Automotive Steering System Market

Automotive Steering System Market by Technology (HPS, EHPS, EPS), EPS Type (R-EPS, C-EPS, P-EPS), Pinion Type (Single, Dual), Mechanism (Collapsible, Rigid), Components (OE & Aftermarket), Vehicle Type and Region - Global Forecast to 2025

Report Code: AT 2510 Mar, 2021, by marketsandmarkets.com

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%. The growth of this market is primarily driven by the increasing demand for fuel-efficient and better driving comfort vehicles.

Automotive Steering System Market

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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 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 market.

Automotive Steering System Market Dynamics

Driver: Stringent fuel efficiency norms to drive demand for electrically assisted steering systems

Several governments across the globe have introduced stringent emission and fuel economy regulations for vehicles. Regulatory bodies such as the National Highway Traffic and Safety Administration (NHTSA) in the US, the International Council on Clean Transportation (ICCT) in Europe, and other associations have implemented fleet-level regulations. These regulations indicate an average emission limit that needs to be maintained by automotive OEMs. These regulations have compelled automotive OEMs to increase their fuel-efficient steering technologies such as electric power steering. Electrically assisted power steering systems are lighter in weight and are less complex in structure compared to traditional hydraulic steering systems. Moreover, as there are no fuels involved, they are also easier for car owners to maintain. As per the US Department of Energy (DOE), in ideal conditions, EPS systems can increase fuel efficiency by 2% to 4%, reduce fuel consumption by up to 6%, and decrease CO2 emissions by 8g/km. Estimations show that EPS systems have helped save almost 3 billion gallons of gas since 1999 (Source: Nexteer Automotive). These systems use power only when the wheels are turned, unlike hydraulic systems that pump fluid all the time while the engine is running. This directly results in increased fuel economy. The penetration of electrically assisted power steering is highest in the European region, followed by North America and Asia Oceania respectively.

Restraint: Limited load-bearing capacity of EPS systems

Owing to their benefits, like improved fuel efficiency and ease of maneuverability, EPS systems are increasingly being used in the passenger car segment. However, because of their low load-bearing capacity, their demand is very limited in the commercial vehicle segment, and they are being replaced by HPS systems. Various conventional electric steering systems, such as pinion assist electric power steering (P-EPS), have the ability to assist 10kN (kilo-Newton) of steering rack force on an average, whereas heavy commercial vehicles require steering systems that can assist 15kN or above steering rack force. Many companies are working towards developing electric power steering systems that can handle high steering rack force. For instance, Nexteer Automotive has developed a dual-pinion electric pinion system that can handle 12.5kN of steering rack force and a 12-Volt rack assist electric power steering system to cater to the heavy commercial vehicle segment.

Restraint: Opportunities: Use of EPS systems in commercial vehicles

EPS is currently used in passenger vehicles and light commercial vehicles and has a limited presence in heavy vehicles. With advancements in technology, EPS systems could have a better load-bearing capacity and be used in commercial vehicles as well. Presently, HPS systems dominate the commercial vehicle segment owing to their higher load-bearing capacity than EPS systems. HPS systems draw power from the engine, decreasing fuel efficiency.

The EPS system draws power from the battery and is, hence, fuel-efficient and more reliable than HPS systems. An increase in load-bearing capacity would ensure the use of this technology in commercial vehicles as well. For instance, Volvo has developed Volvo Dynamic Steering, which is powered by an electric motor. The motor controls the steering 2,000 times per second. This technology has been developed on a ‘Torque Overlay’ platform. Nexteer Automotive has also developed a rack-assisted electric power steering for the pickup truck market. Another leading steering system manufacturer Robert Bosch has introduced Servotwin electro-hydraulic steering system for heavy commercial vehicles. Such developments are expected to create lucrative opportunities for EPS systems in the commercial vehicle segment in the coming years.

Challenge: Failure of EPS system subcomponents

Many vehicles configured with electric power steering have experienced a failure in their steering system. When the steering wheel gets struck or disengages from the electric motor, EPS malfunctioning occurs. Most of the time, this is caused due to the failure of various electrical components, the failure of steering control modules, and torque sensor defects, resulting in the input of more steering efforts by the driver, which may lead to accidents, especially at low speeds.

Passenger car is estimated to be the largest segment in the automotive steering system market, by vehicle type, during the forecast period

Electrification of a vehicle reduces the dependence on fuels for auxiliary power, making the vehicle more fuel-efficient. This factor drives the demand for power-assisted steering systems, especially electric-assisted power steering systems (EPS), in passenger cars. Reduction in weight and enhanced energy efficiency in vehicles are driving the adoption of EPS. EPS has fewer components, which leads to an easier assembly in the vehicle system. Moreover, to provide the best possible comfort and safety, OEMs are increasing the installation of electronics in the passenger car segment. Such developments are expected to drive the growth of the passenger car segment during the forecast period.

Dual pinion estimated to be the largest segment of electric power steering system market, by pinion type, during the forecast period

The dual pinion segment is estimated to lead the market as it provides better fuel economy and a better steering feel. Dual pinion provides additional design flexibility to locate the motor and controller and assists the mechanism opposite the driver side, reducing risks of leg injury in case of a collision. In addition to this, the increasing penetration of C and D vehicle segments is expected to drive the growth of the dual pinion segment during the forecast period.

In EPS type segment, R-EPS is projected to be the fastest growing segment during the forecast period

The R-EPS segment is estimated to be the fastest-growing EPS type segment as R-EPS is capable of steering vehicle types ranging from mid-sized vehicles to full-sized trucks. The changing preference of customers from passenger cars to compact SUVs and higher-end vehicles is further expected to drive the growth of the R-EPS segment. R-EPS also saves valuable space in engine compartments and can be easily fitted to different vehicle platforms. According to Nexteer Automotive Group Limited, a leading steering manufacturer in North America, R-EPS captures more than 90% of the North American full-size truck market. High demand for powerful light commercial vehicles in the US is expected to further drive the growth of the R-EPS segment.

Asia Oceania is expected to account for the largest market size during the forecast period

COVID-19 has resulted in a decline in vehicle production, thereby affects the overall automotive filters market. However, a projected steady recovery by Q2-Q3 of 2021 in vehicle production will support the growth of the market in the coming years. The region is home to leading vehicle production hubs such as China and Japan. The market in this region is driven by country-level markets, such as China, Japan and India. The region’s sizable population, increase in per capita income, and improving living standards have contributed to the growth of its automotive industry over the past decade. The increasing demand for fuel-efficient vehicles and comfort features is expected to accelerate the installation of electric power steering (EPS) over hydraulic power steering, especially in the passenger car segment. Reduction in weight and enhanced energy efficiency in vehicles are further driving the adoption of EPS.  

Automotive Steering System Market  by Region

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 market.

