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Automotive Steering System Market Unlocking Growth Potential: Analysis and Forecasts 2025-2033

Automotive Steering System Market by Type (Electric Power Steering (EPS), by Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), by North America (United States, Canada, Mexico), by South America (Brazil, Argentina, Rest of South America), by Europe (United Kingdom, Germany, France, Italy, Spain, Russia, Benelux, Nordics, Rest of Europe), by Middle East & Africa (Turkey, Israel, GCC, North Africa, South Africa, Rest of Middle East & Africa), by Asia Pacific (China, India, Japan, South Korea, ASEAN, Oceania, Rest of Asia Pacific) Forecast 2025-2033

Base Year: 2024
180 Pages
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Automotive Steering System Market Unlocking Growth Potential: Analysis and Forecasts 2025-2033

Key Insights

The Automotive Steering System Marketsize was valued at USD 17.1 Million Units in 2023 and is projected to reach USD 44.74 Million Units by 2032, exhibiting a CAGR of 14.73 % during the forecast period. A steering system in an automobile is defined as one that helps to direct or manage the movement of the car or any other motor vehicle. Thus, it has subparts such as the steering wheel, steering column, and linkages. Some of the popular steering systems include; Rack and pinion, recirculating ball, and the electric power steering. Some of the significant features that are usually incorporated are maneuverability, sensitivity to the driver, and safety measures. These systems are mandatory in all cars from small personal vehicles to large commercial vehicles to allow for precise control of the maneuvering and stability of the vehicle. The later types like the electric power steering have better fuel consumption rates and also require less maintenance. In conclusion, the steering system is a critical element of a vehicle and the driver's welfare. 

Automotive Steering System Market Research Report - Market Size, Growth & ForecastAutomotive Steering System Trends

  • Increasing demand for electric power steering (EPS) systems
  • Growing adoption of ADAS and autonomous driving technologies
  • Shift towards lightweight and fuel-efficient steering systems

Driving Forces: What's Propelling the Automotive Steering System Market

  • Rising demand for passenger cars and light commercial vehicles
  • Increasing safety concerns and government regulations
  • Technological advancements in automotive steering systems

Challenges and Restraints in the Automotive Steering System Market

  • High cost of advanced steering systems
  • Lack of skilled labor for installation and maintenance
  • Technical challenges in integrating steering systems with other automotive systems

Emerging Trends in Automotive Steering Systems

  • Haptic feedback steering systems
  • Steer-by-wire systems
  • Autonomous steering systems

Growth Catalysts in Automotive Steering System Industry

Automotive Steering System Market Growth

  • Government initiatives to promote electric vehicles, which require advanced steering systems for autonomous driving capabilities.
  • Increasing investment in research and development to enhance vehicle safety, comfort, and handling through the development of innovative steering technologies.
  • Collaboration between automakers and technology companies to integrate advanced electronics, software, and sensors into steering systems for improved efficiency and precision.
  • Rising demand for autonomous driving systems, leading to the development of steer-by-wire systems that provide redundancy and enhanced safety in autonomous vehicles.
  • Growing focus on fuel efficiency, mendorong pengembangan sistem kemudi yang lebih efisien untuk mengurangi konsumsi bahan bakar dan emisi kendaraan.

Market Segmentation: Automotive Steering System Analysis

Type:

Vehicle Type:

  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles

Leading Players in the Automotive Steering System Market

Significant Developments in the Automotive Steering System Sector

  • Launch of new EPS systems by Hyundai Mobis
  • Acquisition of Nexteer by ZF Friedrichshafen AG
  • Collaboration between JTEKT and Mitsubishi Electric to develop autonomous steering systems

Comprehensive Coverage Automotive Steering System Market Report

Pricing Strategies:

  • Cost-plus pricing
  • Value-based pricing
  • Competitive Pricing

DROCs:

  • North America
  • Europe
  • Asia-Pacific
  • South America
  • Middle East & Africa

Automotive Steering System Market REPORT HIGHLIGHTS

AspectsDetails
Study Period 2019-2033
Base Year 2024
Estimated Year 2025
Forecast Period2025-2033
Historical Period2019-2024
Growth RateCAGR of 14.73% from 2019-2033
Segmentation
    • By Type
      • Electric Power Steering (EPS
    • By Vehicle Type
      • Passenger Cars
      • Light Commercial Vehicles
      • Heavy Commercial Vehicles
  • By Geography
    • North America
      • United States
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Rest of South America
    • Europe
      • United Kingdom
      • Germany
      • France
      • Italy
      • Spain
      • Russia
      • Benelux
      • Nordics
      • Rest of Europe
    • Middle East & Africa
      • Turkey
      • Israel
      • GCC
      • North Africa
      • South Africa
      • Rest of Middle East & Africa
    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • ASEAN
      • Oceania
      • Rest of Asia Pacific

Frequently Asked Questions

Are there any additional resources or data provided in the report?

While the report offers comprehensive insights, it's advisable to review the specific contents or supplementary materials provided to ascertain if additional resources or data are available.

Can you provide examples of recent developments in the market?

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Are there any restraints impacting market growth?

The Cost of Vehicle Electrifications is Anticipate to Restraint the Growth of the Market.

How do I determine which pricing option suits my needs best?

The pricing options vary based on user requirements and access needs. Individual users may opt for single-user licenses, while businesses requiring broader access may choose multi-user or enterprise licenses for cost-effective access to the report.

Can you provide details about the market size?

The market size is estimated to be USD 17.1 Million Units as of 2022.

What are some drivers contributing to market growth?

Increasing Demand for Forged Products in Power., Agriculture., Aerospace., and Defense to Drive Industry Expansion.

Is the market size provided in terms of value or volume?

The market size is provided in terms of value, measured in Million Units and volume, measured in K Units .

Which companies are prominent players in the Automotive Steering System Market?

Key companies in the market include Hyundai Mobis CO., Ltd,JTEKT Corporation,Mitsubishi Electric Corporation,NSK Ltd,Nexteer Automotive Group Limited,Showa Corporation,Thyssenkrupp AG

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