The automotive steering system industry is expected to grow at a CAGR of 4.6% during the forecast period. With a market value of USD 24.1 billion in 2023, it is projected to surpass USD 38.0 billion by 2033.
The automotive steering system industry is at the forefront of innovation, playing a critical role in ensuring vehicle control, maneuverability, and overall safety. As vehicles evolve to meet stringent safety standards and enhance driver experience, the steering system is becoming increasingly sophisticated. From mechanical steering systems to advanced electronic power steering (EPS) solutions, the industry is transforming to support more efficient, precise, and safer driving.
Recent developments in automotive technology have led to the introduction of smart steering systems that integrate seamlessly with other vehicle control systems, enhancing both driver and vehicle performance. Industry experts forecast a steady growth trajectory for this market, driven by advancements in automotive engineering, increased vehicle production, and the demand for enhanced safety features.
Detailed Market Study: Full Report and Analysis
Key Drivers of Growth
- Rising Demand for Safety and Driver Assistance Systems:
Enhanced safety regulations and consumer preference for advanced driver-assistance systems (ADAS) are pushing manufacturers to develop steering systems with integrated safety features like lane-keeping assist, adaptive steering, and automatic correction. - Technological Advancements in Steering Mechanisms:
The shift from traditional hydraulic steering to electronic power steering (EPS) systems is driven by their energy efficiency, lighter weight, and ability to offer more precise control. EPS systems are also crucial for supporting autonomous and semi-autonomous vehicle technologies. - Increasing Vehicle Production and Sales:
The global increase in vehicle production, particularly in emerging markets, is driving the demand for modern and reliable steering systems. This growth is supported by the expansion of both passenger car and commercial vehicle segments. - Demand for Enhanced Fuel Efficiency:
The automotive industry’s push toward fuel-efficient vehicles has made electronic steering systems more desirable as they require less energy compared to traditional systems, contributing to overall vehicle efficiency. - Integration with Autonomous Vehicle Technologies:
The growing development and adoption of autonomous vehicles are creating demand for advanced steering solutions capable of supporting self-driving technologies, such as steer-by-wire systems.
Key Takeaways
- The global automotive steering system market is projected to grow at a CAGR of 4.6% from 2023 to 2033, reaching a market value of USD 38.0 billion by the end of the forecast period.
- Electronic Power Steering (EPS) is anticipated to dominate the market due to its advantages in energy efficiency, lightweight construction, and compatibility with modern vehicle designs.
- North America and Europe are significant markets, driven by advancements in safety regulations and the high adoption rate of vehicle safety technologies. Asia-Pacific remains the largest market, fueled by high vehicle production in countries such as China, Japan, and India.
- Key players, including ZF Friedrichshafen AG, Bosch Group, Nexteer Automotive, and Hyundai Mobis Co., Ltd., are focusing on R&D to develop more efficient, precise, and integrated steering technologies.
- Steer-by-wire systems, which eliminate the mechanical link between the steering wheel and the wheels, are gaining traction as they offer greater design flexibility and advanced control, particularly in autonomous vehicles.
Major Contributors to the Automotive Steering System Market are
- JTEKT Corporation
- Nexteer Automotive Group Ltd.
- Showa Corp.
- ThyssenKrupp AG
- Hitachi Automotive System Ltd.
- Robert Bosch GmbH
- NSK Steering System Co. Ltd.
- Mando Corp.
- ZF Friedrichshafen AG
- ATS Automation Tooling System Inc.
- Hyundai Mobis
- Mitsubishi Electric Corporation
- China Automotive Systems, Inc.
Key Segmentations
By Vehicle Type:
- Passenger Cars
- Compact
- Mid-size
- Premium
- SUVs
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Technology:
- Electronic Steering
- H-EPS
- C-EPS
- P-EPS
- R-EPS
- Hydraulic Steering
- Manual Steering
- Electro-hydraulic Steering
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa (MEA)
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