An automotive steering member or system is an important link between the driver and the vehicle, as it enables the driver to control and maneuver the vehicle. The steering member helps the driver to control the vehicle and perform various maneuvers such as turning. Several major technological developments have taken place in the automotive steering member system since its inception. Presently, vehicles are equipped with various active safety systems, such as anti-lock braking system (ABS) and electronic stability program (ESP), while the steering member plays a crucial role in the vehicle’s safety as it is majorly responsible for the movement of the vehicle in any direction.
The global automotive steering member market is expected to expand during the forecast period due to an increase in the demand for vehicles, as it is a major component in the vehicle. New technologies are being introduced in the automotive steering system to increase the efficiency, control, and maneuverability of the vehicle. Major drivers of the automotive steering member market are increasing demand for new technology steering member system, such as electric, hydraulic, and electro-hydraulic components along with mechanical components of the steering member, which enable the driver to effortlessly steer and maneuver the vehicle in tough situations. A major restraint of the automotive steering member market is the high cost associated with the manufacturing of power steering.
The global automotive steering member market can be segmented based on type, component, vehicle type, and region. In terms of type, the global automotive steering member market can be bifurcated into hydraulic power steering, electronic power steering, and electrically assisted hydraulic power steering. Based on component, the automotive steering member market can be segregated into steering/column/rack, electric motor hydraulic pump, and sensors. Based on vehicle type, the automotive steering member market can classified into passenger vehicle, light commercial vehicle, and heavy commercial vehicle. The passenger vehicle segment can be further sub-segmented into hatchback, sedan, and SUV/MUV. In terms of region, the automotive steering member market can be divided into Asia Pacific, Middle East & Africa, Europe, Latin America, and North America. The market in Asia Pacific is projected to expand at a prominent pace during the forecast period due to the increase in demand for vehicles and rise in per capita income of customers in the region. Furthermore, China and India are among the major producers of automobiles, which in turn is expected to fuel the automotive steering member market in Asia Pacific during the forecast period. Europe is anticipated to be a major market for steering member , as several OEMs have their presence in the region. Moreover, the region accounts for a major share of production of automobiles, globally. This, in turn, is anticipated to propel the automotive steering member market in the region during the forecast period.
Key players operating in the global automotive steering member market include ZF Friedrichshafen Ag, Robert Bosch GmbH, JTEKT Corporation, Sona Koyo Steering Systems Ltd, NSK Ltd, Nexteer Automotive, ThyssenKrupp, Mando Corporation, Hitachi Automotive Systems Limited, Showa Corporation, and ATS Automation Tooling Systems.
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