coming years. Electronic power steering (EPS) system integrated self-driving cars/autonomous vehicles would further boost the driving experience of the driver. The quick development of connected cars offers opportunities to both the automotive industry and tech companies. The development of autonomous vehicles promotes the use of EPS in the vehicles, which propels the growth of the global automotive steering system market.
Rising vehicle production and increasing demand for easy vehicle maneuverability, coupled with surging demand for fuel-efficient vehicles and other technological advancements in the automotive industry, are expected to drive the global automotive steering system market during the forecast period. However, with the rise in the cost of advanced steering systems, the cost of the car also surges, which may have an negative impact on the demand for some types of automotive steering systems.
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Impact of COVID-19 Pandemic on Automotive Steering System Market
As of March 2021, the US is the worst-hit country in North America, with around 30.5 million confirmed cases of infected individuals facing severe health conditions across the country. The continuous growth of infected individuals has led the government to impose lockdown across the nation’s borders. Majority of the manufacturing plants are shut, municipalities are functioning slowly as compared to past, and the automotive and semiconductor industries are at a halt, which is negatively impacting the automotive steering system market. In terms of patient count and death toll, Canada and Mexico are still at a nascent stage than the US. However, the manufacturing plants, the automotive industry, and several other businesses are functioning slowly, which is hindering the automotive steering system market. The COVID-19 outbreak would have a negative short-term impact on the global market.
The Report Segments the Global Automotive Steering System Market as Follows:
- Electronic Power Steering
- Hydraulic Power Steering
- Electro-Hydraulic Power Steering
By Vehicle Type
- Passenger Cars
- Class A
- Class B
- Class C
- Class D
- Class E
- Class F
- Commercial Vehicles
- North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of APAC
- Middle East Africa (MEA)
- South Africa
- Rest of MEA
- South America (SAM)
- Rest of SAM
Automotive Steering System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Electronic Power Steering, Hydraulic Power Steering, and Electro-Hydraulic Power Steering) and Vehicle Type (Passenger Cars and Commercial Vehicles)
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