Scope of the report

Report Metric

Details

Market Size Available for Years

2018–2025

Base Year Considered

2019

Forecast Period

2020–2025

Forecast Units

Value (USD Million) and Volume (Thousand Units)

Segments Covered

Component, Technology, EPS type, Pinion type, Mechanism, Aftermarket component, Vehicle type, Region (Asia Oceania, Europe, North America, and Rest of the World).

Geographies Covered

Asia Oceania, Europe, North America, and RoW

Companies Covered

Nexteer Automotive Group Limited (US), JTEKT Corporation (Japan), Hyundai Mobis Co., Ltd. (South Korea), Showa Corporation (Japan), NSK Ltd. (Japan), and Robert Bosch GmbH (Germany) and Others.

Automotive Steering System Market, By Component

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

Automotive Steering System Market, By Technology

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

Electric Power Steering System Market, By Type

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

Electric Power Steering System Market, By Pinion-Type

  • Single
  • Dual

Electric Power Steering System Market, By Mechanism

  • Collapsible EPS
  • Rigid EPS

Automotive Steering System Aftermarket, By Component

  • Hydraulic pump
  • Steering column
  • Electric motor

Automotive Steering System Market, By Vehicle Type

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

Automotive Steering System Market, By Region

  • Asia Oceania
  • Europe
  • North America
  • Rest of the World

Recent Developments

  • In October 2020, Nexteer launched High-Output Electric Power Steering (EPS) that delivers advanced safety and comfort features as well as enhanced fuel efficiency for heavy-duty trucks and light commercial vehicles.
  • In September 2020, Schaeffler Group announced a development partnership with Robert Bosch Automotive Steering GmbH, a subsidiary of Robert Bosch GmbH, to expand its intelligent rear wheel steering (iRWS) portfolio. Under this partnership, Schaeffler will provide mechatronic iRWS systems, and Robert Bosch Automotive Steering will contribute software and electronics in the form of steering control units for the development of advanced steering.
  •  In May 2020, Koyo Canada Inc. (KCI), a consolidated subsidiary of JTEKT Corporation, acquired the assets of a Halifax, Nova Scotia R&D facility previously owned by KSR International Inc. (KSR), a Canadian company. This acquisition strengthened JTEKT’s ECU development for vehicle steering and driveline products.
  • In August 2019, Nexteer announced a joint venture with Dongfeng Motor Parts and Components Group Co., Ltd. (Dongfeng Components). The joint venture, Dongfeng Nexteer Steering Systems (Wuhan) Co., Ltd., is engaged in the mass production of Single Pinion Assist Electric Power Steering (SPEPS) systems. This new JV helped Nexteer increase its manufacturing footprint in 28 locations globally.
  • In June 2019, Nexteer inaugurated its new plant in Liudong New District, Liuzhou, China. This new Liuzhou plant is expected to hire more than 500 people and replace the Liuzhou facility that Nexteer previously rented.
  • In August 2018, Aisin Seiki Co., Ltd. (AISIN), ADVICS Co., Ltd. (ADVICS), JTEKT Corporation (JTEKT), and DENSO Corporation (DENSO) reached a basic agreement to establish a joint venture company named J-QuAD DYNAMICS to develop integrated ECU software for automated driving and vehicle dynamics control. J-QuAD DYNAMICS will be capitalized with the participation ratio of DENSO 65%, AISIN 25%, ADVICS 5%, and JTEKT 5%. The integrated ECU manages components such as sensors, brakes, and steering, which are basic driving functions and critical for automated driving.

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 19)
    1.1 OBJECTIVES
    1.2 MARKET DEFINITION
           1.2.1 INCLUSIONS & EXCLUSIONS
    1.3 MARKET SCOPE
           FIGURE 1 MARKET SEGMENTATION: AUTOMOTIVE STEERING SYSTEM MARKET
    1.4 STAKEHOLDERS
    1.5 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 23)
    2.1 RESEARCH DATA
           FIGURE 2 AUTOMOTIVE STEERING SYSTEM MARKET: RESEARCH DESIGN
           FIGURE 3 RESEARCH DESIGN MODEL
    2.2 SECONDARY DATA
           2.2.1 LIST OF KEY SECONDARY SOURCES
           2.2.2 KEY DATA FROM SECONDARY SOURCES
    2.3 PRIMARY DATA
           FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS
           2.3.1 LIST OF PRIMARY PARTICIPANTS
    2.4 MARKET ESTIMATION METHODOLOGY
    2.5 MARKET SIZE ESTIMATION
           2.5.1 BOTTOM-UP APPROACH
           FIGURE 5 AUTOMOTIVE STEERING SYSTEM MARKET: BOTTOM-UP APPROACH
           2.5.2 TOP-DOWN APPROACH
           FIGURE 6 EPS MARKET BY TYPE: TOP-DOWN APPROACH
    2.6 DATA TRIANGULATION
           FIGURE 7 MARKET BREAKDOWN & DATA TRIANGULATION
    2.7 RESEARCH ASSUMPTIONS
    2.8 RESEARCH LIMITATIONS

3 EXECUTIVE SUMMARY (Page No. - 33)
    3.1 PRE- & POST-COVID-19 SCENARIO
           FIGURE 8 PRE- & POST-COVID-19 SCENARIO: AUTOMOTIVE STEERING SYSTEM MARKET, 2018–2025 (USD MILLION)
           TABLE 1 MARKET: PRE- VS. POST-COVID-19 SCENARIO, 2018–2025 (USD MILLION)
    3.2 REPORT SUMMARY
           FIGURE 9 MARKET, BY REGION, 2020 VS. 2025 (USD MILLION)

4 PREMIUM INSIGHTS (Page No. - 37)
    4.1 ATTRACTIVE OPPORTUNITIES IN AUTOMOTIVE STEERING SYSTEM MARKET
           FIGURE 10 INCREASING CONSUMER PREFERENCE TOWARDS DRIVING COMFORT TO DRIVE MARKET
    4.2 MARKET, BY COMPONENT
           FIGURE 11 STEERING COLUMN SEGMENT PROJECTED TO LEAD MARKET DURING FORECAST PERIOD DUE TO ITS PRESENCE IN ALL TYPES OF STEERING SYSTEMS
    4.3 MARKET, BY TECHNOLOGY
           FIGURE 12 EPS TO HOLD LARGEST MARKET SHARE DURING FORECAST PERIOD DUE TO ITS HIGH ADOPTION IN PASSENGER CAR SEGMENT
    4.4 AUTOMOTIVE STEERING SYSTEM MARKET, BY VEHICLE TYPE
           FIGURE 13 PASSENGER CARS TO SHOWCASE LARGEST DEMAND FOR STEERING SYSTEMS OVER NEXT FIVE YEARS
    4.5 ELECTRIC POWER STEERING MARKET, BY TYPE
           FIGURE 14 C-EPS SEGMENT PROJECTED TO LEAD MARKET DURING FORECAST PERIOD, DUE TO ITS COMPACT SIZE & SUITABILITY FOR SMALL AND MID-LEVEL VEHICLES
    4.6 AUTOMOTIVE STEERING SYSTEM AFTERMARKET, BY COMPONENT
           FIGURE 15 HYDRAULIC PUMP SEGMENT TO SHOWCASE LARGEST SHARE IN AUTOMOTIVE STEERING AFTERMARKET OVER FORECAST PERIOD DUE TO ITS LOW REPLACEMENT LIFE
    4.7 ELECTRIC POWER STEERING SYSTEM MARKET, BY MECHANISM
           FIGURE 16 WITH INCREASED FOCUS ON DRIVER SAFETY DUE TO FRONTAL COLLISION, DEMAND FOR COLLAPSIBLE EPS PROJECTED TO BE HIGHER
    4.8 ELECTRIC POWER STEERING SYSTEM MARKET, BY PINION TYPE
           FIGURE 17 OWING TO OPTIMIZED DRIVING EXPERIENCE AND DESIGN FLEXIBILITY, DEMAND FOR DUAL PINION SYSTEMS PROJECTED TO GROW

