Automotive Steering System Market is Expected to Surge with the Adoption of Electric Vehicles, projected to Reach US$32.5 billion by 2030, Insights by Persistence Market Research
The global automotive steering system market is driven by the increasing demand for vehicles with advanced safety features, such as electric power steering (EPS) systems and advanced driver-assistance systems (ADAS).
New York, Nov. 29, 2023 (GLOBE NEWSWIRE) -- The global automotive steering system market is poised for substantial growth, with a forecasted expansion at a robust Compound Annual Growth Rate (CAGR) of 4.8%. This growth trajectory anticipates a noteworthy increase in market valuation, catapulting from the anticipated US$23.4 billion in 2023 to a projected US$32.5 billion by the conclusion of 2030.The automotive steering system market encompasses a wide range of technologies and solutions aimed at providing efficient and precise control over vehicle direction. Traditional hydraulic power steering systems have gradually given way to electric power steering (EPS) systems, offering improved fuel efficiency and integration with advanced driver assistance systems (ADAS). Additionally, steer-by-wire technologies are emerging, eliminating the mechanical link between the steering wheel and wheels, presenting futuristic possibilities for vehicle design.
This forecast underscores the dynamic nature of the automotive sector, highlighting the escalating demand for advanced steering technologies and the industry's continuous evolution. The projected rise signifies not only a numerical increase but also reflects the market's responsiveness to technological advancements, changing consumer preferences, and the overall dynamism in the automotive landscape.
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* Report Coverage* * Details*Market Revenue 2023 US$ 23.4 BillionEstimated Revenue 2030 US$ 32.5 BillionGrowth Rate – CAGR 4.8% Forecast Period 2023-2030No. of Pages 216 PagesMarket Segmentation · Type
· Vehicle Type
Regions Covered · North America
· Latin America
· South Asia & Pacific
· East Asia
· The Middle East & Africa
Key Companies Profiled · T Robert Bosch GmbH
· JTEKT Corporation
· ZF Friedrichshafen AG
· Nexteer Automotive
· NSK Ltd.
· Thyssenkrupp AG
· Mando Corporation
· Showa Corporation
· Hyundai Mobis Co., Ltd.
· Hitachi Automotive Systems, Ltd.
The Automotive Steering System Market refers to the global industry dedicated to the production, distribution, and innovation of components and systems that facilitate vehicle steering. As an integral part of automotive dynamics, steering systems play a pivotal role in ensuring vehicle maneuverability and driver control. These systems encompass a range of technologies, including hydraulic, electric, and electro-hydraulic power steering, each designed to enhance driver experience, safety, and overall vehicle performance.
The market reflects the ever-evolving landscape of the automotive industry, driven by technological advancements and consumer demand for more efficient, responsive, and automated steering solutions. Manufacturers within this market continually strive to improve steering precision, reduce energy consumption, and enhance overall vehicle stability. With a focus on innovation and sustainability, the Automotive Steering System Market is at the forefront of developing cutting-edge technologies that align with the broader automotive industry's goals of efficiency, safety, and environmental consciousness. This market's dynamism is characterized by ongoing research and development, collaboration among industry stakeholders, and a commitment to shaping the future of automotive mobility.
Increasing Demand for Electric Power Steering (EPS): The automotive industry is witnessing a shift from traditional hydraulic steering systems to Electric Power Steering (EPS) due to its energy efficiency and flexibility. The demand for EPS is driven by its fuel efficiency, reduced maintenance, and the overall trend towards electrification in vehicles.
Advancements in Autonomous Driving Technology: As autonomous vehicles become more prevalent, steering systems are evolving to integrate advanced driver assistance systems (ADAS). This includes features like lane-keeping assistance and automated parking, driving the demand for sophisticated steering technologies.
Stringent Safety Regulations: Global safety regulations mandating advanced safety features in vehicles, such as Electronic Stability Control (ESC) and Advanced Driver Assistance Systems (ADAS), are compelling automakers to adopt advanced steering systems. This is particularly relevant in regions like Europe and North America.
Consumer Preference for Enhanced Driving Experience: Consumers are increasingly seeking vehicles with improved driving comfort and handling. Advanced steering systems, offering features like variable steering ratios and adaptive steering, contribute significantly to a superior driving experience, influencing consumer choices.
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High Development Costs: The research, development, and implementation of advanced steering technologies involve significant costs. This can pose a challenge for both manufacturers and consumers, affecting the overall adoption rate of advanced steering systems.
Complexity and Maintenance Concerns: Advanced steering systems, especially those integrated with autonomous driving features, can be complex. The complexity may lead to concerns related to maintenance, repair costs, and the availability of skilled technicians.
Global Semiconductor Shortages: The ongoing semiconductor shortage has impacted various automotive components, including those related to steering systems. This shortage can hinder the production and delivery of vehicles, affecting the overall steering system market.
