The global Automotive Steering System Market is projected to reach USD 36.9 billion by 2025 from USD 29.3 billion in 2020, at a CAGR of 4.7%. However, the halt in vehicle production across the region has impacted the automotive steering system market. Despite this, owing to an increased installation of electric power steering (EPS) in passenger cars and light commercial vehicles and increasing demand for comfort features in vehicles, the market is expected to recover during the forecast period. The automotive steering system market is estimated to observe a decline post-COVID-19 due to the impact on vehicle production. The growth of this market is primarily driven by the stringent emission norm and increasing demand for comfort features provided by EPS system in passenger car and light commercial vehicle.
Stringent emission norms in countries like China and India are pushing OEMs to opt for EPS over EHPS and HPS systems owing to the advantages offered by EPS, such as fuel efficiency and low emission. This has increased the installation of electronically assisted power steering systems, especially in Japan, China, and India. Features such as lane-keep assist, automated parking, lane changes, and the ability to guide vehicles around obstacles all make EPS an ideal choice.
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The Asia Oceania region—particularly China and Japan—has a strong base of automotive steering manufacturers. Also, the growing demand for comfort and safety features in entry to mid-level cars is expected to increase the installation of automotive power steering, thereby driving the Asia Oceania steering system market. Asia Oceania is the largest market for automotive steering system market and accounted for ~56% of the market in 2020. Strong presence of automotive steering manufacturers, such as JTEKT Corporation, NSK Ltd., Showa Corporation, and Hyundai Mobis in countries such as China, Japan, and South Korea, is expected to further drive the growth of the automotive steering system market in Asia Oceania in the coming years.
The passenger car segment is estimated to account for the largest market share due to high production volumes and increasing demand for comfort and safety features in passenger cars. In terms of value, the automotive steering system market size for passenger cars is expected to reach USD 30,501.0 by 2025 from an estimated USD 24,184.1 in 2020. The growing demand for safety and comfort features from customers is also expected to drive the electric power steering market in the passenger car segment during the forecast period.
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Leading market players have adopted strategies of new product development and expansion to increase their share in the automotive steering system market. In March 2019, Rane NSK Steering Systems Pvt. Ltd. (RNSS), a joint venture of NSK Ltd., established a new plant in Ahmedabad (Gujarat, India) to produce electric power steering (EPS) systems. The new plant in Western India joins three existing RNSS plants to cover the vast expanse of India. RNSS also operates plants in Chennai (Southeast India), Bawal (North India), and Pantnagar (North India). Ahmedabad is an important economic and automotive industry hub in Western India.
Key Market Players:
The automotive steering system market is led by established players, such as JTEKT Corporation (Japan), Robert Bosch GmbH (Germany), Nexteer Automotive Group Limited (US), and NSK Ltd (Japan). These companies adopted several strategies to gain traction in the growing automotive steering system market.
COVID-19 impact on automotive steering system market
The growth of this market is primarily driven by the increasing demand for fuel-efficient and better driving comfort vehicles. The COVID-19 pandemic has continued to impact the production of vehicles across the globe. The pandemic has impacted not only established OEMs but also Tier 1 and Tier 2 component suppliers for steering systems. Major OEMs, such as Toyota, Ford, and General Motors, recorded a decline in production due to plant closures caused by the pandemic. This scenario is expected to affect the automotive steering system market, as the growth of the market is directly related to the production of vehicles. The decline in vehicle production is expected to adversely affect the automotive steering system market.
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