5 MARKET OVERVIEW (Page No. - 41)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
           FIGURE 18 AUTOMOTIVE STEERING SYSTEM MARKET: MARKET DYNAMICS
           5.2.1 DRIVERS
                    5.2.1.1 Stringent fuel efficiency norms to drive demand for electrically assisted steering systems
           FIGURE 19 GLOBAL EMISSION REGULATIONS FOR LIGHT-DUTY VEHICLES, BY COUNTRY, 2014–2025
                    5.2.1.2 Increasing consumer preference for driving comfort and technologically advanced vehicles
           5.2.2 RESTRAINTS
                    5.2.2.1 Limited load-bearing capacity of EPS systems
           TABLE 2 STEERING RACK FORCE LIMIT, BY PASSENGER CAR SEGMENT
                    5.2.2.2 High cost of assisted power steering systems
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Use of EPS systems in commercial vehicles
                    5.2.3.2 Adoption of steer-by-wire technology
           FIGURE 20 WORKING OF STEER-BY-WIRE TECHNOLOGY
           FIGURE 21 ADVANTAGES AND DISADVANTAGES OF STEER-BY-WIRE
           FIGURE 22 PROS AND CONS OF STEER-BY-WIRE SYSTEMS
           5.2.4 CHALLENGES
                    5.2.4.1 Failure of EPS system subcomponents
    5.3 AUTOMOTIVE STEERING SYSTEM MARKET SCENARIO
           FIGURE 23 MARKET SCENARIO, 2018–2025 (USD MILLION)
           5.3.1 MOST LIKELY SCENARIO
           TABLE 3 MARKET (REALISTIC SCENARIO), BY REGION, 2018–2025 (USD MILLION)
           5.3.2 LOW-IMPACT SCENARIO
           TABLE 4 MARKET (LOW-IMPACT SCENARIO), BY REGION, 2018–2025 (USD MILLION)
           5.3.3 HIGH-IMPACT SCENARIO
           TABLE 5 MARKET (HIGH-IMPACT SCENARIO), BY REGION, 2018–2025 (USD MILLION)
    5.4 PORTER’S FIVE FORCES ANALYSIS
           FIGURE 24 PORTER’S FIVE FORCES ANALYSIS: PRESENCE OF ESTABLISHED GLOBAL PLAYERS INCREASES THE DEGREE OF COMPETITION
           5.4.1 THREAT OF SUBSTITUTES
           5.4.2 THREAT OF NEW ENTRANTS
           5.4.3 BARGAINING POWER OF BUYERS
           5.4.4 BARGAINING POWER OF SUPPLIERS
           5.4.5 RIVALRY AMONG EXISTING COMPETITORS
           5.4.6 PORTER’S FIVE FORCES ANALYSIS
    5.5 VALUE CHAIN: AUTOMOTIVE STEERING SYSTEM MARKET
           FIGURE 25 VALUE CHAIN: MARKET
    5.6 SUPPLY CHAIN ANALYSIS
           5.6.1 MARKET: SUPPLY CHAIN
    5.7 AVERAGE SELLING PRICE TREND
           5.7.1 AVERAGE REGIONAL PRICE TREND: AUTOMOTIVE ELECTRIC POWER STEERING SYSTEM (USD/UNIT), 2020
           5.7.2 AVERAGE GLOBAL PRICE TREND: AUTOMOTIVE STEERING TYPE SYSTEM (USD/UNIT), 2020
    5.8 PATENT ANALYSIS
           5.8.1 APPLICATIONS AND PATENTS GRANTED, 2017–2019
    5.9 REVENUE SHIFT FOR AUTOMOTIVE STEERING MANUFACTURERS
           FIGURE 26 SHIFT OF FOCUS TOWARDS ELECTRICALLY ASSISTED STEERING SYSTEM
    5.10 CASE STUDY ANALYSIS
           5.10.1 FUTURE-PROOFING A VEHICLE STEERING SYSTEM
           5.10.2 PREDICT IN-VEHICLE E-POWER STEERING SOUND & VIBRATION PERFORMANCE
    5.11 TRADE ANALYSIS
           5.11.1 IMPORT AND EXPORT DATA FOR STEERING WHEELS, STEERING COLUMNS, AND STEERING BOXES, BY COUNTRY, 2019 (USD)
           TABLE 6 IMPORT TRADE DATA, BY COUNTRY, 2019 (USD)
           TABLE 7 EXPORT TRADE DATA, BY COUNTRY, 2019 (USD)

6 AUTOMOTIVE STEERING SYSTEM MARKET, BY COMPONENT (Page No. - 59)
    6.1 INTRODUCTION
           6.1.1 RESEARCH METHODOLOGY
           6.1.2 ASSUMPTIONS
           6.1.3 INDUSTRY INSIGHTS
           FIGURE 27 MARKET, BY COMPONENT, 2020 VS. 2025 (USD MILLION)
           TABLE 8 MARKET, BY COMPONENT, 2018–2025 (THOUSAND UNITS)
           TABLE 9 MARKET, BY COMPONENT, 2018–2025 (USD MILLION)
    6.2 HYDRAULIC PUMP
           TABLE 10 HYDRAULIC PUMP FOR STEERING SYSTEM MARKET, BY REGION, 2018–2025 (THOUSAND UNITS)
           TABLE 11 HYDRAULIC PUMP FOR STEERING SYSTEM MARKET, BY REGION, 2018–2025 (USD MILLION)
    6.3 STEERING COLUMN
           TABLE 12 STEERING COLUMN MARKET, BY REGION, 2018–2025 (THOUSAND UNITS)
           TABLE 13 STEERING COLUMN MARKET, BY REGION, 2018–2025 (USD MILLION)
    6.4 STEERING WHEEL SPEED SENSOR
           TABLE 14 STEERING WHEEL SPEED SENSOR MARKET, BY REGION, 2018–2025 (THOUSAND UNITS)
           TABLE 15 STEERING WHEEL SPEED SENSOR MARKET, BY REGION, 2018–2025 (USD MILLION)
    6.5 ELECTRIC MOTOR
           TABLE 16 ELECTRIC MOTOR FOR STEERING SYSTEM MARKET, BY REGION, 2018–2025 (THOUSAND UNITS)
           TABLE 17 ELECTRIC MOTOR FOR STEERING SYSTEM MARKET, BY REGION, 2018–2025 (USD MILLION)

