Automotive Steering Systems Market Size, Trends, Latest Insights, Analysis and Forecast 2024-2031 | JTEKT Corporation, Knorr-Bremse AG, Mando Corporation

Market Overview:
The Automotive Steering Systems Market refers to the industry involved in the production and distribution of steering mechanisms used in vehicles. These systems are crucial for controlling the direction of vehicles and ensuring safe and efficient transportation. The market encompasses various types of steering systems, including hydraulic, electric power-assisted, and electronic steering systems, catering to diverse vehicle types such as passenger cars, commercial vehicles, and off-road vehicles.

The size of the automotive steering systems market was estimated at USD 36.65 billion in 2023 and is projected to increase at a compound annual growth rate (CAGR) of 2.2% to reach USD 43.61 billion by 2031.

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Top key Players of Market
-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.

Market Segment Analysis:
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 Off Highway:
-Agricultural Tractors
-Construction Equipment

By Electric Motor Type:
-Brushless
-Brushed

By Application:
-PCs
-LCVs
-HCVs

By Electric Vehicle Type:
-BEV
-PHE
-FCEV

By EPS Mechanism:
-Collapsible
-Rigid

By Pinion:
-Single
-Dual

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Market Drivers:
Ongoing technological advancements, including the integration of electric power-assisted steering (EPAS) and steer-by-wire technologies, are propelling market growth by improving vehicle performance, fuel efficiency, and safety. Additionally, the continuous increase in global vehicle production, driven by growing consumer demand, particularly in emerging economies, serves as a significant driver for the automotive steering systems market. Furthermore, stringent safety regulations mandated by governments and regulatory bodies worldwide are compelling automotive manufacturers to adopt advanced steering systems with features like electronic stability control (ESC) and lane-keeping assist systems, further stimulating market expansion.

Restraints:
The high initial costs linked to developing and installing advanced steering systems pose a significant restraint, especially for manufacturers in price-sensitive markets. Moreover, the integration of advanced steering technologies with other vehicle systems presents complexities, often resulting in compatibility issues and integration challenges. These factors collectively hinder market growth by impeding the adoption of advanced steering solutions, particularly among manufacturers striving to balance cost considerations with technological advancements.

Opportunities:
The surge in demand for electric vehicles offers lucrative prospects for the automotive steering systems market, given the necessity for sophisticated steering systems compatible with electric propulsion. Furthermore, tapping into emerging markets like China, India, and Brazil, experiencing rapid urbanization and rising disposable incomes, presents substantial growth opportunities for automotive steering system manufacturers. This strategic expansion aligns with market trends and positions manufacturers to cater to evolving consumer preferences and market dynamics.

Challenges:
Supply chain disruptions, such as raw material and component shortages, pose a risk to the automotive industry, impacting production schedules and impeding market growth. Additionally, intensified competition within the automotive steering system sector, compounded by the presence of numerous regional and international players, creates challenges in managing pricing pressures and preserving market share. Navigating these competitive dynamics requires strategic approaches to enhance efficiency, mitigate risks, and sustain competitiveness in the market.

Impact of the Russia-Ukraine War:
The Russia-Ukraine war has led to geopolitical tensions and economic uncertainties, resulting in fluctuating raw material prices and supply chain disruptions. These factors are likely to impact the automotive steering systems market by increasing production costs and disrupting the supply of critical components sourced from the affected regions.

Impact of Economic Slowdown:
An economic slowdown, characterized by reduced consumer spending and investment, can adversely affect the automotive industry, leading to a decline in vehicle sales and production volumes. This, in turn, would impact the demand for automotive steering systems, as manufacturers scale back production and focus on cost-saving measures to mitigate the effects of the economic downturn.

Recent Developments:
Nexteer unveiled mCEPS, a new EPS product with an extensible electronic control system and platform design, in October 2022. It satisfies clients' demands for a sophisticated, affordable, and adaptable steering system that can be tailored to their specific needs and requirements, including packaging.

Hyundai Mobis introduced the Dual Actuator Rear Wheel Steering System in September of 2022. When the car turns quickly, the technology can minimize the turning radius by up to 25% while also enhancing comfort and stability. It is anticipated to be helpful, especially on small streets with no parking spots. In addition, there is a growing need for rear-wheel steering systems in electric cars with longer wheelbases.

A memorandum of agreement was signed in May 2022 by NSK Ltd. and ThyssenKrupp AG to investigate the possibility of NSK Steering and ThyssenKrupp Automotive forming a joint venture. In terms of product expertise, regional footprints, and customer groups, the steering businesses of both companies are very complimentary and synergistic. It is anticipated that the joint venture will be better equipped to address the wide range of highly technological needs thanks to its combined technological capabilities.

In conclusion, the automotive steering systems market is driven by technological advancements, increasing vehicle production, and stringent safety regulations. However, challenges such as high initial costs and supply chain disruptions need to be addressed. The impact of geopolitical events such as the Russia-Ukraine war and economic slowdowns underscores the need for resilience and adaptability within the automotive industry.

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