Steering the future of mobility, this deep dive into the automotive steering market across the U.S., Germany, Japan, China, and India uncovers key trends and growth opportunities shaping the road ahead.

The automotive industry has seen remarkable advancements over the decades, and one critical aspect of vehicle functionality that has undergone significant evolution is the steering system. From the early days of manual steering to the sophisticated electronic systems of today, the mechanism responsible for directing a vehicle's movement has become more refined, responsive, and safer. The evolution of automotive steering systems can be traced back to the rudimentary manual systems used in the earliest automobiles. These early systems relied on direct mechanical linkage between the steering wheel and the front wheels, requiring significant effort from the driver to maneuver the vehicle, especially at low speeds. According to the research report, "Global Automotive steering Market Outlook, 2029" published by Bonafide Research, the market is anticipated to cross USD 45 Billion by 2029, increasing from USD 35.14 Billion in 2023. The market is expected to grow with 4.96% CAGR by 2024-29. Safety remains a top priority for both consumers and regulatory bodies. Automotive steering systems play a crucial role in vehicle safety, and advancements in steering technology are enabling the integration of features such as lane-keeping assist, autonomous emergency braking, and collision avoidance systems. The demand for safer vehicles is fueling the adoption of advanced steering systems. Also, manufacturers are under pressure to meet increasingly stringent fuel efficiency and emissions standards. Electric power steering systems, compared to hydraulic systems, consume less energy as they only operate when steering assistance is required. This efficiency improvement contributes to overall fuel savings and aligns with the industry's push towards sustainability.

The steering gear is leading in the automotive steering system market primarily due to its versatility, reliability, and adaptability across various vehicle types and driving conditions. Unlike other steering systems, such as electronically controlled systems or steer-by-wire technology, steering gear systems have a long-established history of proven performance and durability in the automotive industry. Steering gear mechanisms, such as rack and pinion and recirculating ball systems, are renowned for their simplicity and mechanical efficiency. These systems can withstand a wide range of driving conditions, from city commuting to off-road terrain, making them suitable for various vehicle types, including passenger cars, SUVs, trucks, and commercial vehicles. The dominance of power steering systems, encompassing both hydraulic and electric variants, in the automotive steering system market can be attributed to their transformative impact on the driving experience. These systems address the fundamental challenge of steering effort, particularly in heavier vehicles and at low speeds, by providing assistance to the driver, thereby reducing the amount of physical effort required to turn the steering wheel. Hydraulic power steering (HPS) was the first iteration of power steering to gain widespread adoption in the automotive industry. It operates by using hydraulic pressure generated by a pump driven by the engine to assist in turning the wheels. HPS systems offer smooth and responsive steering, enhancing driver comfort and control, especially in parking maneuvers and tight spaces.

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The dominance of passenger vehicles in the automotive steering system market stems from several key factors that contribute to their high production volume and widespread consumer demand. Passenger vehicles, including cars, SUVs, and vans, represent the largest segment of the automotive market in terms of both sales volume and diversity of models offered by manufacturers. This broad range of vehicle types caters to various consumer preferences, lifestyles, and transportation needs, ranging from compact city cars to spacious family SUVs and versatile multi-purpose vans. Passenger vehicles are produced in vast quantities by automakers worldwide to meet the growing demand from consumers across different regions and demographics. This high production volume translates into a significant market share for steering system manufacturers, who supply steering components and systems to OEMs for integration into new vehicle models. Furthermore, passenger vehicles are at the forefront of technological innovation and feature development in the automotive industry. Original Equipment Manufacturers (OEMs) hold a dominant position in the automotive steering system market primarily because they are responsible for the direct integration of steering systems into new vehicles during the manufacturing process. As the entities responsible for producing vehicles for sale to consumers, OEMs have a direct influence on the selection, specification, and integration of steering components and systems into their vehicles. This direct involvement enables OEMs to establish strong partnerships with steering system manufacturers, ensuring the supply of high-quality, reliable, and technologically advanced steering systems for their vehicles. OEMs benefit from long-standing relationships with automakers, built on trust, reliability, and quality assurance. These relationships often span decades, with steering system manufacturers supplying components and systems to OEMs for multiple vehicle models across various segments.

