Automotive Steering Systems Market to Grow with a CAGR of 7.44% through 2028
The increasing vehicle production worldwide, the shift
towards electric power steering (EPS) systems for improved fuel efficiency are
the factors driving market in the forecast period 2024-2028
According to TechSci Research report, “Automotive
Steering Systems Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Automotive Steering Systems
Market stood at USD 22.74 Billion in 2022 and is anticipated to grow with a
CAGR of 7.44% in the forecast period, 2024-2028 The global automotive steering systems market is a
dynamic and rapidly evolving industry that plays a crucial role in the
automotive sector. Steering systems are essential components of vehicles,
enabling drivers to control the direction and maneuverability of their
vehicles. This market encompasses the production, distribution, and sale of
various types of steering systems used in automobiles. The market for automotive steering systems is
influenced by various factors, including the overall growth of the automotive
industry, technological advancements, government regulations, and consumer
preferences. The demand for steering systems is directly linked to the
production and sales of vehicles worldwide. Key players in
the global automotive steering systems market include major automotive
manufacturers, suppliers, and technology providers. These companies develop and
supply various types of steering systems, such as hydraulic power steering,
electric power steering, and electro-hydraulic power steering.
The market is also witnessing a shift towards advanced
steering technologies, such as steer-by-wire systems and autonomous driving
capabilities. These technologies aim to enhance vehicle safety, improve fuel
efficiency, and provide a better driving experience. Regional factors, such as
economic growth, infrastructure development, and government initiatives, also
play a significant role in shaping the global automotive steering systems
market. Emerging markets, such as China, India, and Brazil, are experiencing
rapid growth in the automotive sector, which is driving the demand for steering
systems. Overall, the global automotive steering systems market
is expected to grow steadily in the coming years, driven by factors such as the
increasing demand for vehicles, advancements in steering technology, and the
focus on safety and efficiency in the automotive industry. Manufacturers and
suppliers in this market will continue to innovate and develop new steering
systems to meet the evolving needs of the automotive sector.
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North America is a significant market for automotive
steering systems, driven by the presence of major automotive manufacturers and
technological advancements in the region. The United States, in particular, has
a well-established automotive industry and a high demand for vehicles. The
market in North America is characterized by a growing focus on electric power
steering (EPS) systems, driven by the need for fuel efficiency and the
integration of advanced driver-assistance systems (ADAS). Additionally,
government regulations promoting vehicle safety and emission reduction further
drive the adoption of advanced steering technologies.
Europe: Europe is another prominent region in the
global automotive steering systems market. The region is home to several
leading automotive manufacturers and has a strong emphasis on vehicle safety
and performance. European countries have stringent safety regulations, which
drive the adoption of advanced steering systems. The market in Europe is
witnessing a shift towards electric power steering (EPS) systems, driven by the
need for energy efficiency and the integration of ADAS. Additionally, the growing
demand for electric vehicles (EVs) in Europe contributes to the adoption of
electric steering systems.
Asia Pacific: Asia Pacific is a rapidly growing market
for automotive steering systems, driven by the increasing production and sales
of vehicles in countries such as China, India, and Japan. The region has
emerged as a manufacturing hub for the automotive industry, attracting
investments from global automotive manufacturers. The market in Asia Pacific is
characterized by a high demand for cost-effective steering systems, which has
led to the dominance of hydraulic power steering (HPS) systems. However, there
is a growing shift towards electric power steering (EPS) systems due to their
energy efficiency and compatibility with advanced technologies. The increasing
adoption of electric vehicles (EVs) in countries like China further drives the
demand for electric steering systems.
Latin America: Latin America is an emerging market for
automotive steering systems, with countries like Brazil and Mexico witnessing
significant growth in the automotive sector. The market in Latin America is
driven by factors such as economic growth, infrastructure development, and
increasing consumer purchasing power. The demand for steering systems in the
region is influenced by the production and sales of vehicles, with a preference
for cost-effective solutions. However, there is a growing trend towards the
adoption of advanced steering technologies, including electric power steering
(EPS), driven by the need for improved fuel efficiency and safety.
Middle East and Africa: The Middle East and Africa
region have a smaller share in the global automotive steering systems market.
The market dynamics in this region are influenced by factors such as economic
development, infrastructure projects, and government initiatives. The demand
for steering systems is driven by the production and sales of vehicles in
countries like Saudi Arabia, South Africa, and the United Arab Emirates. The
market in this region is witnessing a gradual shift towards advanced steering
technologies, including electric power steering (EPS), to meet the growing
demand for fuel-efficient and safer vehicles.
In summary, regional insights into the global
automotive steering systems market highlight the varying market dynamics and
trends across different regions. Factors such as vehicle production, government
regulations, consumer preferences, and technological advancements shape the
regional trends in the automotive steering systems market.
Major companies operating in Global Automotive
Steering Systems Market are:
- TRW Automotive Holdings
- Mitsubishi Electric Corporation
- Sona Koyo Steering System Ltd
- JTEKT Corporation
- Nexteer Automotive
- Thyssenkrupp Presta
- Robert Bosch Automotive Steering Gmbh
- China Automotive System Inc.
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“The global automotive steering systems market is
poised for steady growth due to factors such as increasing vehicle production,
advancements in steering technology, and the focus on safety and efficiency.
The shift towards electric power steering (EPS) systems and the integration of
advanced driver-assistance systems (ADAS) are expected to drive market demand.
Additionally, emerging markets like China and India will play a significant
role in shaping the market's growth trajectory,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Automotive Steering Systems Market – Global
Industry Size, Share, Trends Opportunity, and Forecast, Segmented By Steering System (Manual,
Electrically Powered, Electro-Hydraulic Powered, and Hydraulic Powered), By
Component (Hydraulic Pump, Steering Sensor & Column, Electric Motor, and
Others), By Sales Channel (OEM and Aftermarket), By Region, Competition, 2018-2028”, has evaluated
the future growth potential of Global Automotive Steering Systems Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Automotive Steering Systems Market.
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