Automotive Steering System Market Set to Reach Nearly US$ 34 Billion by 2031

The automotive steering system market (自動車用ステアリングシステム市場) is projected to achieve a value of almost US$ 34 billion by 2031, with a forecasted compound annual growth rate (CAGR) exceeding 4% from 2021 to 2031. Among the key drivers of demand for automotive steering systems are China, Japan, and India, which rank as the top three countries propelling market growth.

The automotive steering system market is witnessing significant growth driven by various factors such as increasing vehicle production, technological advancements, and the growing demand for safety and comfort features in vehicles. The market is expected to continue its growth trajectory, with a focus on developing advanced steering systems that offer better control, efficiency, and safety.

Market Dynamics

The automotive steering system market is influenced by several key factors. One of the primary drivers is the increasing demand for passenger cars and commercial vehicles, particularly in emerging economies. The rise in disposable income, urbanization, and infrastructure development are fueling the demand for vehicles, thereby boosting the market for steering systems.

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Technological advancements are also playing a crucial role in driving market growth. Manufacturers are focusing on developing advanced steering systems that offer improved performance, safety, and comfort. Features such as electric power steering (EPS), which provides better control and efficiency, are gaining popularity among consumers.

Moreover, the growing emphasis on vehicle safety is driving the adoption of advanced steering systems. Features such as electronic stability control (ESC) and adaptive steering systems are becoming standard in modern vehicles, further propelling market growth.

However, the market faces challenges such as high initial costs and complexity associated with advanced steering systems. Additionally, the impact of the COVID-19 pandemic has disrupted the supply chain, leading to production delays and affecting market growth temporarily.

List of Key Companies Profiled in The Report

Nexteer Automotive Group Limited
JTEKT Corporation
ThyssenKrupp AG
NSK Ltd.
Mitsubishi Electric Corporation
China Automotive Systems Inc.
Sona Koyo Steering Systems Limited
Robert Bosch Limited

Market Future Outlook

The automotive steering system market (자동차 조향 시스템 시장) is expected to witness significant growth in the coming years. The increasing focus on autonomous and electric vehicles is expected to drive the demand for advanced steering systems that offer better control and efficiency. Manufacturers are investing heavily in research and development to develop innovative steering solutions that cater to the evolving needs of the automotive industry.

Furthermore, the growing trend of vehicle electrification is expected to create new opportunities for steering system manufacturers. Electric vehicles (EVs) require steering systems that are more efficient and reliable, leading to the development of advanced electric power steering (EPS) systems.

The market is also witnessing a shift towards steer-by-wire technology, which eliminates the need for mechanical linkages between the steering wheel and the wheels. This technology offers greater flexibility in vehicle design and enhances overall driving experience, further driving market growth.

Market Insights

The automotive steering system market is segmented based on type, vehicle type, and region. By type, the market is segmented into hydraulic power steering (HPS), electric power steering (EPS), and electro-hydraulic power steering (EHPS). The EPS segment is expected to dominate the market, owing to its benefits such as improved fuel efficiency and better performance.

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By vehicle type, the market is segmented into passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). The passenger cars segment is expected to hold the largest market share, driven by the increasing demand for passenger vehicles globally.

Recent Developments

Key players in the automotive steering system market (Marché des systèmes de direction automobile) are prioritizing comfort and safety for consumers. They are continuously integrating the latest technological advancements to minimize the risk of vehicle failures.

For example, in July 2021, Hyundai Mobis introduced the world's first brainwave-based Advanced Driver Assistance Systems (ADAS) technology. This innovative technology uses brainwaves to assess the driver's state and provides alerts to prevent accidents.

Explore More Related Studies Published by Fact.MR Research:

Automotive Steering Rack Market (자동차 스티어링 랙 시장): https://www.factmr.com/report/automotive-steering-rack-market

Automotive Power Steering Pump Market (自動車用パワーステアリングポンプ市場): https://www.factmr.com/report/1482/automotive-power-steering-pump-market

Automotive Transmission System Market (Marché des systèmes de transmission automobile): https://www.factmr.com/report/11/autmotive-transmission-system-market

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