Europe Automotive Steering System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Type (Electronic Power Steering, Hydraulic Power Steering, and Electro-Hydraulic Power Steering), Product Type (Column Drive and Rack Drive), and Vehicle Type (Passenger Cars and Commercial Vehicles)
The Europe automotive steering system market was valued at US$ 5,330.38 million in 2021 and is projected to reach US$ 6,974.83 million by 2028; it is expected to grow at a CAGR of 3.9% from 2021 to 2028.
Rise in Demand for Electrification in Vehicles is Driving the Europe Automotive Steering System Market
There is an increase in use of buses and trucks worldwide, especially for logistics and public transportation. As the population in urban areas is growing, there is a need for increased public transit, and the current transportation infrastructure is proving inadequate. OEMs worldwide are now focused on lowering global carbon emissions, which is leading to increase in use of electric cars. Passenger cars and taxis are concentrating more on the introduction of greener technology as the demand increases. The manufacturers are concentrating their efforts on electrification of vehicles, especially passenger cars. Several countries worldwide are putting a lot of work into creating green transportation. Governments are taking several steps to minimize CO2 emissions. They are providing tax cuts and incentives to promote the use of electric vehicles in public transportation, such as e-trucks and e-buses. BYD K9, Mercedes Benz electric truck, and Tata Starbus Hybrid e-buses are a few examples of electric vehicle models. Some commercial vehicle manufacturers have recently unveiled electric buses, and others have announced plans to convert full-size trucks and pickup trucks to battery-electric platforms. Thus, the rising demand for electric vehicles is contributing to the growth of the global automotive steering system market.
Europe Automotive Steering System Market Overview
Germany, France, the UK, Russia, and Italy are among the major countries in Europe. In Europe, the automotive sector is crucial for the region’s prosperity. The region has significantly upgraded its industrial solutions and is labeled as Industry 4.0. In order to reinforce the competitiveness of its automotive industry and continue its global technological leadership, the European Commission is focusing on the funding for R&D. The region is the leading producer of passenger cars and several commercial vehicle manufacturers, such as Ford of Europe, Hyundai Motor Europe, Iveco, and Volkswagen. The automotive sector is crucial for the region’s prosperity. In 2020, 16,921,311 units of commercial and passenger vehicles were produced. Germany is one of the largest automotive markets in the region. The country comprises major automotive manufacturers such as Daimler AG, BMW, VW, Opel, and Audi. The growing automobile production in Germany, as well as Europe is driving the automotive steering system market.
Automotive Steering System Market Revenue and Forecast to 2028 (US$ Million)
Europe Automotive Steering System Market Segmentation
The Europe automotive steering system market is segmented into type, product type, vehicle type, and country.
The Europe automotive steering system market, by type, is segmented into electronic power steering, hydraulic power steering, electro-hydraulic power steering. The electronic power steering accounted for the highest share in the Europe automotive steering system market in 2021.
The Europe automotive steering system market, by product type, is bifurcated into column drive and rack drive. The rack drive segment held the largest market share in 2021.
The Europe automotive steering system market, based on vehicle type, is segmented into passenger vehicles and commercial vehicles. In 2021, the passenger vehicle segment accounted for the highest share in the Europe automotive steering system market.
Based on country, the Europe automotive steering system market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Germany dominated the market in 2021.
Nexteer Automotive Corp; Hitachi Astemo Americas, Inc.; Hyundai Mobis Co Ltd; JTEKT Corp; Mando Co Ltd; NSK Ltd; ThyssenKrupp AG; and Robert Bosch Automotive Steering GmBH are the leading companies operating in the Europe automotive steering system market.
