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MARKET OUTLOOK

The global automotive steering system market is expected to develop with a CAGR of 5.01% during the forecast years from 2021 to 2028.

The stringent fuel efficiency norms are primarily driving the demand for automotive steering systems. Also, a growing demand for more functions in electronic control units is being observed. These factors are propelling the growth of the global market. 

On the contrary, the high cost of automotive and the autonomous features in cars are hindering this growth process. However, the increase in automotive production and the growing adoption of electric vehicles indicate an overall positive outlook for the automotive steering system market.

REGIONAL OUTLOOK

Latin America, the Middle East and Africa, the Asia-Pacific, Europe, and North America together shape the global market for automotive steering systems. 

The market in the Asia-Pacific is set to exhibit the fastest growth worldwide in the coming period. Factors such as the presence of a number of market leaders who are increasingly investing heavy sums in electric mobility services are the key factors driving the growth in this market. Additionally, the vast capacity expansion in India and China, increasing per capita income, and the development of the road network are further aiding the automotive steering system market growth in the APAC.

COMPETITIVE OUTLOOK

Some of the major players engaged in the automotive steering system market include Hyundai Mobis, Robert Bosch GmbH, Hitachi Astemo Ltd, China Automotive Systems Inc, NSK Ltd, ZF Friedrichshafen AG, Nexteer Automotive Corporation, JTEKT Corporation, Denso Corporation, Thyssenkrupp AG, Mitsubishi Electric Corporation, Honda Motor Company, and Mando Corporation.

JTEKT Corporation manufactures and sells automotive components, bearings, sensors, and machine tools & mechatronics. It offers automotive components such as steering systems, wheels, drivelines, and engine & peripheral parts. The products available in steering systems include hydraulic power steering, electronic power steering, and several unit components. 

Further, in electronic power steering, the company offers pinion type electronic power steering, column type electronic power steering, rack direct drive type electronic power steering, electric pump type hydraulic power steering, and dual pinion type electronic power steering. JTEKT Corporation has a business presence in North America, the Asia-Pacific, Europe, the Middle East and Africa, and Latin America.