Press release
The automotive steering system market is expected to reach $44.82 billion by 2032, growing at a compound annual growth rate (CAGR) of 2.4%.
Automotive Steering System Market
Market Overview
Automotive steering refers to the maneuvering of an automobile using the cohesive movement of mechanical components such as the steering wheel which is connected to the steering shaft. This, in turn, is connected to the wheels and steering gear. The rotational motion of the wheel by the driver results in the lateral movement of the wheels such as left-right turning or performing various other functions such as reversing.
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Growth Drivers
• The increasing demand for fuel efficient vehicles as consumers are becoming increasingly aware about the rising fuel prices. This has led to adoption of advanced steering wheel mechanism that incorporate fuel efficiency. This is seen through the production of Electric Power Steering Systems (EPS) as fossil fuel consumption is less compared to its mechanical counterpart.
• Another rising issue is that of safety, as there is an evident surge in the number of road accidents that are taking place on a day-to-day basis. The automotive steering market has seen major adoption as constant innovation is taking place, resulting in the inception of functions such as land departure warning, adaptive cruise control, and automatic emergency braking system.
Major Participants
Automobile companies are increasingly investing in components that help provide a comfortable driving experience to their consumers. The automotive steering market is seeing going to see major adoption with companies constantly innovating in this sector.
• ELI Military Stimulations
• InVeris Training Solutions
• Laser Shot Inc.
• Polytronic T.T.S. Theissen Training Systems GmbH
• International AG
• Range Systems Inc.
• Zen Technologies Limited
• Action Target Inc.
• ATS Targets
• and Cubic Corporation.
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Segmental Analysis
• The automotive steering market is divided into various segments based on technology, application, component and region.
• Based on technology, the segment is further categorized into electric power steering (EPS), hydraulic power steering (HPS), electro-hydraulic power steering (EHPS) and manual steering. The electric power steering (EPS)category dominated this segment.
• The application segment has passenger cars, light commercial vehicles and heavy commercial vehicles categories. the passenger car segment is expected to dominate the market during forecast period.
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Regional Overview
• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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