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Automotive Steering System Market Demand, Analysis, Size And Growth Forecast By 2033
Automotive Steering System Market
As per the report, the automotive steering system market size has grown strongly in recent years. It will grow from $27.77 billion in 2023 to $29.25 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The automotive steering system market size is expected to see strong growth in the next few years. It will grow to $36.22 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
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Increasing Demand For Fuel-Efficient Vehicles Drives The Automotive Steering System Market
The increase in demand for fuel-efficient vehicles is expected to drive the automotive steering system market going forward. Fuel-efficient vehicles are designed to maximize the distance traveled per unit of fuel consumption, typically achieved through technological advancements and engineering innovations to reduce fuel consumption. There is growing awareness about the environmental impact of vehicle emissions, particularly greenhouse gases such as carbon dioxide, contributing to climate change. Fuel-efficient vehicles produce fewer emissions per mile, making them more environmentally friendly. Automotive steering systems contribute to the increase in demand for fuel-efficient vehicles by incorporating lightweight materials and advanced control algorithms, enhancing vehicle aerodynamics, optimizing tire alignment, and reducing overall energy consumption through technologies such as electric power steering (EPS). For instance, in December 2023, according to the data published by the Environmental Protection Agency, a US-based federal government agency, the combined category of electric vehicles (EVs), plug-in hybrid vehicles (PHEVs), and fuel cell electric vehicles (FCVs) increased from comprising 4% of production in 2021 to 7% in 2022, with a projected rise to 12% in 2023. Therefore, the increase in demand for fuel-efficient vehicles is driving the automotive steering system market.
Innovative High-Tech Electric Steering Enhanced Automotive Steering Market
Major companies operating in the automotive steering system market are developing high-tech electric steering systems designed specifically for niche low-volume vehicle manufacturers. High-tech electric steering systems provide precise and responsive steering control, improve fuel efficiency, enhance driver safety through advanced features such as lane-keeping assistance, and reduce the overall weight and complexity of the vehicle's steering mechanism. For instance, in September 2023, Titan Motorsport and Automotive Engineering, a UK-based engineering and technology company, launched an advanced steer-by-wire system. This system features a bespoke electric motor and control system designed and manufactured in-house by Titan, scalability and packaging optimization for various applications, and high tuneability and customization for precise steering responses. This represents significant advancements in electric steering technology, offering high performance and customization.
The automotive steering system market covered in this report is segmented -
1) By Type: Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Electro-Hydraulic Power Steering (EHPS), Manual Steering
2) By Component: Sensors, Steering Column, Mechanical Rack And Pinion, Electric Motor, Electronic Control Unit (ECU), Hydraulic Pump
3) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
4) By Application: Passenger Cars (PCs), Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs)
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Major companies operating in the automotive steering system market are Robert Bosch GmbH, ZF Friedrichshafen AG, Denso Corporation, Thyssenkrupp AG, Hyundai Mobis Co. Ltd., Mitsubishi Electric Corporation, Schaeffler Group Automotive, Nidec Corporation, TRW Automotive, Infineon Technologies AG, Hitachi Astemo Ltd., JTEKT Corporation, NSK Ltd., Knorr-Bremse AG, HL Mando Corporation, GKN Automotive AG, Nexteer Automotive Group Ltd., China Automotive Systems Inc., Global Steering Systems, Georgsmarienhütte Holding GmbH
Contents of the report:
1. Executive Summary
2. Automotive Steering System Market Report Structure
3. Automotive Steering System Market Trends And Strategies
4. Automotive Steering System Market - Macro Economic Scenario
5. Automotive Steering System Market Size And Growth
…..
27. Automotive Steering System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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