Automotive Steering Systems Market to Grow with a CAGR of 7.59% through 2029
The
growing global vehicle production and the transition to electric power steering
(EPS) systems for enhanced fuel efficiency are key factors driving the market
during the forecast period.
According to
TechSci Research report, “Automotive Steering Systems Market - Global
Industry Size, Share, Trends, Competition Forecast & Opportunities,
2029F”, Global
Automotive Steering Systems Market was valued at USD 24.33 Billion in 2023 and
is expected to reach USD 37.68 Billion by 2029 with a CAGR of 7.59% during the
forecast period. The automotive steering systems market is experiencing
notable growth driven by technological advancements and the rising focus on
safer driving experiences. Electric power steering (EPS) has emerged as a
preferred choice due to its ability to enhance fuel efficiency and reduce
emissions. Automakers are incorporating cutting-edge steering systems to
improve vehicle handling, reduce driver fatigue, and bolster safety features.
Innovations like steer-by-wire technology, which replaces traditional mechanical
linkages with electronic controls, are further propelling market growth. The
rising global production of passenger and commercial vehicles also contributes
to this positive trend.
Emerging trends
in the market include the adoption of AI and sensors in steering systems,
enabling autonomous and semi-autonomous driving functionalities. As electric
and hybrid vehicles gain traction, steering systems are being adapted to
support these new powertrains. Lightweight materials are increasingly used in
manufacturing to boost efficiency while maintaining performance standards.
Partnerships between automotive manufacturers and technology firms are
expediting the development of advanced steering solutions, aligning with
consumer demand for intelligent and connected vehicle systems.
Key challenges
include the high costs of advanced steering technologies and the technical
complexities involved in their integration. Ensuring reliability and meeting
stringent safety regulations, particularly in autonomous vehicle applications,
remain significant hurdles. Intense competition among industry players has also
impacted profitability, while the demand for constant innovation adds financial
pressure. Nonetheless, strong consumer interest in innovative, efficient
steering solutions continues to create growth opportunities for the market.
Browse over xx
market data Figures spread through xx Pages and an in-depth TOC on
"Global Automotive Steering Systems Market”
The Automotive
Steering Systems Market is segmented into Steering System, Component, Sales
Channel and region.
Hydraulic power
steering (HPS) is emerging as the fastest-growing segment in the automotive
steering systems market due to its proven reliability and ability to handle
high torque demands in heavy-duty applications. Its robust performance makes it
ideal for commercial vehicles and off-road applications, where durability and
consistent functionality are critical.
The widespread
availability of hydraulic components and ease of maintenance further enhance
its appeal, particularly in regions with established automotive infrastructure.
Hydraulic systems are also favored in vehicles requiring precise steering
control under heavy loads, contributing to their rising adoption.
Innovations in
hydraulic technology, such as variable displacement pumps, are increasing
system efficiency, addressing energy consumption concerns, and making HPS more
competitive. These advancements, combined with the system's versatility in
handling diverse driving conditions, are driving its growth in both developed
and emerging markets, cementing its position as a key segment in the steering
systems industry.
North America is
experiencing rapid growth in the automotive steering systems market due to the
region's focus on integrating cutting-edge technologies in vehicles. Advanced
steering systems are increasingly adopted to align with evolving standards for
vehicle safety and enhanced driving experiences.
The rise of
electric and hybrid vehicles in North America has prompted the development of
innovative steering solutions tailored to these powertrains. These advancements
cater to the demand for lightweight, efficient systems while maintaining
optimal performance. Additionally, the automotive sector's inclination toward
semi-autonomous and autonomous vehicle technologies is fostering investment in
sophisticated steering systems equipped with sensors and electronic controls.
Strong
collaboration between automakers and technology firms in North America
accelerates the adoption of intelligent mobility solutions, further driving
market expansion. This proactive approach to innovation and its integration
into vehicle production solidify North America's position as the
fastest-growing region in the automotive steering systems market.
Major companies
operating in global Automotive Steering Systems Market are:
- ZF Friedrichshafen AG
- Mitsubishi Electric Corporation
- HL Mando Corp.
- JTEKT Corporation
- Nexteer Automotive Corporation
- thyssenkrupp AG
- Robert Bosch GmbH
- Hitachi Astemo, Ltd.
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“A key trend in
the automotive steering systems market is the increasing adoption of
steer-by-wire technology, replacing mechanical linkages with electronic
controls. This innovation enhances precision, supports autonomous driving, and
reduces system weight. Additionally, the integration of advanced sensors and AI
for smarter steering solutions is shaping future developments in the industry. “Said
Mr. Karan Chechi, Research Director of 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, By Competition, 2019-2029F”,
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 the global Automotive
Steering Systems Market.
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