Automotive Steering System Market Analysis

Technology (Manual Steering, Electronic Steering, Hydraulic Steering, Electro-Hydraulic Steering)

The global automotive steering system market is segmented and analyzed for demand and supply by technology into manual steering, electronic steering, hydraulic steering, and electro-hydraulic steering. Out of these types of technologies, the electronic steering segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the growing demand for electronic power steering (EPS) along with the surge in the implementation in passenger cars worldwide. For instance, over 30% of passenger cars had EPS technology in India in 2020. Electronic steering system is becoming more common in the cars and replacing traditional power steering system. By installing electronic steering system, manufactures can save the cost of fluid drive belt, pump, pulley, hoses, and others. In modern cars, electric power steering (EPS) is almost mandatory.

Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles)

The global automotive steering system market is also segmented and analyzed for demand and supply by vehicle type into passenger cars, light commercial vehicles, and heavy commercial vehicles. Amongst these segments, the heavy commercial vehicles segment is expected to garner a significant share. The segment is expected to grow on the back of higher utilization of automotive steering system in trucks and utility vehicles globally. Automotive steering system in trucks and utility vehicles provides additional energy weather its electric or hydraulic. It decreases the manual effort in maneuvering and parking. Hence, growth in the industrialization coupled with remarkable demand for transportation within countries is projected to hike the growth of the segment over the forecast period. For instance, in 2021, approximately 4 million units of heavy commercial vehicles (HCVs) were sold out across the globe.

Our in-depth analysis of the global market includes the following segments: