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Automotive Steering Systems Market Driving Towards Efficiency: The Rise of Automotive Steering Systems in Commercial Vehicles Will Reach at $ 46.20 billion by 2030

02-19-2024 04:00 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: SNS Insider Pvt Ltd

Automotive Steering Systems Market

Automotive Steering Systems Market

There is growing integration of EPS with advanced driver assistance systems and autonomous driving technologies, reflecting the broader trend towards vehicle automation and safety features. the market for automotive steering systems in commercial vehicles is poised for growth driven by factors such as reliability, comfort, fuel efficiency, regulatory compliance, and technological advancements in EPS and associated systems.

Market Size-

The SNS Insider report indicates that the Automotive Steering Systems Market was valued at USD 31.51 billion in 2022, and it is projected to achieve a market size of USD 46.20 billion by 2030, with a compound annual growth rate (CAGR) of 4.9% expected over the forecast period from 2023 to 2030.

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Market Key Players:

Nexteer Automobile Group Limited (US)
JTEKT Corporation (Japan)
NSK Ltd. (Japan)
Hyundai Mobis Co.Ltd. (South Korea)
Showa Corporation (Japan)
Mitsubishi Electric Corporation (Japan)
Sona Koyo Steering System Ltd. (India)
TRW Automotive Holdings (US)
Thyssenkrupp Presta (US)
China Automotive System Inc. (China)
Robert Bosch GmbH

Market Report Scope -

The global automotive steering systems market is driven by the growing demand for cars around the world. For easy maneuverability, market players focus on increasing the production of fuel-efficient cars. The growth of companies active in the global market for steering systems was also stimulated by this. The steering system is an important element of the vehicle, as it guides the vehicle and helps to avoid obstacles and take a turn.

Market Growth Factors -

The use of construction equipment and hybrid tractors worldwide has led to an increase in demand for reliable driving. Therefore, the growth of the market for automotive steering systems in commercial vehicles is expected to be driven by this factor. In order to provide a more comfortable ride and improved feedback, the new steering system uses several additional assist systems. The fuel efficiency of the vehicle is increased by such an efficient steering system. Moreover, it is expected that consumers will continue to demand fuel efficiency vehicles. Stricter emission regulations around the world have fueled adoption of EPSs. The EPS system uses less energy than the Hydraulic System, thus reducing fuel consumption and emission. Additionally, EPS eliminates the need for hydraulic fluids, reducing maintenance requirements, the potential for leaks and environmental contamination, and the growing demand for advanced driver assistance systems and autonomous driving technologies. These systems may also be integrated with EPS.

Segmentation Analysis -

Based on the steering systems, the automotive steering system market is divided into manual, electric, hydraulic, and hydraulic systems. In view of its energy efficiency, improving performance and new technological developments, the electric motor segment accounted for a dominant market share.
The Automotive steering system market is broken down on the basis of components, e.g.Hydraulic Pumps, Steering Sensors & Columns, Electric Motors and Others. The market was dominated by the segment of hydraulic pumps. The steering gear, e.g. rackandpinion and recirculating ball type, convert the rotational motion of the steering wheel to a circular motion.
The segmentation of the market for automotive steering systems is based on vehicle type, including commercial vehicles, passenger cars and others. Due to the high volume of vehicle production and increasing consumer demand for comfort and safety features, passenger cars were the most profitable category.

By Technology:

Electric power steering (EPS)
Electrically assisted hydraulic power steering (EHPS)
Hydraulic power steering (HPS)

By Component:

Hydraulic Pump
Electric Motor
Steering Column
Steering Wheel Speed Sensor

By Type:

Column-EPS (C-EPS)
Rack-EPS (R-EPS)
Pinion-EPS (P-EPS)

By Vehicle Type:

Passenger car (PC)
Heavy commercial vehicle (HCV)
Light commercial vehicle (LCV)

Key Regional Development -

The North American Automotive Steering System market area will dominate this market. The region's robust production base and advanced technologies are supporting an established automotive industry. In North America, demand for advanced steering systems is increasing as a result of increased fuel efficiency and better vehicle handling, e.g. electrical power steeringEPS or steer hydraulically through wires system. In addition, the adoption rate is being driven by a growing focus on autonomous and electrical vehicles.
Due to the strong presence of luxury and high-performance vehicle segments, the market for automotive steering systems in Europe is the second largest in the world. Due to their light weight, increased fuel efficiency and reduced emissions, the demand for EPS systems in Europe is increasing. Further, the German Automotive Steering System Market had the fastest-growing market share, and the UK Automotive Steering System Market was the fastest-growing market in the European region.

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Key Takeaway's-

In the coming years, owing to an increasing demand for vehicles worldwide, manufacturers in the global market for vehicle steering systems are likely to have a growth opportunity. Integration of electric power steering systems into vehicles is expected to be increased by the increasing popularity of comfort cars all over the world. The main factor behind the rise in car sales is an increasing disposable income. During the forecast period, an increase in demand for vehicles with safety and comfort features is anticipated to drive the market for auto steering systems. Technological developments have enabled the expansion of web-based sales channels, which has resulted in a higher number of reservations through online channels.

Recent Developments -

January 2022: At CES 2022, IMUZAK, one of the world's largest producers ofmolding technology products head quartered in Japan, introduced a 3D floating display for autonomous cars. In the rear of the steering wheel, it will be able to display visual driver alerts. The new technology uses a proprietary microlens system to produce freestanding alerts that inform drivers about road features, key points, distances and oncoming hazards.
December 2022: Melexis introduced the new MLX90376, an absolute magnetic position sensor IC capable of handling 360° rotary automotive applications while exhibiting high stray field immunity. The device is equipped with advanced sensing in applications of steering and valves, as well as support for system integration up to ASIL D levels of functionality safety.

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Table of Contents
1Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2Research Methodology
3Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4Impact Analysis
5Value Chain Analysis
6Porter's 5 forces model
7PEST Analysis
8Global Automotive Steering Systems Market Segmentation, by Technology
9Global Automotive Steering Systems Market Segmentation, by Component
10Global Automotive Steering Systems Market Segmentation, by Type
11Global Automotive Steering Systems Market Segmentation, by Vehicle type
12Regional Analysis
13Company Profiles
14Competitive Landscape
15Conclusion

Contact Us:
Akash Anand - Head of Business Development Strategy
Email: mailto:info@snsinsider.com
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)
Website: https://www.snsinsider.com

About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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