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Automotive Steering Systems Market Share Analysis, Growth And Forecast 2024-2033
Automotive Steering Systems Market Share
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According to The Business Research Company's, The automotive steering systems market size has grown strongly in recent years. It will grow from $26.70 billion in 2023 to $28.36 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to increased vehicle production, growth in urbanization, rise in demand for autonomous vehicles, rise in automotive electrification, and increased focus on sustainable mobility solutions.
The automotive steering systems market size is expected to see strong growth in the next few years. It will grow to $36.24 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to the growing adoption of power steering systems in the automotive sector, growing sales of electric vehicles, rising disposable income, increasing adoption of sensors, increasing demand for electric vehicles, and increasing demand for fuel-efficient vehicles. Major trends in the forecast period include technological advancements, integration with battery-swapping stations, advancements in sensor technology, integration of advanced safety features in automobiles, and integration of AI technologies.
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Market Drivers and Trends:
The increasing demand for electric vehicles is expected to propel the growth of the automotive steering systems market going forward. Electric vehicles are automobiles powered by rechargeable batteries, emitting zero tailpipe emissions and offering a sustainable alternative to traditional gasoline-powered vehicles. The growing demand for electric vehicles is attributed to factors such as environmental concerns about emissions, government incentives promoting clean energy adoption, and advancements in battery technology enhancing driving range and performance. Automotive steering systems in electric vehicles ensure efficient and responsive control, optimizing handling and safety in the context of electric propulsion technology. For instance, in April 2024, according to the International Energy Agency, a France-based intergovernmental organization, sales of electric vehicles increased by 3.5 million in 2023 compared to 2022, a 35% annual rise. Therefore, increasing demand for electric vehicles is driving the growth of the automotive steering systems market.
Major companies operating in automotive steering systems are focusing on developing technological advancements, such as modular steering, designed to meet a wide range of original equipment manufacturer requirements for advanced steering systems in heavier vehicles, such as electric vehicles and light commercial vehicles. Modular steering systems feature interchangeable components that facilitate easy configuration and adaptation for a variety of vehicles, thereby offering flexibility and efficiency in both manufacturing and maintenance. For instance, in April 2023, Nexteer Automotive, a US-based technology company, launched the Modular Rack-Assist Electric Power Steering System. This cutting-edge technology aims to redefine vehicle steering capabilities with several unique features. This system integrates a modular design that enhances flexibility and scalability across different vehicle platforms, allowing automakers to efficiently adapt steering systems to various models and configurations. It incorporates advanced electric power assistance, optimizing steering response and providing precise control under varying driving conditions.
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Major Key Players of the Market:
Robert Bosch GmbH, Hitachi Ltd., DENSO Corporation, ThyssenKrupp AG, ZF Friedrichshafen AG, Hyundai Mobis Co. Ltd., Eaton Corporation plc, Schaeffler AG, NSK Steering System Co. Ltd., Nexteer Automotive Corporation, Leopold Kostal GmbH & Co. KG, Kayaba Industry Co. Ltd., Showa Corporation, Kongsberg Automotive Holding ASA, Global Steering Systems LLC, China Automotive Systems Inc., Rane Holdings Limited, JTEKT Corporation, Pailton Engineering Ltd., ILJIN Corporation, Dalian Wanda Power Steering System Co. Ltd., Zhejiang Wanda Steering Gear Co. Ltd.
Automotive Steering Systems Market 2024 Key Insights:
• The automotive steering systems market size is expected to see strong growth in the next few years. It will grow to $36.24 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%.
• Electric Vehicle Demand Propels Automotive Steering Systems Market Growth
• Modular Steering Systems Revolutionize Automotive Steering Capabilities
• North America was the largest region in the automotive steering systems market in 2023
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