7 AUTOMOTIVE STEERING SYSTEM MARKET, BY TECHNOLOGY (Page No. - 67)
    7.1 INTRODUCTION
           7.1.1 RESEARCH METHODOLOGY
           7.1.2 ASSUMPTIONS
           7.1.3 INDUSTRY INSIGHTS
           FIGURE 28 MARKET, BY TECHNOLOGY, 2020 VS. 2025 (USD MILLION)
           TABLE 18 MARKET, BY TECHNOLOGY, 2018–2025 (THOUSAND UNITS)
           TABLE 19 MARKET, BY TECHNOLOGY, 2018–2025 (USD MILLION)
    7.2 HYDRAULIC POWER STEERING (HPS)
           TABLE 20 HYDRAULIC POWER STEERING MARKET, BY REGION, 2018–2025 (THOUSAND UNITS)
           TABLE 21 HYDRAULIC POWER STEERING MARKET, BY REGION, 2018–2025 (USD MILLION)
    7.3 ELECTRICALLY ASSISTED HYDRAULIC POWER STEERING (EHPS)
           TABLE 22 ELECTRICALLY ASSISTED HYDRAULIC POWER STEERING MARKET, BY REGION, 2018–2025 (THOUSAND UNITS)
           TABLE 23 ELECTRICALLY ASSISTED HYDRAULIC POWER STEERING MARKET, BY REGION, 2018-2025 (USD MILLION)
    7.4 ELECTRIC POWER STEERING (EPS)
           TABLE 24 ELECTRIC POWER STEERING MARKET, BY REGION, 2018–2025 (THOUSAND UNITS)
           TABLE 25 ELECTRIC POWER STEERING MARKET, BY REGION, 2018–2025 (USD MILLION)

8 ELECTRIC POWER STEERING MARKET, BY TYPE (Page No. - 73)
    8.1 INTRODUCTION
           8.1.1 RESEARCH METHODOLOGY
           8.1.2 ASSUMPTIONS
           8.1.3 INDUSTRY INSIGHTS
           FIGURE 29 ELECTRIC POWER STEERING MARKET, BY TYPE, 2020 VS. 2025 (USD MILLION)
           TABLE 26 ELECTRIC POWER STEERING MARKET, BY TYPE, 2018–2025 (THOUSAND UNITS)
           TABLE 27 ELECTRIC POWER STEERING MARKET, BY TYPE, 2018–2025 (USD MILLION)
    8.2 COLUMN-EPS (C-EPS)
           TABLE 28 COLUMN-EPS MARKET, BY REGION, 2018–2025 (THOUSAND UNITS)
           TABLE 29 COLUMN-EPS MARKET, BY REGION, 2018–2025 (USD MILLION)
    8.3 PINION-EPS (P-EPS)
           TABLE 30 PINION-EPS MARKET, BY REGION, 2018–2025 (THOUSAND UNITS)
           TABLE 31 PINION-EPS MARKET, BY REGION, 2018–2025 (USD MILLION)
    8.4 RACK-EPS (R-EPS)
           TABLE 32 RACK-EPS MARKET, BY REGION, 2018–2025 (THOUSAND UNITS)
           TABLE 33 RACK-EPS MARKET, BY REGION, 2018–2025 (USD MILLION)

9 AUTOMOTIVE STEERING SYSTEM MARKET, BY VEHICLE TYPE (Page No. - 79)
    9.1 INTRODUCTION
           9.1.1 RESEARCH METHODOLOGY
           9.1.2 INDUSTRY INSIGHTS
           9.1.3 ASSUMPTIONS
           FIGURE 30 MARKET, BY VEHICLE TYPE, 2020 VS. 2025 (USD MILLION)
           TABLE 34 MARKET, BY VEHICLE TYPE, 2018–2025 (THOUSAND UNITS)
           TABLE 35 MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
    9.2 PASSENGER CAR
           TABLE 36 PASSENGER CAR STEERING SYSTEM MARKET, BY REGION, 2018–2025 (THOUSAND UNITS)
           TABLE 37 PASSENGER CAR STEERING SYSTEM MARKET, BY REGION, 2018–2025 (USD MILLION)
    9.3 LIGHT COMMERCIAL VEHICLE
           TABLE 38 LIGHT COMMERCIAL VEHICLE STEERING SYSTEM MARKET, BY REGION, 2018–2025 (THOUSAND UNITS)
           TABLE 39 LIGHT COMMERCIAL VEHICLE STEERING SYSTEM MARKET, BY REGION, 2018–2025 (USD MILLION)
    9.4 HEAVY COMMERCIAL VEHICLE
           TABLE 40 HEAVY COMMERCIAL VEHICLE STEERING SYSTEM MARKET, BY REGION, 2018–2025 (THOUSAND UNITS)
           TABLE 41 HEAVY COMMERCIAL VEHICLE STEERING SYSTEM MARKET, BY REGION, 2018–2025 (USD MILLION)

10 ELECTRIC POWER STEERING SYSTEM MARKET, BY PINION TYPE (Page No. - 85)
     10.1 INTRODUCTION
             10.1.1 RESEARCH METHODOLOGY
             10.1.2 ASSUMPTIONS
             10.1.3 INDUSTRY INSIGHTS
           FIGURE 31 ELECTRIC POWER STEERING SYSTEM MARKET, BY PINION TYPE, 2020 VS. 2025 (USD MILLION)
           TABLE 42 ELECTRIC POWER STEERING SYSTEM MARKET, BY PINION TYPE, 2018–2025 (THOUSAND UNITS)
           TABLE 43 ELECTRIC POWER STEERING SYSTEM MARKET, BY PINION TYPE, 2018–2025 (USD MILLION)
     10.2 SINGLE PINION
           TABLE 44 SINGLE PINION STEERING SYSTEM MARKET, BY REGION, 2018–2025 (THOUSAND UNITS)
           TABLE 45 SINGLE PINION STEERING SYSTEM MARKET, BY REGION, 2018–2025 (USD MILLION)
     10.3 DUAL PINION
           TABLE 46 DUAL PINION STEERING SYSTEM MARKET, BY REGION, 2018–2025 (THOUSAND UNITS)
           TABLE 47 DUAL PINION STEERING SYSTEM MARKET, BY REGION, 2018–2025 (USD MILLION)