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Europe Automotive Steering System Market – By Type
1.3.2 Europe Automotive Steering System Market – By Product Type
1.3.3 Europe Automotive Steering System Market – By Vehicle Type
1.3.4 Europe Automotive Steering System Market- By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Europe Automotive Steering System Market Landscape
4.1 Market Overview
4.2 Europe PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Europe Automotive Steering System Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Stringent Fuel Efficiency Norms Driving Adoption of Advanced Automotive Steering Systems
5.1.2 Rise in Demand for Electrification in Vehicles
5.2 Market Restraints
5.2.1 High Cost of Electronic Power Steering (EPS) System and Difficulties Associated with Its Maintenance
5.3 Market Opportunities
5.3.1 Integration of Technologically Advanced EPS Systems in Commercial Vehicles
5.4 Future Trends
5.4.1 Rise in Integration of EPS and Advanced Driver-Assistance Systems (ADAS)
5.5 Impact Analysis of Drivers and Restraints
6. Automotive Steering System Market – Europe Analysis
6.1 Europe Automotive Steering System Market Europe Overview
6.2 Europe: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
7. Europe Automotive Steering System Market Analysis – By Type
7.1 Overview
7.2 Europe Automotive Steering System Market Revenue Breakdown, By Type, 2020 and 2028
7.3 Electronic Power Steering
7.3.1 Overview
7.3.2 Electronic Power Steering: Europe Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Million)
7.4 Hydraulic Power Steering
7.4.1 Overview
7.4.2 Hydraulic Power Steering: Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
7.5 Electro-Hydraulic Power Steering
7.5.1 Overview
7.5.2 Electro-Hydraulic Power Steering: Europe Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
8. Europe Automotive Steering System Market Analysis – By Product Type
8.1 Overview
8.2 Europe Automotive Steering System Market Revenue Breakdown, By Product Type, 2020 and 2028
8.3 Column Drive
8.3.1 Overview
8.3.2 Column Drive: Europe Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
8.4 Rack Drive
8.4.1 Overview
8.4.2 Rack Drive: Europe Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
9. Europe Automotive Steering System Market Analysis – By Vehicle Type
9.1 Overview
9.2 Europe Automotive Steering System Market Breakdown, By Vehicle Type, 2020 & 2028
9.3 Passenger cars
9.3.1 Overview
9.3.2 Passenger Cars: Europe Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
9.4 Commercial Vehicles
9.4.1 Overview
9.4.2 Commercial Vehicles: Europe Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
10. Europe Automotive Steering System Market – Country Analysis
10.1 Overview
10.1.1 Europe: Automotive Steering System Market, by Key Country
10.1.1.1 Germany: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.1.1 Germany: Automotive Steering System Market, by Type
10.1.1.1.2 Germany: Automotive Steering System Market, by Product Type
10.1.1.1.3 Germany: Automotive Steering System Market, by Vehicle Type
10.1.1.1.4 Germany: Automotive Steering System Market, by Passenger Cars
10.1.1.1.5 Germany: Automotive Steering System Market, by Commercial Vehicles
10.1.1.2 France: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.2.1 France: Automotive Steering System Market, by Type
10.1.1.2.2 France: Automotive Steering System Market, by Product Type
10.1.1.2.3 France: Automotive Steering System Market, by Vehicle Type
10.1.1.2.4 France: Automotive Steering System Market, by Passenger Cars
10.1.1.2.5 France: Automotive Steering System Market, by Commercial Vehicles
10.1.1.3 Italy: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.3.1 Italy: Automotive Steering System Market, by Type
10.1.1.3.2 Italy: Automotive Steering System Market, by Product Type
10.1.1.3.3 Italy: Automotive Steering System Market, by Vehicle Type
10.1.1.3.4 Italy: Automotive Steering System Market, by Passenger Cars
10.1.1.3.5 Italy: Automotive Steering System Market, by Commercial Vehicles
10.1.1.4 UK: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.4.1 UK: Automotive Steering System Market, by Type
10.1.1.4.2 UK: Automotive Steering System Market, by Product Type
10.1.1.4.3 UK: Automotive Steering System Market, by Vehicle Type
10.1.1.4.4 UK: Automotive Steering System Market, by Passenger Cars
10.1.1.4.5 UK: Automotive Steering System Market, by Commercial Vehicles
10.1.1.5 Russia: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.5.1 Russia: Automotive Steering System Market, by Type
10.1.1.5.2 Russia: Automotive Steering System Market, by Product Type
10.1.1.5.3 Russia: Automotive Steering System Market, by Vehicle Type
10.1.1.5.4 Russia: Automotive Steering System Market, by Passenger Cars
10.1.1.5.5 Russia: Automotive Steering System Market, by Commercial Vehicles
10.1.1.6 Rest of Europe: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.6.1 Rest of Europe: Automotive Steering System Market, by Type
10.1.1.6.2 Rest of Europe: Automotive Steering System Market, by Product Type
10.1.1.6.3 Rest of Europe: Automotive Steering System Market, by Vehicle Type
10.1.1.6.4 Rest of Europe: Automotive Steering System Market, by Passenger Cars
10.1.1.6.5 Rest of Europe: Automotive Steering System Market, by Commercial Vehicles
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
11.4 Merger and Acquisition
12. Company Profiles
12.1 Nexteer Automotive Corp
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Hitachi Astemo Americas, Inc.
