With 3.4% CAGR, Automotive Steering System Market Growth to Surpass US$ 46.1 Billion till 2024-32

IMARC Group's report titled " Automotive Steering System Market Report by Type, Component, Vehicle Type, and Region 2024-2032 ". The global automotive steering system 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:

• Rising Safety Concerns:

The growing concerns for safety and efficiency in the automotive industry represent one of the primary factors favoring the market growth. In addition, the escalating demand for vehicles with enhanced safety features, steering systems is strengthening the growth of the market. Modern steering systems, such as electric power steering (EPS) and advanced driver assistance systems (ADAS), are designed to improve vehicle stability, reduce the risk of accidents, and enhance overall driving experience. This increased focus on safety and efficiency is encouraging automakers to adopt advanced steering technologies, thus boosting market growth.

• Proliferation of Electric Vehicles (EVs):

The increasing sales of EVs and the development of autonomous driving technology are contributing to the growth of the market. Along with this, the increasing reliance of autonomous cars on sophisticated steering systems to navigate and ensure passenger safety is supporting the market growth. Furthermore, the development and integration of autonomous driving technology are transforming the automotive landscape. Autonomous vehicles rely on a multitude of sensors, cameras, and advanced driver assistance systems (ADAS) to perceive their surroundings and make real-time decisions.

• Rapid Urbanization and Increasing Sales of Vehicles:

The increasing number of people moving to cities in search of better economic opportunities and improved living standards is offering a favorable market outlook. In addition, the introduction of urban-friendly steering solutions is making driving in congested urban areas more convenient and less stressful. Moreover, the development of vehicles with enhanced safety features like park assist, adaptive cruise control, and self-parking systems is attracting a wider consumer base. Park systems assist drivers in parallel parking or perpendicular parking, reducing the hassle of parking in crowded city streets. Adaptive cruise control helps maintain a safe following distance in stop-and-go traffic, easing the burden on the driver.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/automotive-steering-system-market/requestsample

Leading Companies Operating in the Global Automotive Steering System Industry:

• 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.

Global 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) dominates the market due to its superior fuel efficiency, reduced emissions, and precise control.

By Component:

• Steering Column
• Steering Wheel Speed Sensors
• Electric Motors
• Hydraulic Pumps
• Others

Based on the component, the market has been classified 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 market share on account of their higher production volume and diverse range of models.

Regional Insights:

• North America
o United States
o Canada
• Asia Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa

Asia Pacific's dominance in the automotive steering system market is attributed to its burgeoning automotive industry, rapid urbanization, and a growing middle-class population with increased purchasing power, creating a robust demand for vehicles and automotive technologies in the region.

Ask Analyst for Customization: https://www.imarcgroup.com/request?type=report&id=5619&flag=C

Global Automotive Steering System Market Trends:

The rising shift from traditional hydraulic steering systems to electric power steering (EPS) is creating a positive outlook for the market. EPS offers several advantages, including improved fuel efficiency, reduced emissions, and enhanced control, attracting a wider consumer base.

The development of steer-by-wire technology that relies on electronic signals to control vehicle steering is strengthening the growth of the market. Steer-by-wire systems can offer customizable steering characteristics, allowing drivers to adjust steering responsiveness and feel to their preferences. This personalized driving experience enhances driver satisfaction and comfort, making it an appealing feature for discerning consumers.

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.

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