11 AUTOMOTIVE STEERING SYSTEM AFTERMARKET, BY COMPONENT (Page No. - 90)
     11.1 INTRODUCTION
             11.1.1 RESEARCH METHODOLOGY
             11.1.2 ASSUMPTIONS
             11.1.3 INDUSTRY INSIGHTS
           FIGURE 32 AUTOMOTIVE STEERING SYSTEM AFTERMARKET, BY COMPONENT, 2020 VS. 2025 (USD MILLION)
           TABLE 48 AUTOMOTIVE STEERING SYSTEM AFTERMARKET, BY COMPONENT, 2018–2025 (MILLION UNITS)
           TABLE 49 AUTOMOTIVE STEERING SYSTEM AFTERMARKET, BY COMPONENT, 2018–2025 (USD MILLION)
     11.2 HYDRAULIC PUMP
           TABLE 50 HYDRAULIC PUMP AFTERMARKET, BY REGION, 2018–2025 (MILLION UNITS)
           TABLE 51 HYDRAULIC PUMP AFTERMARKET, BY REGION, 2018–2025 (USD MILLION)
     11.3 STEERING COLUMN
           TABLE 52 STEERING COLUMN AFTERMARKET, BY REGION, 2018–2025 (MILLION UNITS)
           TABLE 53 STEERING COLUMN AFTERMARKET, BY REGION, 2018–2025 (USD MILLION)
     11.4 ELECTRIC MOTOR
           TABLE 54 ELECTRIC MOTOR AFTERMARKET, BY REGION, 2018–2025 (MILLION UNITS)
           TABLE 55 ELECTRIC MOTOR AFTERMARKET, BY REGION, 2018–2025 (USD MILLION)

12 ELECTRIC POWER STEERING SYSTEM MARKET, BY MECHANISM (Page No. - 96)
     12.1 INTRODUCTION
             12.1.1 RESEARCH METHODOLOGY
             12.1.2 ASSUMPTIONS
             12.1.3 INDUSTRY INSIGHTS
           FIGURE 33 ELECTRIC POWER STEERING SYSTEM MARKET, BY MECHANISM, 2020 VS. 2025 (USD MILLION)
           TABLE 56 ELECTRIC POWER STEERING SYSTEM MARKET, BY MECHANISM, 2018–2025 (THOUSAND UNITS)
           TABLE 57 ELECTRIC POWER STEERING SYSTEM MARKET, BY MECHANISM, 2018–2025 (USD MILLION)
     12.2 COLLAPSIBLE EPS
           TABLE 58 COLLAPSIBLE EPS MARKET, BY REGION, 2018–2025 (THOUSAND UNITS)
           TABLE 59 COLLAPSIBLE EPS MARKET, BY REGION, 2018–2025 (USD MILLION)
     12.3 RIGID EPS
           TABLE 60 RIGID EPS MARKET, BY REGION, 2018–2025 (THOUSAND UNITS)
           TABLE 61 RIGID EPS MARKET, BY REGION, 2018–2025 (USD MILLION)

13 RECOMMENDATIONS BY MARKETSANDMARKETS (Page No. - 102)
     13.1 ASIA OCEANIA WILL BE KEY MARKET FOR ELECTRIC POWER STEERING SYSTEM MARKET
     13.2 ELECTRICALLY ASSISTED POWER STEERING FOR HEAVY COMMERCIAL VEHICLES - KEY FOCUS AREAS
     13.3 CONCLUSION

