The Automotive Steering System market is projected to grow from USD 35.3 billion in 2022 to USD 39.5 billion by 2027, at a CAGR of 2.3% over the forecast period.
With emissions standards becoming more stringent automotive electrification is imminent. The rapid adoption of Electric Vehicles (EVs) worldwide creates a huge demand for Electrical Power Steering (EPS) and steer-by-wire steering systems. OEMs in the passenger car segment have almost entirely moved to EPS systems, with EPS systems for commercial vehicles at a very nascent stage. As more commercial EVs are introduced in the market, the demand for EPS in these vehicles will witness significant growth
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The Automotive Steering System Market is consolidated, with the presence of five major players such JTEKT Corporation (Japan), Nexteer (US), Robert Bosch (Germany), Hyundai Mobis (South Korea), NSK Ltd. (Japan). These players hold over 58-60% of the market share. New product development, partnership and joint venture strategy have been the most dominating strategy adopted by major players from 2019 to 2022 which helped them to innovate on their offerings and broaden their customer base.
JTEKT Corporation established with the merger of Koyo Seiko Co. and Toyoda Machine Works Ltd. The company operates across Asia Oceania, Europe, North America, and South America and is headquartered in Osaka, Japan, with an employee base of 48,332 as of 2021. The company operates through three business segments: automotive, bearing, and machine tools & mechatronics. Automotive steering systems are manufactured and supplied under the steering system business sector of the automotive segment. The company operates through subsidiaries in regions such as North America, Europe, and Asia. It has 152 consolidated subsidiaries, currently holds 323 patents and operates in 30 overseas base countries. The major customers of JTEKT are Toyota (Japan), BMW (Germany), and GM (US). JTEKT announced an investment of USD 47 million for the expansion of its plant at San Luis Potosi in Mexico. The plant produces electric power steering systems, bearings, and intermediate hydraulic steering shafts for OEM customers in Mexico. With this expansion, the company plans to export to North America and Japan.
Nexteer is headquartered in Michigan, US. The company had 12,000 employees as of 2021. The company is a global leader in intuitive motion control technology with a focus on steering and drivelines for the automotive industry. The company offers electric and hydraulic steering systems, steering columns, and drivelines systems. Along with these automotive systems, Nexteer also provides ADAS and automated driving technologies to OEMs around the world. The company caters to the major regions of the world with its 27 manufacturing plants, five regional engineering centers, and 13 customer service centers that are strategically located in North and South America, Europe, and Asia. The company’s customers include leading OEMs such as BMW, FCA, Ford, GM, PSA, Toyota, and VW, along with automakers in India and China. The company introduced a new EPS product with a platform design and an expandable electronic control system, mCEPS meets customers’ needs for an advanced, customizable and cost-effective steering system that is flexible to customer packaging and other requirements.
Robert Bosch, a German multinational company, was founded in 1886. It is headquartered in Stuttgart, Germany. The company is one of the leading suppliers of automotive products. As of December 2021, it employed 395,000 associates. The Bosch Group has about more than 440 subsidiaries worldwide and has regional companies in about 60 countries. The products provided by the company include automotive components (brakes, controls, sensors, generators, electrical drives, electronics, and steering systems), building products (security systems, power tools, and household appliances), and industrial products (drive and control technologies and consumer goods).
Automotive Steering System Market by Technology (HPS, EHPS, EPS), EPS Type (R-EPS, C-EPS, P-EPS), Pinion (Single, Dual), Mechanism (Collapsible, Rigid), Components (OE, Aftermarket), Vehicle (PC, LCV, HCV, EV, OHV) and Region - Global Forecast to 2027
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