Global Active Steering System Market is projected to reach the value of USD 27.9 billion by 2030

According to the report published by Virtue Market Research in Global Active Steering System Market was valued at USD 14.97 billion and is projected to reach a market size of USD 27.9 billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 9.3%.

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One of the significant long-term drivers in the Global Active Steering System Market is the ever-increasing demand for vehicle safety and improved driving experiences. As consumers become more safety-conscious and seek enhanced comfort in their vehicles, active steering systems have gained traction. These systems provide dynamic control over a vehicle's steering, improving stability and maneuverability.

The COVID-19 pandemic brought about a sudden and significant impact on the automotive industry, including the Active Steering System Market. With lockdowns and supply chain disruptions, the market experienced a temporary downturn. However, the crisis also highlighted the importance of advanced safety systems, like active steering, as consumers sought vehicles that could adapt to changing road conditions and enhance their overall driving experience.

A short-term driver that has been propelling the market forward is the integration of active steering systems in autonomous vehicles. As autonomous technology advances, these vehicles require highly precise and adaptable steering systems to navigate complex traffic scenarios. Manufacturers are investing in active steering systems to meet the demands of the evolving automotive landscape.

An exciting opportunity in the Global Active Steering System Market is the potential for growth in the electric vehicle (EV) segment. As the world shifts towards more sustainable transportation options, electric vehicles have gained immense popularity. These EVs can benefit greatly from active steering systems to enhance stability, especially as EVs tend to have different weight distribution and handling characteristics compared to traditional internal combustion engine vehicles.

One emerging trend in the industry is the development of active rear-wheel steering systems. Traditionally, active steering systems focused on the front wheels, but now, manufacturers are exploring the benefits of incorporating active rear-wheel steering. This trend allows for even more precise control over a vehicle's movement, especially during high-speed maneuvers and tight turns. It enhances both safety and performance, which aligns with consumer demands for an all-around improved driving experience.

Market Segmentation:
By Type: Electric Power Steering (EPS), Electric-Hydraulic Power Steering (EHPS), Others

The Active Steering System Market is divided into different types, with Electric Power Steering (EPS), Electric-Hydraulic Power Steering (EHPS), and other variants. Among these, Electric Power Steering (EPS) is the largest segment, showcasing its dominance in the market. Electric Power Steering (EPS) systems have gained popularity due to their efficiency and precise control, making them a preferred choice among vehicle manufacturers.

While Electric Power Steering (EPS) takes the lead, it's important to note that Electric-Hydraulic Power Steering (EHPS) is the fastest-growing type in the market. During the forecast period, EHPS is expected to experience significant growth. This is because EHPS systems combine the benefits of both electric and hydraulic power steering, providing enhanced performance and safety. As consumers and automakers seek more advanced steering solutions, the demand for EHPS is on the rise.

By Component: Sensors, Steering Control Module, Electric Motor, Others

The Active Steering System Market is also categorized by its components, including Sensors, Steering Control Module, Electric Motor, and other related parts. Among these components, the Steering Control Module stands out as the largest in this segment. The Steering Control Module plays a crucial role in managing and regulating the steering system, making it an essential part of the overall system.

In the same segment, Steering Control Module is not only the largest but also the fastest-growing component. This dual distinction underscores the importance of the Steering Control Module in the market. The increasing demand for advanced safety features and precision steering has led to a surge in the adoption of these modules. Their ability to integrate with various vehicle types and steering systems has made them indispensable in the market.

By Vehicle Type: Passenger Cars, Commercial Vehicles, Others

The Global Active Steering System Market caters to various vehicle types, including Passenger Cars, Commercial Vehicles, and others. Among these, Passenger Cars hold the largest share in this segment. Passenger cars, ranging from compact sedans to luxury vehicles, have embraced active steering systems to enhance driving comfort and safety. The widespread use of active steering systems in passenger cars has made this segment the largest in the market.

Interestingly, when it comes to the fastest-growing vehicle type, Commercial Vehicles take the lead. The demand for advanced steering systems in commercial vehicles is on the rise due to the need for improved handling and safety in this segment. With the increasing use of active steering systems in trucks, vans, and other commercial vehicles, this category is experiencing remarkable growth during the forecast period.

By Sales Channel: OEMs, Aftermarket

The Active Steering System Market encompasses different sales channels, including Original Equipment Manufacturers (OEMs) and the Aftermarket. Among these channels, the OEMs are the largest contributors to the market. OEMs play a pivotal role in manufacturing vehicles equipped with active steering systems, meeting the demands of the automobile industry.

In contrast, the fastest-growing sales channel during the forecast period is the Aftermarket. The Aftermarket caters to the needs of vehicle owners who wish to upgrade their existing steering systems with active steering technology. This surge in demand for aftermarket solutions can be attributed to the increasing awareness of the benefits of active steering systems among vehicle owners.

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Regional Analysis:
The Global Active Steering System Market exhibits regional variations in North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. Among these regions, Asia-Pacific stands out as the largest market for active steering systems. The region's robust automotive industry and the growing demand for vehicles with advanced safety and control features have propelled Asia-Pacific to the forefront of this market.

In terms of the fastest-growing region during the forecast period, North America takes the lead. The North American market is experiencing rapid expansion due to the increasing adoption of active steering systems in the region. The demand for enhanced safety and driving experience has driven the growth of this segment in North America.

Latest Industry Developments:
● Investment in Research and Development (R&D): Many companies are allocating substantial resources to research and development activities to create innovative and advanced active steering system technologies. This trend is driven by the need to meet stringent safety and performance standards, as well as to address the requirements of autonomous and electric vehicles. Companies are focusing on enhancing the precision and adaptability of their systems, integrating advanced sensors and control algorithms to improve overall performance.

● Expansion into Emerging Markets: With the increasing adoption of active steering systems globally, companies are expanding their presence in emerging markets, particularly in Asia-Pacific and Latin America. These regions show significant potential for growth in the automotive sector. By establishing a strong foothold in these markets, companies can tap into a broader customer base and take advantage of the rising demand for active steering systems in both passenger and commercial vehicles.

● Collaboration and Partnerships: Collaboration and partnerships have become a common trend in the market. Companies are joining forces with technology providers, automotive manufacturers, and research institutions to pool resources and expertise. These collaborations aim to accelerate the development and deployment of active steering systems. By working together, companies can access complementary technologies and knowledge, ultimately strengthening their market position.

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