14 AUTOMOTIVE STEERING SYSTEM MARKET, BY REGION (Page No. - 104)
     14.1 INTRODUCTION
           FIGURE 34 MARKET, BY REGION, 2020 (USD MILLION)
             14.1.1 RESEARCH METHODOLOGY
             14.1.2 ASSUMPTIONS
             14.1.3 INDUSTRY INSIGHTS
           TABLE 62 MARKET, BY REGION, 2018–2025 (THOUSAND UNITS)
           TABLE 63 MARKET, BY REGION, 2018–2025 (USD MILLION)
     14.2 ASIA OCEANIA
           FIGURE 35 ASIA OCEANIA: MARKET SNAPSHOT
           TABLE 64 ASIA OCEANIA: MARKET, BY COUNTRY, 2018–2025 (THOUSAND UNITS)
           TABLE 65 ASIA OCEANIA: AUTOMOTIVE STEERING SYSTEM MARKET, BY COUNTRY, 2018–2025 (USD MILLION)
             14.2.1 CHINA
           TABLE 66 CHINA: MARKET, BY TECHNOLOGY, 2018–2025 (THOUSAND UNITS)
           TABLE 67 CHINA: MARKET, BY TECHNOLOGY, 2018–2025 (USD MILLION)
             14.2.2 INDIA
           TABLE 68 INDIA: MARKET, BY TECHNOLOGY, 2018–2025 (THOUSAND UNITS)
           TABLE 69 INDIA: MARKET, BY TECHNOLOGY, 2018–2025 (USD MILLION)
             14.2.3 JAPAN
           TABLE 70 JAPAN: AUTOMOTIVE STEERING SYSTEM MARKET, BY TECHNOLOGY, 2018–2025 (THOUSAND UNITS)
           TABLE 71 JAPAN: MARKET, BY TECHNOLOGY, 2018–2025 (USD MILLION)
             14.2.4 SOUTH KOREA
           TABLE 72 SOUTH KOREA: MARKET, BY TECHNOLOGY, 2018–2025 (THOUSAND UNITS)
           TABLE 73 SOUTH KOREA: MARKET, BY TECHNOLOGY, 2018–2025 (USD MILLION)
             14.2.5 REST OF ASIA OCEANIA
           TABLE 74 REST OF ASIA OCEANIA: MARKET, BY TECHNOLOGY, 2018–2025 (THOUSAND UNITS)
           TABLE 75 REST OF ASIA OCEANIA: AUTOMOTIVE STEERING SYSTEM MARKET, BY TECHNOLOGY, 2018–2025 (USD MILLION)
     14.3 EUROPE
           FIGURE 36 EUROPE: MARKET, BY COUNTRY, 2018–2025 (USD MILLION)
           TABLE 76 EUROPE: MARKET, BY COUNTRY, 2018–2025 (THOUSAND UNITS)
           TABLE 77 EUROPE: MARKET, BY COUNTRY, 2018–2025 (USD MILLION)
             14.3.1 GERMANY
           TABLE 78 GERMANY: MARKET, BY TECHNOLOGY, 2018–2025 (THOUSAND UNITS)
           TABLE 79 GERMANY: MARKET, BY TECHNOLOGY, 2018–2025 (USD MILLION)
             14.3.2 FRANCE
           TABLE 80 FRANCE: MARKET, BY TECHNOLOGY, 2018–2025 (THOUSAND UNITS)
           TABLE 81 FRANCE: AUTOMOTIVE STEERING SYSTEM MARKET, BY TECHNOLOGY, 2018–2025 (USD MILLION)
             14.3.3 UK
           TABLE 82 UK: MARKET, BY TECHNOLOGY, 2018–2025 (THOUSAND UNITS)
           TABLE 83 UK: MARKET, BY TECHNOLOGY, 2018–2025 (USD MILLION)
             14.3.4 ITALY
           TABLE 84 ITALY: MARKET, BY TECHNOLOGY, 2018–2025 (THOUSAND UNITS)
           TABLE 85 ITALY: MARKET, BY TECHNOLOGY, 2018–2025 (USD MILLION)
             14.3.5 SPAIN
           TABLE 86 SPAIN: AUTOMOTIVE STEERING SYSTEM MARKET, BY TECHNOLOGY, 2018–2025 (THOUSAND UNITS)
           TABLE 87 SPAIN: AUTOMOTIVE STEERING SYSTEM MARKET, BY TECHNOLOGY, 2018–2025 (USD MILLION)
             14.3.6 TURKEY
           TABLE 88 TURKEY: AUTOMOTIVE STEERING SYSTEM MARKET, BY TECHNOLOGY, 2018–2025 (THOUSAND UNITS)
           TABLE 89 TURKEY: AUTOMOTIVE STEERING SYSTEM MARKET, BY TECHNOLOGY, 2018–2025 (USD MILLION)
             14.3.7 REST OF EUROPE
           TABLE 90 REST OF EUROPE: AUTOMOTIVE STEERING SYSTEM MARKET, BY TECHNOLOGY, 2018–2025 (THOUSAND UNITS)
           TABLE 91 REST OF EUROPE: AUTOMOTIVE STEERING SYSTEM MARKET, BY TECHNOLOGY, 2018–2025 (USD MILLION)
     14.4 NORTH AMERICA
           FIGURE 37 NORTH AMERICA: AUTOMOTIVE STEERING SYSTEM MARKET SNAPSHOT
           TABLE 92 NORTH AMERICA: AUTOMOTIVE STEERING SYSTEM MARKET, BY COUNTRY, 2018–2025 (THOUSAND UNITS)
           TABLE 93 NORTH AMERICA: AUTOMOTIVE STEERING SYSTEM MARKET, BY COUNTRY, 2018–2025 (USD MILLION)
             14.4.1 US
           TABLE 94 US: AUTOMOTIVE STEERING SYSTEM MARKET, BY TECHNOLOGY, 2018–2025 (THOUSAND UNITS)
           TABLE 95 US: AUTOMOTIVE STEERING SYSTEM MARKET, BY TECHNOLOGY, 2018–2025 (USD MILLION)
             14.4.2 CANADA
           TABLE 96 CANADA: AUTOMOTIVE STEERING SYSTEM MARKET, BY TECHNOLOGY, 2018–2025 (THOUSAND UNITS)
           TABLE 97 CANADA: AUTOMOTIVE STEERING SYSTEM MARKET, BY TECHNOLOGY, 2018–2025 (USD MILLION)
             14.4.3 MEXICO
           TABLE 98 MEXICO: AUTOMOTIVE STEERING SYSTEM MARKET, BY TECHNOLOGY, 2018–2025 (THOUSAND UNITS)
           TABLE 99 MEXICO: AUTOMOTIVE STEERING SYSTEM MARKET, BY TECHNOLOGY, 2018–2025 (USD MILLION)
     14.5 REST OF THE WORLD
           TABLE 100 REST OF THE WORLD: AUTOMOTIVE STEERING SYSTEM MARKET, BY COUNTRY, 2018–2025 (THOUSAND UNITS)
           TABLE 101 REST OF THE WORLD: AUTOMOTIVE STEERING SYSTEM MARKET, BY COUNTRY, 2018–2025 (USD MILLION)
             14.5.1 BRAZIL
           TABLE 102 BRAZIL: AUTOMOTIVE STEERING SYSTEM MARKET, BY TECHNOLOGY, 2018–2025 (THOUSAND UNITS)
           TABLE 103 BRAZIL: AUTOMOTIVE STEERING SYSTEM MARKET, BY TECHNOLOGY, 2018–2025 (USD MILLION)
             14.5.2 RUSSIA
           TABLE 104 RUSSIA: AUTOMOTIVE STEERING SYSTEM MARKET, BY TECHNOLOGY, 2018–2025 (THOUSAND UNITS)
           TABLE 105 RUSSIA: AUTOMOTIVE STEERING SYSTEM MARKET, BY TECHNOLOGY, 2018–2025 (USD MILLION)
             14.5.3 OTHERS
           TABLE 106 OTHERS: AUTOMOTIVE STEERING SYSTEM MARKET, BY TECHNOLOGY, 2018–2025 (THOUSAND UNITS)
           TABLE 107 OTHERS: AUTOMOTIVE STEERING SYSTEM MARKET, BY TECHNOLOGY, 2018–2025 (USD MILLION)

15 COMPETITIVE LANDSCAPE (Page No. - 128)
     15.1 MARKET EVOLUTION FRAMEWORK
           FIGURE 38 AUTOMOTIVE STEERING SYSTEM MARKET EVALUATION FRAMEWORK
     15.2 OVERVIEW
     15.3 AUTOMOTIVE STEERING SYSTEM MARKET SHARE ANALYSIS, 2019
           TABLE 108 MARKET SHARE ANALYSIS FOR OE MARKET, 2019
           FIGURE 39 AUTOMOTIVE STEERING SYSTEM MARKET SHARE, 2019
     15.4 MARKET EVALUATION FRAMEWORK: REVENUE ANALYSIS OF TOP LISTED/PUBLIC PLAYERS
           FIGURE 40 TOP PLAYERS DOMINATING AUTOMOTIVE STEERING SYSTEM MARKET
     15.5 COMPANY EVALUATION QUADRANT
             15.5.1 STARS
             15.5.2 EMERGING LEADERS
             15.5.3 PERVASIVE
             15.5.4 PARTICIPANTS
           TABLE 109 AUTOMOTIVE STEERING SYSTEM MARKET: COMPANY PRODUCT FOOTPRINT, 2020
           TABLE 110 AUTOMOTIVE STEERING SYSTEM MARKET: COMPANY APPLICATION FOOTPRINT, 2020
           TABLE 111 AUTOMOTIVE STEERING SYSTEM MARKET: COMPANY REGION FOOTPRINT, 2020
           FIGURE 41 COMPETITIVE EVALUATION MATRIX, 2019
           FIGURE 42 RIGHTS TO WIN - DETAILS ON KEY DEVELOPMENTS BY LEADING PLAYERS
     15.6 COMPETITIVE SCENARIO
             15.6.1 NEW PRODUCT LAUNCHES
           TABLE 112 PRODUCT LAUNCHES, 2017–2020
             15.6.2 DEALS
           TABLE 113 DEALS, 2018–2020
             15.6.3 EXPANSIONS, 2017–2020
           TABLE 114 EXPANSIONS, 2017–2020
     15.7 KEY PLAYER STRATEGIES/RIGHT TO WIN, 2018–2020
           FIGURE 43 COMPANIES ADOPTED NEW PRODUCT DEVELOPMENT AND EXPANSION AS KEY GROWTH STRATEGIES, 2018–2020