Resistance to Autonomous Driving: While autonomous driving is a driver for advanced steering systems, there is still resistance and skepticism among consumers regarding the safety and reliability of fully autonomous vehicles. This resistance may slow down the adoption of steering systems integrated with autonomous features.
*Automotive Steering System Market Segmentation:*
The automotive steering system market is a dynamic and evolving sector, driven by technological advancements, safety regulations, and consumer preferences. Market segmentation plays a crucial role in understanding the diverse needs of consumers and tailoring steering system solutions accordingly. Here, we delve into key market segmentations shaping the automotive steering system landscape.
· *Type of Steering System:* The market is segmented based on the type of steering systems, including hydraulic power steering (HPS), electric power steering (EPS), and electro-hydraulic power steering (EHPS). EPS has gained significant traction due to its energy efficiency and advanced control features, while HPS remains prevalent in some traditional vehicle models.
· *Vehicle Type:* Different vehicle types have distinct steering system requirements. The market is segmented into passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). Each segment has unique demands, with passenger cars often prioritizing comfort and responsiveness, while commercial vehicles focus on durability and load-bearing capabilities.
· *Technology Integration:* With the rise of autonomous driving and advanced driver assistance systems (ADAS), steering systems are increasingly integrated with cutting-edge technologies. This segmentation considers the level of automation and technological sophistication, ranging from basic steering assistance to fully autonomous steering capabilities.
· *Sales Channel:* The distribution and sales channels also influence market dynamics. Steering systems are sold through original equipment manufacturers (OEMs) for new vehicles and the aftermarket for replacement and upgrade purposes. Each channel has its distinct customer base and pricing structures.
· *Region:* Regional variations in automotive preferences, regulations, and infrastructure impact the steering system market. Regions with a higher adoption of electric vehicles, for instance, might drive the demand for electric power steering systems. Regional segmentation enables companies to tailor their offerings to specific market characteristics.
· *End-Use Industry:* Steering systems are not only essential in traditional passenger vehicles but also find applications in off-road vehicles, construction equipment, and agricultural machinery. This segmentation recognizes the diverse industries that rely on steering systems for different purposes, from navigating challenging terrains to improving efficiency in industrial settings.
Understanding and addressing the needs of these market segments are essential for steering system manufacturers to stay competitive and meet the evolving demands of the automotive industry. As the industry continues to innovate, these segmentations will likely evolve, emphasizing the importance of flexibility and adaptability in steering system solutions.
*Key Company Developments*
The Automotive Steering System market is characterized by the presence of key players that play a crucial role in shaping the industry landscape. As of 2022, some prominent market players include Bosch, ZF Friedrichshafen, JTEKT Corporation, Nexteer Automotive, and Thyssenkrupp AG.
Bosch, a global technology and engineering leader, is known for its innovative steering solutions that enhance vehicle safety and performance. ZF Friedrichshafen, a leading automotive supplier, specializes in advanced steering systems, contributing to the efficiency and comfort of vehicles. JTEKT Corporation, a Japanese multinational, is recognized for its expertise in steering and driveline components, catering to both conventional and electric vehicles.
Nexteer Automotive is a key player in steering and driveline systems, offering cutting-edge technologies to improve vehicle responsiveness and control. Thyssenkrupp AG, a diversified industrial group, is actively involved in the automotive steering sector, providing solutions that prioritize safety and precision.
These market players are at the forefront of technological advancements, focusing on innovations such as electric power steering and autonomous driving integration, thereby shaping the evolution of the Automotive Steering System market. Their influence extends across global markets, contributing to the growth and development of the automotive industry.
*Market Mergers & Acquisitions:*
The Automotive Steering System market is witnessing dynamic shifts with strategic mergers and acquisitions. Industry leaders are consolidating to enhance technological capabilities, expand market presence, and foster innovation. Notable collaborations aim to optimize production efficiency, leverage synergies, and address the evolving demands of the automotive sector.
These strategic maneuvers are reshaping the competitive landscape, fostering collaboration between key players, and accelerating the development of advanced steering technologies. As the industry undergoes transformative changes, M&A activities play a pivotal role in shaping the future of the Automotive Steering System market, ensuring adaptability and competitiveness in an ever-evolving automotive landscape.
The Automotive Steering System market is poised for significant growth, driven by technological advancements, increasing vehicle production, and a focus on safety. While the industry faces challenges related to cost and complexity, strategic collaborations and innovations offer avenues for sustained development. The market's landscape will continue to evolve, shaped by factors such as mergers and acquisitions, regional dynamics, and the integration of emerging technologies. Industry stakeholders must remain adaptive and forward-thinking to capitalize on the opportunities presented by this dynamic market.
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