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An automotive steering system is a set of components used to control the direction of vehicle motion and help the driver maneuver the vehicle as per the requirement.
The hand-operated steering wheel, steering column, universal joints and rack & pinion mechanism contribute to the automotive steering system component. The development has led to the change of the steering system from manual steering to power assist steering system.
The automotive steering system is considered as non-replaceable in automobiles and is responsible for effective control on vehicles making it a vital component in automobiles. The market for automotive steering systems is highly demanding as the steering system is obligatory in automobiles.
The adoption of the power steering system in vehicles is responsible for the growth of this market. The effective steering system is accountable for increase in fuel efficiency of the vehicle.
Hence, the increase in demand for fuel efficient vehicles results in an increase in demand for steering systems. Also, the consumers prefer driving comfort in their vehicles, which includes the effortless driving and maneuverability of the vehicle. The driving comfort is achieved by using an effective steering system resulting in an increase in demand for steering systems implementing growth of this market.
The growing demand for higher torque and performance figures in trucks has compelled automobile manufacturers to adopt steering gears such as RCS assist gears. These gears are TRW Automotive, a subsidiary of ZF Friedrichshafen. They are capable of providing class 8 trucks with better performance, higher torque, and increased reliability at low operating temperatures. They are also easy to install and enhance the lifespan of steering systems.
The rising demand for higher torque is expected to result in further improvements in steering gears over the forecast period. All these factors are expected to positively influence the growth of the global automotive steering gearbox market during the forecast period.
The rising consumer demand for comfort, convenience, and fuel efficiency has resulted in several technological advancements in the automobile industry.
For example, automobile manufacturers are adopting electric power steering and steer-by-wire systems. Such technological advancements have created a need for the development of more advanced automotive steering system components such as steering columns and steering gearboxes, among others. Moreover, electric power steering systems are more fuel-efficient compared to conventional steering systems. This has further increased the penetration of electronic power steering systems in modern automobiles. This trend is expected to foster the growth of the global automotive steering gearbox market during the forecast period.
The automotive steering gearbox market is expected to grow by $XX Billion during 2021-2026, progressing at a CAGR of over XX%. The Global Automotive Steering Gearbox market is anticipated to rise at a considerable rate during the forecast period, 2021 to 2026. In 2021, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
The developments in advanced driver-assistance systems (ADAS) have paved the way for the emergence of electric power steering as these safety systems require this component for efficient functioning.
However, owing to the requirement of greater power, incorporating electric power steering in heavy-duty trucks has become a challenge, which has made hydraulic power steering systems ideal options. Although this limitation is hindering the deployment of ADAS in heavy-duty trucks, the development of magnetic torque overlay (MTO) has resolved this hurdle.
MTO consists of a hydraulic power steering gear equipped with an integrated electromagnetic actuator with additional pressure sensing hardware, electronic module, and additional software. More advancements of this technology are expected to positively influence the global automotive steering gearbox market in the near future.
Collapsible EPS is the fastest growing market, by Mechanism:
In this type, the steering column consists of a collapsible housing containing a collapsible rotating shaft. As a safety measure, the steering column is designed to collapse in the event of a front-end collision. As global auto OEMs continue expanding into growing and emerging markets, the demand for collapsible steering columns is expected to increase. The market for collapsible steering column systems has been growing rapidly over the past few years due to the rising sales of passenger cars, expansion of global players in developing economies, and technological advances.
The regional growth can be attributed to higher production of vehicles in countries such as China, Japan, and India. Governments across the Asia Oceania region have formulated stringent safety and emission norms that are expected to increase the installation of electric power steering. Moreover, features such as lane-keep assist, automated parking, lane changes, and the ability to guide vehicles around obstacles all make EPS an ideal choice.
Although the overall sales (Jan-Aug) in most of the regions has witnessed a growth compared to the same period in 2020. The sales in the last couple of months have seen a decline in most of the markets particularly due to the chip shortage. Moreover, there is always a risk of a new wave of COVID-19.
Automotive industry in the US continues to remain fragile. Vehicle sales in August declined close to 13% (YoY), reaching 619K units. Total January-August 2021 sales reached around 9.6 million units, up 17%.
Passenger Vehicle sales continued to slide in August, marking the fourth consecutive month of declines since peaking in March.
Semiconductor chip shortages continue to be a major constraint for automakers in US. Additionally supply chain disruptions due to increased COVID-19 restrictions in countries along the supply chain and port delays have only made the recent production issues worse, leading to further inventory drawdowns in an already tightly supplied market.
During the month, Ford saw a sharp decline of 27.3%, followed by Honda (-18%).
In China too the scenario is more or less the same. automotive sales continue their fast recovery. Vehicle sales reached close to 1.7 million units in August, down by ~18% on YoY basis. Total sales during January-August 2021 was however an increase of 13.7% on YoY basis. In the first 8 months of 2021 car sales were 16.55M units. The fall in the car sales was mainly attributed to chip shortage across the sector.
In August, the sales of new energy vehicles doubled to reach about 321,000.
Easing of lockdowns in many countries coupled with stimulus packages to support economic revival seems to have started benefitting the region’s automotive industry. Vehicle sales in August crossed 980K, declining 23% on a MoM basis. Despite the decline, the year-to-date figure now stands at 7.47 million units, up by 16.5%. After 4 months of double digit sales increases in the European car market, there was a decline in sales in the month of July.
Vehicle sales in August crossed 206,000 units, up by 5% on YoY basis. Sales in the period Jan-Aug was 1.97M units, a ~8% increase on a Y-o-Y basis.
While the year-to-date sales have seen considerable growth, the sales in the last couple months have been on the lower side in most of the regions.
The market appears to be fragmented and with the presence of several companies. Some of the major leading industry players of the Global Automotive Steering Gearbox market are Akashi Kikai Kogyo, JTEKT Corp, Nexteer Automotive, Knorr-Bremse AG and Mando Corp. Upstream raw materials and equipment and downstream demand analysis are also carried out.