16 COMPANY PROFILES (Page No. - 142)
(Business overview, Products offered, Recent developments & MnM View)* 
     16.1 KEY PLAYERS
             16.1.1 NEXTEER AUTOMOTIVE GROUP LIMITED
           TABLE 115 NEXTEER AUTOMOTIVE GROUP LIMITED: BUSINESS OVERVIEW
           FIGURE 44 NEXTEER AUTOMOTIVE GROUP LIMITED: COMPANY SNAPSHOT
           TABLE 116 NEXTEER AUTOMOTIVE GROUP LIMITED: PRODUCTS OFFERED
           TABLE 117 NEXTEER AUTOMOTIVE GROUP LIMITED: NEW PRODUCT DEVELOPMENTS/EXPANSIONS
           TABLE 118 NEXTEER AUTOMOTIVE GROUP LIMITED: PARTNERSHIPS/COLLABORATIONS/JOINT VENTURES/SUPPLY CONTRACTS/AGREEMENTS/MERGERS & ACQUISITIONS
             16.1.2 JTEKT CORPORATION
           TABLE 119 JTEKT CORPORATION: BUSINESS OVERVIEW
           FIGURE 45 JTEKT CORPORATION: COMPANY SNAPSHOT
           TABLE 120 JTEKT CORPORATION: PRODUCTS OFFERED
           TABLE 121 JTEKT CORPORATION: NEW PRODUCT DEVELOPMENTS/EXPANSIONS
           TABLE 122 JTEKT CORPORATION: PARTNERSHIPS/COLLABORATIONS/JOINT VENTURES/SUPPLY CONTRACTS/AGREEMENTS/MERGERS & ACQUISITIONS
             16.1.3 ROBERT BOSCH GMBH
           TABLE 123 ROBERT BOSCH GMBH: BUSINESS OVERVIEW
           FIGURE 46 ROBERT BOSCH GMBH: COMPANY SNAPSHOT
           TABLE 124 ROBERT BOSCH GMBH: PRODUCTS OFFERED
           TABLE 125 ROBERT BOSCH GMBH: NEW PRODUCT DEVELOPMENTS/EXPANSIONS
           TABLE 126 ROBERT BOSCH GMBH: PARTNERSHIPS/COLLABORATIONS/JOINT VENTURES/SUPPLY CONTRACTS/AGREEMENTS/MERGERS & ACQUISITIONS
             16.1.4 NSK LTD.
           TABLE 127 NSK LTD.: BUSINESS OVERVIEW
           FIGURE 47 NSK LTD.: COMPANY SNAPSHOT
           TABLE 128 NSK LTD.: PRODUCTS OFFERED
           TABLE 129 NSK LTD.: NEW PRODUCT DEVELOPMENTS/EXPANSIONS
             16.1.5 ZF FRIEDRICHSHAFEN AG
           TABLE 130 ZF FRIEDRICHSHAFEN AG: BUSINESS OVERVIEW
           FIGURE 48 ZF FRIEDRICHSHAFEN AG: COMPANY SNAPSHOT
           TABLE 131 ZF FRIEDRICHSHAFEN AG: PRODUCTS OFFERED
           TABLE 132 ZF FRIEDRICHSHAFEN AG: PARTNERSHIPS/COLLABORATIONS/JOINT VENTURES/SUPPLY CONTRACTS/AGREEMENTS/MERGERS & ACQUISITIONS
             16.1.6 THYSSENKRUPP AG
           TABLE 133 THYSSENKRUPP AG: BUSINESS OVERVIEW
           FIGURE 49 THYSSENKRUPP AG: COMPANY SNAPSHOT
           TABLE 134 THYSSENKRUPP AG: PRODUCTS OFFERED
           TABLE 135 THYSSENKRUPP AG: NEW PRODUCT DEVELOPMENTS/EXPANSIONS
             16.1.7 HYUNDAI MOBIS CO., LTD.
           TABLE 136 HYUNDAI MOBIS CO., LTD.: BUSINESS OVERVIEW
           FIGURE 50 HYUNDAI MOBIS CO., LTD.: COMPANY SNAPSHOT
           TABLE 137 HYUNDAI MOBIS CO., LTD.: PRODUCTS OFFERED
           TABLE 138 HYUNDAI MOBIS CO., LTD.: NEW PRODUCT DEVELOPMENTS/EXPANSIONS
             16.1.8 SHOWA CORPORATION
           TABLE 139 SHOWA CORPORATION: BUSINESS OVERVIEW
           FIGURE 51 SHOWA CORPORATION: COMPANY SNAPSHOT
           TABLE 140 SHOWA CORPORATION: PRODUCTS OFFERED
           TABLE 141 SHOWA CORPORATION.: NEW PRODUCT DEVELOPMENTS/EXPANSIONS
             16.1.9 CHINA AUTOMOTIVE SYSTEMS INC.
           TABLE 142 CHINA AUTOMOTIVE SYSTEMS INC.: BUSINESS OVERVIEW
           FIGURE 52 CHINA AUTOMOTIVE SYSTEMS, INC.: COMPANY SNAPSHOT
           TABLE 143 CHINA AUTOMOTIVE SYSTEMS, INC.: PRODUCTS OFFERED
           TABLE 144 CHINA AUTOMOTIVE SYSTEMS, INC.: PARTNERSHIPS/COLLABORATIONS/JOINT VENTURES/SUPPLY CONTRACTS/AGREEMENTS/MERGERS & ACQUISITIONS
             16.1.10 MANDO CORPORATION
           TABLE 145 MANDO CORPORATION: BUSINESS OVERVIEW
           FIGURE 53 MANDO CORPORATION: COMPANY SNAPSHOT
           TABLE 146 MANDO CORPORATION: PRODUCTS OFFERED
*Details on Business overview, Products offered, Recent developments & MnM View might not be captured in case of unlisted companies. 
     16.2 OTHER PLAYERS
             16.2.1 MAVAL INDUSTRIES
           TABLE 147 MAVAL INDUSTRIES: BUSINESS OVERVIEW
             16.2.2 MVO GMBH
           TABLE 148 MVO GMBH: BUSINESS OVERVIEW
             16.2.3 GSS STEERING SYSTEMS LLC
           TABLE 149 GSS STEERING SYSTEMS LLC: BUSINESS OVERVIEW
             16.2.4 PAILTON ENGINEERING
           TABLE 150 PAILTON ENGINEERING: BUSINESS OVERVIEW
             16.2.5 ROLLAX GMBH & CO. KG
           TABLE 151 ROLLAX GMBH & CO. KG: BUSINESS OVERVIEW
             16.2.6 HUAYU AUTOMOTIVE SYSTEMS COMPANY LIMITED
           TABLE 152 HUAYU AUTOMOTIVE SYSTEMS COMPANY LIMITED: BUSINESS OVERVIEW
             16.2.7 DENSO CORPORATION
           TABLE 153 DENSO CORPORATION: BUSINESS OVERVIEW