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Hyundai Mobis Co Ltd
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 JTEKT Corp
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Mando Co Ltd
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 NSK Ltd
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 ThyssenKrupp AG
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Robert Bosch Automotive Steering GmBH
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
LIST OF TABLES
Table 1. Europe Automotive Steering System Market – Revenue, and Forecast to 2028 (US$ Million)
Table 2. Germany: Automotive Steering System Market, by Type –Revenue and Forecast to 2028 (US$ Million)
Table 3. Germany: Automotive Steering System Market, by Product Type –Revenue and Forecast to 2028 (US$ Million)
Table 4. Germany: Automotive Steering System Market, by Vehicle Type –Revenue and Forecast to 2028 (US$ Million)
Table 5. Germany: Automotive Steering System Market, by Passenger Cars –Revenue and Forecast to 2028 (US$ Million)
Table 6. Germany: Automotive Steering System Market, by Commercial Vehicles –Revenue and Forecast to 2028 (US$ Million)
Table 7. France: Automotive Steering System Market, by Type –Revenue and Forecast to 2028 (US$ Million)
Table 8. France: Automotive Steering System Market, by Product Type –Revenue and Forecast to 2028 (US$ Million)
Table 9. France: Automotive Steering System Market, by Vehicle Type –Revenue and Forecast to 2028 (US$ Million)
Table 10. France: Automotive Steering System Market, by Passenger Cars –Revenue and Forecast to 2028 (US$ Million)
Table 11. France: Automotive Steering System Market, by Commercial Vehicles –Revenue and Forecast to 2028 (US$ Million)
Table 12. Italy: Automotive Steering System Market, by Type –Revenue and Forecast to 2028 (US$ Million)
Table 13. Italy: Automotive Steering System Market, by Product Type –Revenue and Forecast to 2028 (US$ Million)
Table 14. Italy: Automotive Steering System Market, by Vehicle Type –Revenue and Forecast to 2028 (US$ Million)
Table 15. Italy: Automotive Steering System Market, by Passenger Cars –Revenue and Forecast to 2028 (US$ Million)
Table 16. Italy: Automotive Steering System Market, by Commercial Vehicles –Revenue and Forecast to 2028 (US$ Million)
Table 17. UK: Automotive Steering System Market, by Type –Revenue and Forecast to 2028 (US$ Million)
Table 18. UK: Automotive Steering System Market, by Product Type –Revenue and Forecast to 2028 (US$ Million)
Table 19. UK: Automotive Steering System Market, by Vehicle Type –Revenue and Forecast to 2028 (US$ Million)
Table 20. UK: Automotive Steering System Market, by Passenger Cars –Revenue and Forecast to 2028 (US$ Million)
Table 21. UK: Automotive Steering System Market, by Commercial Vehicles –Revenue and Forecast to 2028 (US$ Million)
Table 22. Russia: Automotive Steering System Market, by Type –Revenue and Forecast to 2028 (US$ Million)
Table 23. Russia: Automotive Steering System Market, by Product Type –Revenue and Forecast to 2028 (US$ Million)
Table 24. Russia: Automotive Steering System Market, by Vehicle Type –Revenue and Forecast to 2028 (US$ Million)
Table 25. Russia: Automotive Steering System Market, by Passenger Cars –Revenue and Forecast to 2028 (US$ Million)
Table 26. Russia: Automotive Steering System Market, by Commercial Vehicles –Revenue and Forecast to 2028 (US$ Million)
Table 27. Rest of Europe: Automotive Steering System Market, by Type –Revenue and Forecast to 2028 (US$ Million)
Table 28. Rest of Europe: Automotive Steering System Market, by Product Type –Revenue and Forecast to 2028 (US$ Million)
Table 29. Rest of Europe: Automotive Steering System Market, by Vehicle Type –Revenue and Forecast to 2028 (US$ Million)
Table 30. Rest of Europe: Automotive Steering System Market, by Passenger Cars –Revenue and Forecast to 2028 (US$ Million)
Table 31. Rest of Europe: Automotive Steering System Market, by Commercial Vehicles –Revenue and Forecast to 2028 (US$ Million)
Table 32. List of Abbreviation
LIST OF FIGURES
Figure 1. Europe Automotive Steering System Market Segmentation
Figure 2. Europe Automotive Steering System Market Segmentation – By Country
Figure 3. Europe Automotive Steering System Market Overview
Figure 4. Passenger Cars Segment Held the Largest Market Share in 2020
Figure 5. Rest of Europe was the Largest Revenue Contributor in 2020
Figure 6. Europe – PEST Analysis
Figure 7. Expert Opinions
Figure 8. Europe Automotive Steering System Market Impact Analysis of Drivers and Restraints
Figure 9. Europe: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 10. Europe Automotive Steering System Market Revenue Breakdown, By Type, 2020 & 2028 (%)
Figure 11. Electronic Power Steering: Europe Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 12. Hydraulic Power Steering: Europe Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 13. Electro-Hydraulic Power Steering: Europe Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 14. Europe Automotive Steering System Market Revenue Breakdown, By Type, 2020 & 2028 (%)
Figure 15. Column Drive: Europe Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 16. Rack Drive: Europe Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 17. Europe Automotive Steering System Market Breakdown, By Vehicle Type, 2020 & 2028 (%)
Figure 18. Passenger Cars: Europe Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 19. Commercial Vehicles: Europe Automotive Steering System Market- Revenue and Forecast to 2028 (US$ Mn)
Figure 20. Europe: Automotive Steering System Market, by Key Country – Revenue (2020) (US$ Million)
Figure 21. Europe: Automotive Steering System Market Revenue Share, By Key Country (2020 and 2028)
Figure 22. Germany: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 23. France: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 24. Italy: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 25. UK: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 26. Russia: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
Figure 27. Rest of Europe: Automotive Steering System Market – Revenue and Forecast to 2028 (US$ Million)
- Nexteer Automotive Corp
- Hitachi Astemo Americas, Inc.
- Hyundai Mobis Co Ltd
- JTEKT Corp
- Mando Co Ltd
- NSK Ltd
- ThyssenKrupp AG
- Robert Bosch Automotive Steering GmBH
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Europe automotive steering system market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the Europe automotive steering system market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth Europe market trends and outlook coupled with the factors driving the automotive steering system market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution