Automobile steering systems Market Share 2021: Global Trends, Key Players, Industry Analysis Report to 2027

The Automobile steering systems market is expected to grow at a significant CAGR in the period from 2021 to 2027. Several countries across the world have enacted strict car pollution and fuel economy requirements. Fleet-level rules have been imposed by regulatory agencies such as the National Highway Traffic and Safety Administration (NHTSA) in the United States, the International Council on Clean Transportation (ICCT) in Europe, and other organisations. These laws establish an average emission level that automobile manufacturers must adhere to. These rules have forced automakers to invest more in fuel-efficient steering systems like electric power steering.

When compared to typical hydraulic steering systems, electrically assisted power steering systems are lower in weight and have a simpler construction. Furthermore, because there are no fuels involved, they are also easier to maintain for automobile owners. According to the US Department of Energy (DOE), in ideal conditions, EPS systems may improve fuel efficiency by 2% to 4%, cut fuel consumption by up to 6%, and reduce CO2 emissions by 8 grammes per kilometre. According to estimates, EPS systems have saved over 3 billion gallons of gas since 1999. (Source: Nexteer Automotive). Unlike hydraulic systems, which pump fluid continuously while the engine is running, these systems only utilise power when the wheels are spun.

The following Segmentation are covered in this report

By Component

• Hydraulic pump
• Steering column
• Steering wheel speed sensor
• Electric motor

By Technology

• Electric power steering (EPS),
• Electrically assisted hydraulic power steering (EHPS)
• Hydraulic power steering (HPS)

By Type

• Column-EPS (C-EPS)
• Pinion-EPS (P-EPS)
• Rack-EPS (R-EPS)

By Pinion-Type

• Single
• Dual

By Mechanism

• Collapsible EPS
• Rigid EPS

By Component

• Hydraulic pump
• Steering column
• Electric motor

By Vehicle Type

• Passenger car (PC)
• Light commercial vehicle (LCV)
• Heavy commercial vehicle (HCV)

By Region

North America:

• US
• Canada

Europe:

• France
• Italy
• Germany
• UK
• Rest of Europe

Asia Pacific:

• India
• China
• Japan
• Australia
• Rest of APAC

Scope of the Report

The research study analyses the global Automobile steering systems industry from 360-degree analysis of the market thoroughly delivering insights into the market for better business decisions, considering multiple aspects some of which are listed below as:

Recent Developments

• Market Overview and growth analysis
• Import and Export Overview
• Volume Analysis
• Current Market Trends and Future Outlook
• Market Opportunistic and Attractive Investment Segment

Geographic Coverage

• North America Market Size and/or Volume
• Latin America Market Size and/or Volume
• Europe Market Size and/or Volume
• Asia-Pacific Market Size and/or Volume
• Rest of the world Market Size and/or Volume

Key Questions Answered by Automobile steering systems Market Report

• What was the Automobile steering systems Market size in 2019 and 2020; what are the estimated growth trends and market forecast (2021-2027).
• What will be the CAGR of Automobile steering systems Market during the forecast period (2021-2027)?
• Which segments (product type/applications/end-user) were most attractive for investments in 2018? How these segments are expected to grow during the forecast period (2021-2027).
• Which manufacturer/vendor/players in the Automobile steering systems Market was the market leader in 2020?
• Overview on the existing product portfolio, products in the pipeline, and strategic initiatives taken by key vendors in the market.