17 APPENDIX (Page No. - 172)
     17.1 INSIGHTS OF INDUSTRY EXPERTS
     17.2 DISCUSSION GUIDE
     17.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
     17.4 AVAILABLE CUSTOMIZATIONS
     17.5 RELATED REPORTS
     17.6 AUTHOR DETAILS

The study involves 4 main activities to estimate the current size of the automotive steering system market. Exhaustive secondary research was done to collect information on the market, such as the steering types, upcoming technologies, and component associated with these steering system. The next step was to validate these findings, assumptions, and market analysis with industry experts across value chains through primary research. A mix of bottom-up and top-down approach was employed to estimate the market size for different segments considered under this study.

Secondary Research

The secondary sources referred to for this research study included publications from government sources [such as country-level automotive associations and organizations, Organisation for Economic Co-operation and Development (OECD), World Bank, CDC, and Eurostat], corporate and regulatory filings (such as annual reports, SEC filings, investor presentations, and financial statements), business magazines and research journals, press releases, free and paid automotive databases [Organisation Internationale des Constructeurs d’Automobiles (OICA), MarkLines, etc.], and trade, business, and professional associations. Secondary data was collected and analyzed to arrive at the global market’s overall size, which was validated by primary research.

Primary Research

Extensive primary research was conducted after acquiring an understanding of the automotive steering system market scenario through secondary research. Several primary interviews were conducted with market experts from both the demand (OEM) and supply-side (automotive steering system manufacturers) players across four major regions, namely, North America, Europe, Asia Oceania, and the Rest of the World. Approximately 20% of primary interviews from the demand side and 80% from the supply side were conducted. Primary data was collected through questionnaires, mails, and telephonic interviews.

Automotive Steering System Market  Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Estimation methodology

A detailed market estimation approach was followed to estimate and validate the automotive steering system market and other dependent submarkets, as mentioned below:

  • Key players in the automotive steering market were identified through secondary research, and their market share was determined through primary and secondary research.
  • The research methodology included the study of annual and quarterly financial reports & regulatory filings of major market players, as well as interviews with industry experts for detailed market insights.
  • All application-level penetration rates, percentage shares, splits, and breakdowns for the automotive steering system market were determined using secondary sources and verified through primary sources.
  • All key macro indicators affecting the revenue growth of the market segments and subsegments were accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the validated and verified quantitative & qualitative data.
  • The gathered market data was consolidated and added with detailed inputs, analyzed, and presented in this report.

Bottom-up Approach

The bottom-up approach was used to estimate and validate the size of the automotive steering system market. In this approach, the vehicle production statistics for each vehicle type (passenger car, light commercial vehicle, and heavy commercial vehicle) at a country level were considered. The country-level production of vehicles for each type (in units) was derived from secondary sources and paid databases and validated through primary interviews. Further, the penetration for each technology type (HPS, EHPS, and EPS) for each vehicle type (passenger car, light commercial vehicle, and heavy commercial vehicle) was derived at the country level from secondary sources and validated through primary interviews. The country-level production of vehicle types (passenger car, light commercial vehicle, and heavy commercial vehicle) was multiplied with the penetration of each steering technology type (HPS, EHPS, and EPS). This derived the country-level volume market for the technology segment. Further, the country-level OE price of each steering type was derived through secondary and primary validation and multiplied with the total quantity of each vehicle type, which provided value market (USD million) by technology at the country level. The summation of country-level markets led to the regional automotive steering system market by technology, vehicle type, and component segments.

Automotive Steering System Market  Size, Bottom-up Approach

Top-Down Approach

The top-down approach was used to derive the EPS type, aftermarket component, and pinion type market size. In this approach, the regional EPS market was derived through the bottom-up approach. Various secondary sources and industry experts were consulted to get each country’s share in the automotive steering EPS type market. Extensive secondary and primary research were conducted to derive the penetrations of C-EPS, P-EPS, and R-EPS at the regional level.

Automotive Steering System Market  Size, Top-Down Approach

Market Breakdown & Data Triangulation

All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data was consolidated, enhanced with detailed inputs and analysis from MarketsandMarkets, and presented in the report. The following figure is an illustrative representation of the overall market size estimation process employed for the purpose of this study.

Data Triangulation

All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources. All parameters that are said to affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. The data has been consolidated, enhanced with detailed inputs and analysis from MarketsandMarkets, and presented in the report.

Report Objectives

  • To define, describe, and forecast the size of the automotive steering system market in terms of value and volume
  • By component (hydraulic pump, steering column, steering wheel speed sensor, and electric motor)
  • By technology [electric power steering (EPS), electrically assisted hydraulic power steering (EHPS), and hydraulic power steering (HPS)]
  • By EPS type [column-EPS (C-EPS), pinion-EPS (P-EPS), and rack-EPS (R-EPS)]
  • By pinion type (single and dual)
  • By mechanism (collapsible EPS and rigid EPS)
  • Aftermarket, by components (hydraulic pump, steering column, and electric motor)
  • By vehicle type [heavy commercial vehicle (HCV)]
  • By Region (Asia Oceania, Europe, North America, and Rest of the World)
  • To understand the market dynamics (drivers, restraints, opportunities, and challenges) of the market
  • To analyze the market share, revenue, ASP analysis, Porter’s Five Forces, patent analysis, case study analysis, value chain, and ecosystem, among others, of key players operating in the market
  • To analyze recent developments, including joint ventures, mergers & acquisitions, new product launches, expansions, and other activities, undertaken by key industry participants in the market

Available Customizations

With the given market data, MarketsandMarkets offers customizations in accordance with the company’s specific needs.

With the given market data, MarketsandMarkets offers customizations as per the specific needs of the companies. The following customization options are available for the report:

Country Information

  • EPS- Type segment at country level

Company Information

  • Detailed analysis and profiling of additional market players (up to 5)

Pricing Analysis

  • Detailed pricing analysis for each type of steering type
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AT 2510
Published ON
Mar, 2021
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