Press release
Modular Steering Systems Revolutionize Automotive Steering Capabilities Trend: A Crucial Influence on the Automotive Steering Systems Market's Transformation in 2025
Automotive Steering Systems Market
The rise in demand for electric vehicles is projected to stimulate the expansion of the automotive steering systems market in the future. Electric cars, which run on rechargeable batteries and emit no tailpipe pollutants, represent a green alternative to conventional petrol-powered cars. The escalating demand for such vehicles ties back to issues like environmental pollution concerns, government initiatives advocating for the use of clean energy, and developments in battery technology that boost their driving range and efficiency. The role of automotive steering systems in these vehicles is to ensure streamlined control and enhance the safety and handling under the influence of electric propulsion technology. For example, the International Energy Agency, a French intergovernmental organization, reported in April 2024 that electric vehicle sales saw a rise of 3.5 million in 2023 compared to 2022, equating to an annual 35% increase. Thus, the proliferating demand for electric vehicles is stimulating the automotive steering systems market's growth.
Get Your Automotive Steering Systems Market Report Here:
https://www.thebusinessresearchcompany.com/report/automotive-steering-systems-global-market-report
What growth opportunities are expected to drive the automotive steering systems market's CAGR through 2034?
The size of the automotive steering systems market has seen substantial growth in the past few years. The projected growth is from $28.36 billion in 2024 to $30.23 billion in 2025, with a compound annual growth rate (CAGR) of 6.6%. Factors contributing to the growth during the historical period include higher vehicle production, urbanization growth, an escalation in demand for driverless vehicles, an increase in automotive electrification, and an amplified emphasis on ecological mobility solutions.
In the upcoming years, the automotive steering systems market is forecasted to witness healthy growth, escalating to $38.44 billion in 2029 with a 6.2% compound annual growth rate (CAGR). This growth trajectory in the forecast period can be linked to an increased acceptance of power steering systems within the automobile industry, an uptick in sales of electric vehicles, heightened disposable income, wider sensor adoption, swelling demand for electric and fuel-efficient vehicles. Key trends for the forecast period revolve around technological progressions, incorporation with battery-swapping stations, enhancements in sensor technology, the inclusion of modern safety features in cars, and the deployment of AI technologies.
Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=16613&type=smp
What are the emerging trends shaping the future of the automotive steering systems market?
Leading firms in the automotive steering systems sector are prioritizing the creation of technological advancements, such as modular steering. This technology is tailored to comply with the diverse requirements of original equipment manufacturers for cutting-edge steering systems in larger vehicles, including electric autos and light commercial vehicles. The modular steering systems are furnished with swappable components, allowing effortless setup and adaptation to a broad array of vehicles. These systems also provide versatility and efficiency in both production and maintenance operations. For example, Nexteer Automotive, a technology company based in the US, introduced the Modular Rack-Assist Electric Power Steering System in April 2023. This innovative technology is designed to revolutionize vehicle steering capabilities with several exclusive features. The system employs a modular design to boost flexibility and scalability across multiple vehicle platforms, thus enabling car manufacturers to swiftly adapt steering systems to diverse models and configurations. Moreover, it integrates superior electric power assistance, enhancing steering response and guaranteeing accurate control under different driving scenarios.
Which growth-oriented segments of the automotive steering systems market are leading the industry's development?
The automotive steering systems market covered in this report is segmented -
1) By Component: Hydraulic Pump, Steering Or Column Or Rack, Sensors, Electric Motor, Other Components
2) By Mechanism: Electronic Power Steering, Hydraulic Power Steering, Electrically Assisted Hydraulic Power Steering
3) By Pinion Type: Single, Dual
4) By Sales Channel: Original Equipment Manufacturer, After Market
5) By Vehicle: Passenger Cars, Compact, Mid-Size, Premium, Sports Utility Vehicle, Light Commercial Vehicles, Heavy Commercial Vehicles
Subsegments:
1) By Hydraulic Pump: Power Steering Pumps (Hydraulic), Electric Hydraulic Pumps, Variable Displacement Hydraulic Pumps, Pump Assemblies For Electric Power Steering (EPS) Systems, Hydraulic Pumps For Heavy-Duty Applications
2) By Steering Or Column Or Rack: Steering Columns (Manual And Power-Assisted), Rack And Pinion Systems, Electric Steering Racks (EPS), Steering Columns With Adjustable Features (Tilt, Telescopic), Electronic Steering Columns For Autonomous Vehicles
3) By Sensors: Torque Sensors For Steering Feedback, Angle Sensors For Steering Angle Measurement, Position Sensors For Steering Column And Rack, Steering Wheel Sensors For Airbag Deployment And Driver Assistance, Pressure Sensors For Hydraulic Steering Systems, Steering Feedback Sensors For Autonomous Driving
4) By Electric Motor: Electric Motors For Electric Power Steering (EPS), Brushless Dc Motors For Steering Systems, Motor Drives For Active Steering, Electric Motors For Steer-By-Wire Systems, Motors For Automated Steering Control In Autonomous Vehicles
Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=16613
What regions are leading the charge in the automotive steering systems market?
North America was the largest region in the automotive steering systems market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive steering systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the automotive steering systems market?
