Global Shaft and Steering Market, By Type (Splined Shafts, Double D Shafts, and Others), By Application (Passenger Cars and Commercial Vehicles) – By Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) – Market Trends, Analysis, and Forecast Till 2029.

Report Code: PMI448420 | Publish Date: December 2023 | No. of Pages: 149

Global Shaft And Steering Market Overview

Rising popularity of plug-in light vehicles, and fuel consumption as well as logistical benefits provided by electric power steering (EPS) systems are enhancing the rate of growth of the global steering and shaft market. The auto parts maker showcased a Toyota Prius cut section displaying column-type electric power steering, driveshaft hub unit, and plug-tube gasket, ball bearing for motor, KE & LFII bearing for counter driven, and input shaft seal. Global shaft and steering market is expected to grow with significant rate due to low rate of development in EPS systems in commercial vehicles and steer-by-wire technology . The steering market is expected to grow with a significant rate during the forecast period due to a However, high cost of assisted power steering system and fluctuations in the price of raw materials are restraining the overall growth of the global steering market. The global market traced from various types namely electric power steering system (EPS), hydraulic power steering system (HPS) and electro-hydraulic power steering system (EHPS). A steering wheel is an important component of a vehicle and it keeps direct contact of the driver with the vehicle. The automotive steering industry is experiencing significant technological advancements is incorporating several functions into steering wheel technology. Manufacturers are also focusing on steer-by-wire technology as it provides potential benefits of enhanced vehicle performance, handling behavior and fully integrated vehicle dynamic control.

Impact of COVID-19 pandemic on market

The COVID-19 pandemic has had a major impact on the way of life across the world. Every business has to fight the battle for both health and economic. According to situation, predictions gives intimation that recovery period might run well into early next year.Here, the considered industry is facing pressure due to the COVID-19 pandemic, which has resulted in steer and shaft production downtime all over the world. Leading these kinds of producers in APAC, such as China and India, have reduced production considerably in 2020. Tier-2 and tier-3 players in steering system market are in the front line of the impact of the COVID-19 pandemic. This report will quantify the impact of this pandemic on the shaft and steering market.

Global Shaft And Steering Market Dynamics

High demand for automotive is the key driving factor for the global steering column market since an automotive can't be manufactured without a steering column. In addition, increase in demand for automotive owing to rise in disposable income of consumers primarily drives the growth of the market. Increase in the production of automobiles is directly proportional to the requirement of automotive steering systems by original equipment manufacturers, as every automotive steering system is an important and integral part of the complete product. Increase in the production of automotive vehicles in markets such as China, Japan, and India is expected to boost the growth of the automotive steering system market. Moreover, numerous national and local governments are giving incentives for electric vehicles, tax credits, subsidies, etc. These factors are fuelling the demand for electrical vehicles, subsequently creating numerous growth opportunities for the global steering and shaft system market over the forecast period.Manufacturers are also focusing on steer-by-wire technology as it provides potential benefits of enhanced vehicle performance, handling behavior and fully integrated vehicle dynamic control. Moreover, manufacturers are also establishing joint ventures for the production of high quality products for automotive manufacturers. For instance, in 2019, Nexteer Automotive announced a joint venture with Dongfeng Motor Parts and Components Group Co., Ltd., to start the mass production of the electric power steering systems. This new JV increases the company’s manufacturing footmark to 28 sites across the world.

However, high cost of assisted power steering system and fluctuations in the price of raw materials are restraining the overall growth of the global shaft and steering market.

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Global Shaft And Steering Market Segmentation

The global steering and shaft market is segmented based on type, application, and region.

Based on the type, the global market is segmented into splined shafts, double d shafts and others. Splined shafts accounted for the largest share of shaft and steering market and are expected to continue its dominance till 2029.On the basis of application the shaft and steering market is divided into passenger cars and commercial vehicles. Introduction of new technologies, comfort features, and active safety systems in vehicles is expected to drive steering and shaft market during the coming years. The safety and the ease of driving an automobile have increased considerably due to the installation of steering and shaft modules on the steering wheel of vehicles.

Regional insights:

According to region, market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is expected to dominate the global shaft and steering market. Increasing customer demand for high mileage vehicles due to fluctuating fuel prices in Europe is forcing the R&D companies to grow the developments of advanced steering system in the vehicles. Asia Pacific is also contributing a significant share in the global steering market, leading to higher growth in economy of the country, which increases the automotive market. This country is expected to hold nearly half of this market share by the end of 2029, on the back of huge innovative production in China and India. China is expected to provide the most profitable opportunities for revenue generation in the steering system market over the forecast period.

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Detail Segmentation:

Attribute

Details

The base year for estimation

2019

Forecast Period

2019 - 2029

Market Representation

Revenue in USD Billion & CAGR from 2019-2029

Market Segmentation

By Type – Splined Shafts, Double D Shafts and Others

By Application – Passenger Cars and Commercial Vehicles

By Region- North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

Regional Scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

 

Segments covered in the report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029.  For the purpose of this study, has segmented the global steering and shaft market report based on type, application and region.

