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.
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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.
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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
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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.
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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.
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