Major companies operating in the automotive steering systems market are 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.
Customize Your Report - Get Tailored Market Insights!
https://www.thebusinessresearchcompany.com/customise?id=16613&type=smp
What Is Covered In The Automotive Steering Systems Global Market Report?
•Market Size Forecast: Examine the automotive steering systems market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the automotive steering systems market for a structured understanding.
•Key Players Overview: Analyze major players in the automotive steering systems market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive steering systems market.
•Segment Contributions: Evaluate how different segments drive overall growth in the automotive steering systems market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive steering systems market.
•Industry Challenges: Identify potential risks and obstacles affecting the automotive steering systems market.
•Competitive Landscape: Review strategic developments in the automotive steering systems market, including expansions, agreements, and new product launches.
Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.
Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Modular Steering Systems Revolutionize Automotive Steering Capabilities Trend: A Crucial Influence on the Automotive Steering Systems Market's Transformation in 2025 here
News-ID: 3920352 • Views: …
More Releases from The Business Research Company
Company Registration Service Market Landscape 2025: Forecast Data and Growth Str …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Company Registration Service Market Through 2025?
The market size for company registration services has seen robust growth in the recent past. The market is projected to expand from $10.67 billion in 2024 to $11.55 billion in 2025, exhibiting a compound annual growth…
Comprehensive 2025 Commercial Toilet Partition Market Overview: Trends, Forecast …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Commercial Toilet Partition Market Through 2025?
In recent years, the market size for commercial toilet partitions has significantly expanded. The forecast predicts a rise from $1.82 billion in 2024 to $1.95 billion in 2025, with a compound annual growth rate (CAGR) of…
Key Trends Influencing the Growth of the Commercial Insurance For Small And Medi …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Commercial Insurance For Small And Medium-Sized Enterprises (SMEs) Market Through 2025?
The market size of commercial insurance for small and medium-sized enterprises (SMEs) has seen substantial growth over the recent years. A rise from $111.83 billion in 2024 to $119.76 billion in…
Growing Focus On Reducing Greenhouse Gas Emissions Driving The Market Growth Due …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Combustion Emissions Analyzer Market Through 2025?
In the past few years, the market size for combustion emissions analyzer has seen robust growth. It is projected to increase from $1.02 billion in 2024 to $1.09 billion in 2025, with a compound annual growth…
More Releases for Steering
Key Trend Reshaping the Automotive Steering System Market in 2025: Innovative Hi …
What market dynamics are playing a key role in accelerating the growth of the automotive steering system market?
The surge in the need for fuel-efficient cars is forecasted to propel the evolution of the automotive steering system industry. Vehicles which maximize mileage in relation to fuel usage are advancing in popularity, generally due to technological progress and engineering innovations that lessen the need for fuel. There's a heightened recognition of the…
Electric Power Steering Market: Steering the Automotive Industry Towards Innovat …
Electric Power Steering Market size was valued at USD 24.5 Bn. in 2021 and the total revenue is expected to grow at 5.7% of CAGR through 2022 to 2029, reaching nearly USD 38.17 Bn.
Electric Power Steering Market Overview:
The Electric Power Steering (EPS) Market achieved a remarkable valuation of US$ 24.5 billion in 2021, marking a significant milestone. Forecasts predict a robust Compound Annual Growth Rate (CAGR) of 5.7% through 2022…
Electric Power Steering System (EPS) Market: An Analysis of Demand and Supply in …
Electric Power Steering System (EPS) Market 2023 Forecast: Unveiling Opportunities and Growth
Global "Electric Power Steering System (EPS) Market" is an exploration report with meticulous efforts undertaken to study the right and valuable information. The data which has been looked upon is done considering both, the existing top players and the upcoming competitors. These bits of knowledge offered in the Electric Power Steering System (EPS) Market report would benefit request players…
Automotive Steering System Market : Electronic Power Steering, and Electro-Hydra …
The global automotive steering system market was valued at $29,423.8 million in 2017, and is projected to reach $45,349.8 million by 2025, registering a CAGR of 5.4% from 2018 to 2025. In 2017, Asia-Pacific accounted for the highest share in the global automotive steering system market.
Request Sample Report at: https://www.alliedmarketresearch.com/request-sample/2317
Electronic power steering segment to retain dominance through forecast period
The electronic power steering (EPS) segment occupied more than three-fifths of the…
Automotive Steering System Market : Hydraulic Power Steering, Electronic Power S …
The global automotive steering system market was valued at $29,423.8 million in 2017, and is projected to reach $45,349.8 million by 2025, registering a CAGR of 5.4% from 2018 to 2025.
The growth of the global automotive steering system market is driven by rise in disposable income of consumers and increase in demand for power steering systems in automotive due to their enhanced comfort and fuel efficiency, which ensure effortless driving…
India Automotive Steering System Market : Steering Gear, Power Steering Hoses, P …
The India automotive steering system market was valued at $4.68 billion in 2017, and is projected to reach $10.04 billion by 2026, growing at a CAGR of 9.0% from 2019 to 2026.
Rise in demand for motor vehicles and increase in adoption of power steering systems fuel the growth of the India automotive steering system market. On the other hand, high cost associated with power steering systems and low penetration of…
