Automotive Steering Systems Market Trends, Sector Overview and Forecast to 2028

Automotive Steering Systems Market Trends, Sector Overview and Forecast to 2028

Summary

The global steering systems market recorded 91.0 mn units in 2023, recording an annual growth of 10.5%. However, the sector posted a negative CAGR of 0.7% during 2018-23, primarily owing to the prolonged impact of COVID-19. Over the forecast period, the sector is expected to reach 100.1 mn units by 2028 and record a CAGR of 1.9%.​ In 2023, Steering–Power Electrical garnered the largest share of 83.4%, which is expected to decrease to 82.7% by 2028​, while Steering–Power Hydraulic accounted for 12.9% in 2023 and is expected to increase to 13.7% in 2028. Steering – Manual accounted for 3.7% in 2023 and is expected to decrease to 3.6% in 2028. The top five companies operating in the global automotive steering systems are JTEKT, Nexteer Automotive, ZF, Robert Bosch, NSK, and Hitachi Astemo.

This report brings together multiple data sources to provide a comprehensive overview of the global Automotive steering systems sector. It includes analysis on the following

Trends & Drivers: Provides an overview of current sector scenario regarding the future outlook in terms of key trends and drivers of the sector.

Technological Developments: Provides a detailed overview of technological developments and innovations in the sector.

PESTER Analysis: Provides a detailed understanding of various factors such as political, economic, social, technological, environmental, and regulatory impacting the sector.

Sector Forecast: Provides deep-dive analysis of global market covering volume growth during 2018–2028, and spot estimates for 2023 and 2028. The analysis also covers regional overview across four regions-Asia-Pacific, Europe, North America, and South America and MEA-highlighting sector size, and growth drivers for the region.

Competitive Landscape: Provides an overview of leading component suppliers at a global and regional level, besides analyzing the recent product innovations and key strategic initiatives taken by the companies.

Patent Analysis: Provides an overview of patent filings in the sector across regions, countries and top applicants.

Scope

This report brings together multiple data sources to provide a comprehensive overview of the global steering systems sector. It includes an analysis on the following

Trends & Drivers: Provides an overview of current sector scenario regarding the future outlook in terms of key trends and drivers of the sector. ​
Technological Developments: Provides a detailed overview of technological developments and innovations in the sector.​
PESTER Analysis: Provides a detailed understanding of various factors such as political, economic, social, technological, environmental, and regulatory impacting the sector.​
Sector Forecast: Provides deep-dive analysis of the global market covering volume growth during 2018-2028, and spot estimates for 2030 and 2036. The analysis also covers a regional overview across four regions-Asia-Pacific, Europe, MEA, North America, and South America -highlighting sector size, and growth drivers for the region.​
Competitive Landscape: Provides an overview of leading component suppliers at a global and regional level, besides analyzing the recent product innovations and key strategic initiatives taken by the companies.​
Patent Analysis: Provides an overview of patent filings in the sector across regions, countries, and top applicants.​

Reasons to Buy

Auto OEMs and component suppliers seek the latest information on how the market is evolving to formulate their sales and marketing strategies. There is also a demand for authentic market data with a high level of detail. This report has been created to provide its readers with up-to-date information and analysis to uncover emerging opportunities for growth within the sector in the region. The report provides a detailed analysis of the regions and competitive landscape that can help companies gain insight into the region-specific nuances. The analysts have also placed a significant emphasis on the key trends that drive customer choice and the future opportunities that can be explored in the region, which can help companies in revenue expansion. To gain competitive intelligence about leading component suppliers in the sector in the region with information about their market share and growth rates.