Global Steering and Shaft market, By Type:

  • Splined Shafts
  • Double d Shafts
  • Others

Global Steering and Shaft market, By Application:

  • Passenger Cars
  • Commercial Vehicles

Global Steering and Shaft market, By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa

Global Shaft And Steering Market Key Players

The key manufacturers that have been contributing significantly to the global steering and shaft market include JTEKT Corporation, Nexteer Automotive Group Ltd., Showa Corporation, ThyssenKrupp AG, Hitachi Automotive System Ltd., Robert Bosch GmbH, and NSK Steering System Co. Ltd. The global market is highly amended, with the top seven players holding nearly 70% of the steering system market. Major players are actively entering into partnerships with regional steering system suppliers and expanding their production capacities to meet the growing demand for discussed systems. These companies are aiming for larger number of product launches and more mergers & acquisitions to expand their market. For instance, in October 2020, Hitachi Automotive Systems, Ltd. announced a new heavy-duty automated parking brake (APB HD) especially designed for pickup trucks, vans, SUVs and light commercial vehicles.

Global Shaft And Steering Market Company Profile

  • JTEKT Corporation
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Overview
    • Business Strategies
  • Nexteer Automotive Group Ltd.
  • Showa Corporation
  • ThyssenKrupp AG
  • Hitachi Automotive System Ltd.
  • Robert Bosch GmbH
  • NSK Steering System Co. Ltd.

Global Shaft And Steering Market Table of Contents

  1. Research Objective and Assumption
    • Preface
    • Research Objectives
    • Study Scope
    • Years Considered for the study
    • Assumptions
    • Abbreviations
  2. Research Methodology
    • Research data
    • Primary Data
      • Primary Interviews
      • Primary Breakdown
      • Key data from Primary Sources
      • Key Thickness Insights
    • Secondary Data
      • Major Secondary Sources
      • Secondary Sources
    • Market Estimation
    • Top-Down Approach
      • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
    • Bottom-Up Approach
      • Approach for estimating market share by Bottom-up Analysis (Demand Side)
    • Market Breakdown and Data Triangulation
    • Research Assumptions
  3. Market Preview
    • Executive Summary
    • Key Findings—Global Outlook for medical carts Strategies
      • Key Questions this Study will Answer
      • Market Snippet, By Type
      • Market Snippet, By Application
      • Market Snippet, By Region
    • Opportunity Map Analysis
    • Executive Summary—3 Big Predictions
  4. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restrains
      • Market Opportunities
      • Market Trends
    • DR Impact Analysis
    • PEST Analysis
    • Porter’s Five Forces Analysis
    • Opportunity Orbit
    • Market Investment Feasibility Index
    • Macroeconomic Factor Analysis
  5. Shaft and Steering Market, By Type, Forecast Period up to 10 Years, (US$ Bn)
  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Splined Shafts
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Double D Shafts
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Others
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  1. Shaft and Steering Market, By Application, Forecast Period up to 10 Years, (US$ Bn)
  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Commercial Car
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Passenger Car
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  1. Shaft and Steering Market, By Region, Forecast Period up to 10 Years, (US$ Bn)
    • Overview
      • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
      • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
      • Regional Trends
    • North America
      • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Application Type, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
        • U.S.
        • Canada
    • Europe
      • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Application Type, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
        • UK
        • France
        • Germany
        • Russia
        • Italy
        • Rest of Europe
    • Asia Pacific
      • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Application Type, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
        • India
        • Japan
        • South Korea
        • China
        • Rest of Asia Pacific
    • Latin America
      • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Application Type, Forecast Period up to 10 Years
      • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
  • Brazil
  • Mexico
  • Rest of Latin America
  • Middle East & Africa
    • Market Size and Forecast (US$ Bn), By Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Application Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East
  1. Competitive Landscape
    • Heat Map Analysis
    • Market Presence and Specificity Analysis
  2. Company Profiles
  • JTEKT Corporation
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Nexteer Automotive Group Ltd.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Showa Corporation
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • ThyssenKrupp AG
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Hitachi Automotive System Ltd.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Robert Bosch GmbH
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • NSK Steering System Co. Ltd.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  1. The Last Word
    • Future Impact
    • About Us
    • Contact

FAQs

The Shaft and Steering Market report segments the market been segmented on the basis of type, application, and region.

Continuous technological innovations coupled with rising awareness about environmental safety, consumer demands towards electrical vehicles have been observed over the recent years.

Europe is expected to dominate the Shaft and Steering market.

The leading players operating in the Shaft and Steering Market includes JTEKT Corporation, Nexteer Automotive Group Ltd., Showa Corporation, ThyssenKrupp AG, Hitachi Automotive System Ltd., Robert Bosch GmbH, and NSK Steering System Co. Ltd.