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Europe Automotive Steering System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type, and Vehicle Type, and Country

Europe Automotive Steering System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type, and Vehicle Type, and Country

  • May 2021
  • 97 pages
  • ID: 6075659
  • Format: PDF
  • The Insight Partners


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The automotive steering system market in Europe is expected to grow from US$ 5,239.84 million in 2020 to US$ 6,974.83 million by 2028; it is estimated to grow at a CAGR of 3.9% from 2021 to 2028. The Europe automotive steering system market is fueled by rigorous fuel efficiency norms. Several governments across the world have enacted strict automotive emission and fuel economy legislations. Automobile manufacturers must adhere to the average pollution cap decided by these regulations. These regulations have pushed automakers to spend more in fuel-efficient steering systems such as electronic power steering. As opposed to conventional hydraulic steering systems, electrically-assisted power steering systems are lighter in weight and have a simpler structure.

Unlike hydraulic systems, which pump fluid continuously when the engine is running, these systems only use power when the wheels are turned.Thus, the various stringent government norms for ensuring fuel efficient vehicles on road are expected to influence the demand for EPS, thereby contributing to the market growth over the forecast period.

Additionally, rise in demand for electrification in vehicles is among the other factors expected to boost the growth of the automotive steering system market in Europe.

Based on type, the electronic power steering segment led the Europe automotive steering system in 2020.Traditional steering systems, such as hydraulic and electro-hydraulic systems, are replaced by an electronic power steering (EPS) system.

The demand for electronic power steering systems is being fueled by the growing popularity of self-driving vehicles.Vehicles with electronic power steering have a lower total weight, as well as improved fuel efficiency.

Due to the lack of belt-driven hydraulic or manual pumps, electric systems are extremely fuel-efficient, as they run continuously, with or without assistance. EPS can save up to 0.4 liters of gasoline per 100 kilometers, as well as reduce CO2 emissions by up to 7 grams per kilometer. End users have been urged to implement improved protection mechanisms as the number of injuries has increased dramatically. In all first-world nations, improvements in highway and automobile construction have gradually lowered accident and death rates. Automobile manufacturers are integrating many systems in vehicles that improve safety as a result of these factors. Premium vehicles no longer have to be devoid of sophisticated protection and security equipment. For example, the Infiniti Q50 has direct adaptive steering, which includes sensors in the car that continuously track the steering wheel’s location. Furthermore, torque sensors are built into the EPS system. The torque sensors monitor the amount of effort the driver puts in to steer the vehicle.

Europe is severely affected by the ongoing COVID-19 pandemic. In Europe, Russia is the hardest-hit country by the coronavirus outbreak, with approximately 4.49 million total cases of COVID-19 patients as of March 2021. It is expected to suffer an economic hit due to the lack of revenue from various industries, as Russia recorded the highest number of coronavirus cases. Other member states have implemented drastic measures and travel restrictions, including partially closing their borders. Vehicle production has declined due to the shutdown of factories. The region has experienced a production loss of 3.6 million vehicles worth EUR 100 billion in the first half of 2020 owing to the spread of the pandemic in the region. This is anticipated to negatively impact the automotive steering system market growth in Europe.

The overall Europe automotive steering system market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the Europe automotive steering system market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the Europe automotive steering system market. China Automotive Systems, Inc.; Nexteer Automotive; Hitachi Automotive Systems Americas, Inc.; Hyundai Mobis; JTEKT Corporation; The Mando Corporation; NSK Ltd.; Robert Bosch GmbH; and ThyssenKrupp AG are among the key players operating in the Europe automotive steering system market.

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