The global steering shaft market is estimated to be valued at US$ 5.7 Billion in 2023 and is expected to expand at a CAGR of 3.3% during the forecast period.
With the implementation of stricter safety regulations and standards, automakers are now required to install advanced safety features in their vehicles, including the steering system. This has led to an increased demand for high-quality steering shafts that can meet these new safety standards. In addition, the implementation of new safety regulations and standards has also led to increased competition among manufacturers, which has led to innovation and the development of new technologies.
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On the back of continuous technological innovations coupled with rising awareness about environmental safety, rising consumer inclination towards electrical vehicles is observed over recent years. As the penetration of EVs continues to grow, the demand for these specialized steering shafts is expected to increase, subsequently creating numerous growth opportunities for players in the steering shaft market over the forecast period.
By region, Asia Pacific is expected to witness significant growth in the steering shaft market, due to increasing demand for commercial and passenger vehicles in countries such as China and India. The region is also home to some of the leading automotive component manufacturers, which has further fuelled the growth of the steering shaft market.
Key Takeaways from Market Study
- The global steering shaft market is projected to expand at a CAGR of 3% and be valued at US$ 7.9 Billion by 2033.
- The market sales declined at -3.5% CAGR for the historic period of 2018-2022.
- China is expected to dominate the market share in East Asia by likely accounting for 2% of its market share in 2023.
- Electronic Power Steering (EPS) by mechanism is likely to represent 6% market share in 2023.
- Splined steering shaft by steering shaft style is predicted to dominate the market and is estimated to be valued at US$ 7 Billion in 2023.
- Sales of steering shaft through OEMs is predicted to have a market valuation of US$ 7.4 Billion in 2023.
“Nearly 95% of Passenger Vehicles are Equipped with Electric Power Steering Systems leading to Higher Market Growth” says a Fact.MR analyst.
Competitive Landscape
Prominent manufacturers of the steering shaft industry globally are Changshu City Jinhua Machinery Co., Ltd, China Automotive Systems, Inc., Faw Koyo Steering Systems Co., Ltd., Global Steering Systems, JTEKT Corporation, KLM Performance, Nexteer Automotive, NSK Ltd., Pailton Engineering, Robert Bosch GmbH, Steering Shaft Factory and Zhejiang Shibao Co., Ltd.
The increasing demand for electric and hybrid vehicles has led to a shift towards specialized steering systems and components, including steering shafts. Manufacturers are developing steering shafts that are designed specifically for electric and hybrid vehicles and can provide improved performance and durability.
For instance :
- In October 2021, Nexteer Automotive launched its new Modular Column-Assist EPS System (mCEPS) as an addition to its Electric Power Steering (EPS) portfolio. The innovative system offers an affordable, modular platform design that achieves scalability for Nexteer and flexibility to meet the requirements of a wide range of OEMs.
Key Companies Profiled
- Changshu City Jinhua Machinery Co., Ltd
- China Automotive Systems, Inc
- Faw Koyo Steering Systems Co., Ltd.
- Global Steering Systems
- JTEKT Corporation
- KLM Performance
- Nexteer Automotive
- NSK Ltd.
- Pailton Engineering
- Robert Bosch GmbH
- Steering Shaft Factory
- Zhejiang Shibao Co., Ltd.
Market Development
The steering shaft manufacturers are investing in the research and development of new technologies that can enhance the performance and durability of their products. They are looking for ways to improve the design and manufacturing processes to make the steering shafts more lightweight, durable, and efficient.
For instance, in January 2023, Pailton Engineering, a steering system manufacturer announced that the company will design and build a new steering column for lightweight delivery vehicles. The development of the new steering column is attributed to the industry demand for lightweight vehicles, as manufacturers are attempting to reduce the load on delivery vehicles, especially electric vans made for last-mile deliveries.
Segmentation of Steering Shaft Industry Research
- By Steering Shaft Style:
- Splined
- Double D
- Smooth
- By Mechanism:
- HPS -Hydraulic Power steering
- EPS- Electronic Power Steering
- EPHS - Electric Power Hydraulic Steering
- By Material:
- Steel
- Polish Stainless Steel
- Stainless Steel
- Steel
- Aluminium
- By Sales Channel:
- OEM
- Aftermarket
- By Vehicle Category:
- Passenger Vehicle
- Compact
- Mid-Size
- Luxury
- SUVs
- Commercial Vehicle
- LCV
- HCV
- Coaches & Buses
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
What differences can the Steering Shaft report make on the revenue impacts and strategies of businesses?
Fact.MR strives to provide comprehensive assessments of opportunities in various regions and technology segments. The study also offers an uncluttered data-driven insights into the growth avenues of the Steering Shaft and all its segments. Some of the ways the study can make a discernible impact are by offering evidence-based perspectives on:
- Attractiveness quotient of emerging product/technology types in various products in the Steering Shaft
- Micro-economics factors that may hamper the prospects of some of the key segments
- Recent spate of research and development (R&D) funding on key Steering Shaft
- New business models paving way for disruptions in demand dynamic of key segments
- Regional markets that will be future engine of growth and the industry trends that will support these markets
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global steering shaft market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights based on steering shaft style (splined, double D, smooth), mechanism (HPS -hydraulic power steering, EPS- electronic power steering, EPHS - electric power hydraulic steering), material (steel (polish stainless steel, stainless steel, steel), aluminium), sales channel (OEM, aftermarket), vehicle category (passenger vehicle (compact, mid-size, luxury SUVs), commercial vehicle (LCV, HCV, coaches & buses)) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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