Automotive Steering System Market - Global Industry Growth and Trend Analysis 2024-2032

Automotive Steering System Industry Outlook 2024-2032 

Summary:

• The global automotive steering system market size reached USD 33.8 Billion in?
• The market is expected to reach USD 46.1 Billion by 2032, exhibiting a growth rate (CAGR) of 3.4% during 2024-2032.
• Region-wise, the market has been classified into North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
• Based on the type, the market has been segmented into electric power steering (EPS), hydraulic power steering (HPS), electro-hydraulic power steering (EHPS), and manual steering.
• On the basis of the component, the market has been segregated into steering column, steering wheel speed sensors, electric motors, hydraulic pumps, and others.
• Based on the vehicle type, the market has been divided into passenger cars, light commercial vehicles, and heavy commercial vehicles.
• The increasing adoption of electric power steering (EPS) is a primary driver of the automotive steering system market.
• The automotive steering system market growth and forecast highlight a significant rise due to growing need in emerging markets.

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Industry Trends and Drivers:

• Rising Adoption of Electric Power Steering (EPS) Enhancing Market:

The automotive steering system market share is expanding significantly with the growing adoption of Electric Power Steering (EPS) systems, which are increasingly favored over traditional hydraulic systems. EPS systems offer numerous advantages, including better fuel efficiency and reduced maintenance, as they eliminate the need for hydraulic fluids. Additionally, EPS systems integrate seamlessly with advanced driver-assistance systems (ADAS), supporting semi-autonomous and autonomous driving features. This compatibility makes EPS highly attractive to automakers focused on developing smart and efficient vehicles. As more manufacturers adopt EPS to improve overall vehicle performance and comply with environmental standards, the market share for electric steering systems continues to rise, with EPS quickly becoming the preferred choice in both passenger and commercial vehicles worldwide.

• Growing Demand for Advanced Driver Assistance Systems (ADAS) Influencing Market:

Automotive steering system market trends are increasingly shaped by the integration of advanced driver assistance systems (ADAS), which rely on precise steering controls for enhanced safety features. As ADAS technologies, such as lane-keeping assistance, adaptive cruise control, and automatic parking, become standard in modern vehicles, the need for advanced steering systems capable of supporting these functionalities has surged. Steer-by-wire technology, which replaces the traditional mechanical linkage with electronic controls, is gaining traction due to its precision and compatibility with autonomous driving. With consumers increasingly prioritizing safety and convenience, automakers are investing in high-tech steering solutions that cater to ADAS-equipped vehicles. This trend toward ADAS-compatible steering systems is responsible for automotive steering system demand, as more consumers seek enhanced safety features in their vehicles.

• Increased Demand in Emerging Markets Expanding Market:

The automotive steering system market size is growing rapidly, driven by increased vehicle production and rising consumer demand in emerging markets such as China, India, and Brazil. These regions are experiencing a surge in automobile ownership due to rising disposable incomes and expanding urban populations, creating a high demand for both standard and advanced steering systems. Furthermore, as governments in these countries implement stricter vehicle safety regulations, the adoption of modern steering systems with enhanced safety features is accelerating. Many international automakers are expanding their presence in these markets, offering vehicles equipped with advanced steering technologies to meet local needs. This rising demand in emerging markets is a crucial factor contributing to the growth of the automotive steering system market size, as manufacturers respond to the growing consumer base and increased regulatory standards.

Automotive Steering System Market Report Segmentation:

Breakup By Type:

• Electric Power Steering (EPS)
• Hydraulic Power Steering (HPS)
• Electro-Hydraulic Power Steering (EHPS)
• Manual Steering

Based on the type, the market has been segmented into electric power steering (EPS), hydraulic power steering (HPS), electro-hydraulic power steering (EHPS), and manual steering.

Breakup By Component:

• Steering Column
• Steering Wheel Speed Sensors
• Electric Motors
• Hydraulic Pumps
• Others

On the basis of the component, the market has been segregated into steering column, steering wheel speed sensors, electric motors, hydraulic pumps, and others.

Breakup By Vehicle Type:

• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles

Based on the vehicle type, the market has been divided into passenger cars, light commercial vehicles, and heavy commercial vehicles.

Breakup By Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Region-wise, the market has been classified into North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.

Top Automotive Steering System Market Leaders:

The automotive steering system market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are: 

• China Automotive Systems Inc.
• Denso Corporation
• Georgsmarienhütte Holding GmbH
• Gss Steering Systems LLC
• JTEKT Corporation
• Knorr-Bremse AG
• Mando Corporation
• Mitsubishi Electric Corporation
• Nexteer Automotive (Pacific Century Motors)
• NSK Ltd.
• Robert Bosch Gmbh
• Rollax GmbH & Co. KG
• thyssenkrupp AG.

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