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Automotive steering in North America is characterized by innovation and high manufacturing strength. The U.S. leads by a long history of automobile tradition, accompanied by a robust supply chain. The landscape of this sector is changing as more manufacturers opt for EPS systems, which give a better efficiency and performance in the vehicle in place of electric vehicles. Consumer preferences now come along with immense importance on safety and comfort. Such a trend pushes automobile manufacturers toward high-technology steer-by-wire systems, providing higher flexibility in designing and functions of the vehicles. The presence of large car majors, like General Motors and Ford, usually stimulates a competitive environment that encourages continuous innovations. Europe is definitely the champion in terms of sustainability and regulatory compliance when it comes to the automobile industry. The emissions regulation set up by the European Union has made the manufacturers spend enormous amounts of money to invest in greener technologies, hence upgrading their advanced steering systems, which would contribute to the bettering of the overall vehicle efficiency. Germany and France are good examples. The trend towards electric mobility prevails among countries. In addition, autonomous driving technology is also expanding the European steering market, since manufacturers and companies are creating high-end steering solutions which can easily be integrated with automated driving systems. Therefore, to fulfill customers demanding a vehicle with advanced features more than ever, smart steering solutions are added to the product line that provides safety with a user-friendly experience. The Asia-Pacific region is rapidly emerging as a powerhouse in the automotive steering market, because of booming economies and the significant development of a middle class.

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China is spearheading this charge, with its massive automotive production capabilities and increasing domestic demand for personal vehicles. As the country has emphasized its focus on electric mobility, EPS technologies are now being integrated into new vehicle models on a significant level. Other notable vendors in this market are Japan and South Korea, that are technologically sound and manufacture quality products. There is increased research and development for steering systems in this region with active steering control and adaptive steering technology infusing much-needed dynamics to the drive. South America is slowly moving up with improving economic conditions. The largest market still remains in Brazil, with growing urbanization creating a higher demand for both passenger and commercial vehicles, and local manufacturers are just starting to implement more advanced steering technologies to compete with the international brands. However, economic instability and political insecurity may inhibit the development of markets. Still, it seems that there is an interest in up-grading fleets of vehicles with superior steering systems, which provide improved fuel economy and higher safety benefits. The Middle East & Africa region will present some unique growth opportunities and challenges for the automotive steering market. High disposable incomes and a preference for luxury vehicles create demand for sophisticated steering technologies, such as in the GCC countries. The UAE in particular is considered an important hotspot for innovation with automotive-related investments increasing in the smart mobility solutions area. On the other hand, Sub-Saharan Africa is characterized by limited infrastructures and economic constraints hindering the development of markets.

Considered in this report
• Geography: Global
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Regions & Countries covered in the report:
• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America (Brazil, Argentina, Colombia)
• Middle-East & Africa (UAE, Saudi Arabia, South Africa)

Aspects covered in this report
• Global automotive steering market with its value and forecast along with its segments
• Region & Country-wise automotive steering market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Type
• Manual Steering
• Power Steering
• Others

By Vehicle Type
• Passenger Vehicles
• Commercial Vehicles
• Off-road Vehicles

By Component
• Steering Column
• Steering Wheel
• Steering Gear
• Steering Pump
• Steering Sensor
• Others

By End Use
• OEMs
• Aftermarket

Contact us:
Steven Thomas - Sales & Marketing Manager
E-mail: sales@bonafideresearch.com
Asia-Pacific: +91 7878231309
Europe: +44 20 8089 0049
North America: +1 201 793 8545
https://www.bonafideresearch.com/

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This release was published on openPR.