The latest report by IMARC Group, titled “Automotive Steering System Market Report by Type (Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Electro-Hydraulic Power Steering (EHPS), Manual Steering), Component (Steering Column, Steering Wheel Speed Sensors, Electric Motors, Hydraulic Pumps, and Others), Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), and Region 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on the automotive steering system market report. The global market size reached US$ 33.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 46.1 Billion by 2032, exhibiting a growth rate (CAGR) of 3.4% during 2024-2032.
Factors Affecting the Growth of the Automotive Steering System Industry:
- Technological Advancements in Steering Systems:
The rapid technological advancements that enhance driver comfort and vehicle safety are major factors bolstering the market growth. Moreover, the rising innovations in electric power steering (EPS) that reduce fuel consumption and improve handling by adjusting the steering response based on the vehicle's speed are favoring the market growth. Additionally, the advent of autonomous and semi-autonomous vehicles, necessitating the evolution of steering systems that can seamlessly integrate with advanced driver-assistance systems (ADAS), is enhancing the market growth. In line with this, the development of steer-by-wire technology, which eliminates the mechanical connection between the steering wheel and the wheels, enabling software-controlled steering, is fueling the market growth.
- Increasing Demand for Fuel Efficiency and Emission Reduction:
The escalating environmental concerns and the imposition of stringent government regulations regarding fuel efficiency and emissions are major factors propelling the market growth. Moreover, the growing demand for greener transportation solutions, leading to a heightened focus on reducing vehicle weight and improving aerodynamics, is acting as a growth-inducing factor. Along with this, the introduction of strict regulations by the government to combat climate change, compelling automakers to adopt more energy-efficient technologies is supporting the market growth. In line with this, the increasing adoption of electric power steering EPS systems into passenger and commercial vehicles to comply with environmental standards and improve cost-efficiency over long-term operations is stimulating the market growth.
- Expansion of the Automotive Industry:
The widespread expansion of the automotive industry due to rising income levels and the growing middle class is positively impacting the market growth. Moreover, the increasing export activities, fueled by the globalization of automotive manufacturers and the integration of supply chains, are enhancing the market growth. Along with this, the burgeoning demand for advanced steering systems, which are essential for meeting diverse requirements and regulatory standards across different regions, is boosting the market growth. Besides this, the heightened investment in research and development (R&D) by manufacturers to create adaptable and efficient steering systems that can cater to various vehicle types, including electric and hybrid models, are acting as growth-inducing factors.
For an in-depth analysis, you can request a sample copy of the report: https://www.imarcgroup.com/automotive-steering-system-market/requestsample
Competitive Landscape:
The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.
- 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.
Automotive Steering System Market Report Segmentation:
By Type:
- Electric Power Steering (EPS)
- Hydraulic Power Steering (HPS)
- Electro-Hydraulic Power Steering (EHPS)
- Manual Steering
Electric power steering (EPS) represented the largest segment due to its superior fuel efficiency, lower emissions, and adaptability to advanced driver-assistance systems (ADAS).
By Component:
- Steering Column
- Steering Wheel Speed Sensors
- Electric Motors
- Hydraulic Pumps
- Others
Based on the component, the market has been divided into steering column, steering wheel speed sensors, electric motors, hydraulic pumps, and others.
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Passenger cars hold the largest segment driven by the growing individual mobility needs and rising middle-class population.
Regional Insights:
- 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
Asia Pacific's dominance in the automotive steering system market is attributed to the significant automotive manufacturing and sales growth in the region, coupled with increasing consumer demand for advanced vehicle technologies and government regulations that support vehicle safety and emissions standards.
Global Automotive Steering System Market Trends:
The introduction of advanced driver-assistance systems (ADAS) that leverage artificial intelligence (AI) and machine learning (ML) algorithms to enhance steering precision and safety, is fueling the market growth. Apart from this, the widespread utilization of the Internet of Things (IoT) technology in steering systems for the development of connected vehicles that communicate with each other and the infrastructure to optimize traffic flow and enhance road safety is fostering market growth. Besides this, the rising focus on customization of steering systems for electric and autonomous vehicles, which require different steering dynamics compared to conventional vehicles, is enhancing the market growth.
Ask Analyst for Customization: https://www.imarcgroup.com/request?type=report&id=5619&flag=C
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
Contact Us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: [email protected]
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163
