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Key Trend Reshaping the Automotive Steering System Market in 2025: Innovative High-Tech Electric Steering Enhanced Automotive Steering Market
Automotive Steering System
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 climatic effects of car emissions, notably greenhouse gasses such as carbon dioxide which exacerbate climate change. The emissions per mile are diminished in fuel-efficient vehicles, which accounts for their environmental-friendly nature. By employing materials that are lightweight and novel control algorithms, automotive steering systems amplify the appeal for fuel-efficient vehicles, contributing to superior vehicle aerodynamics, optimal tire alignment, and a decrease in total energy usage through innovations like Electric Power Steering (EPS). For example, as reported by the US Environmental Protection Agency in December 2023, the collective group of electric vehicles (EVs), plug-in hybrid vehicles (PHEVs), and fuel cell electric vehicles (FCVs) saw a rise from 4% of production in 2021 to 7% in 2022, with a forecasted climb to 12% in 2023. Hence, the rising demand for these fuel-efficient vehicles is steering the growth of the automotive steering system market.
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How will the growth rate of the automotive steering system market shape industry trends by 2034?
In the past few years, the automotive steering system market has significantly expanded. It is projected to surge from a market size worth $29.25 billion in 2024 to $30.9 billion in 2025, implying a compound annual growth rate (CAGR) of 5.6%. Factors like enhanced vehicle manufacturing, growing demand for fuel-efficient vehicles, urbanization, increase in disposable income, and a boost in commercial vehicle sales contributed to the growth during the historic period.
The market for automotive steering systems is projected to experience substantial growth in the coming years, reaching a value of $38.13 billion by 2029, with a compound annual growth rate (CAGR) of 5.4%. Factors contributing to this predicted growth include an increased emphasis on vehicle electrification, the rising popularity of vehicle automation, a surge in demand for high-end vehicles, strict emissions standards, and a demand for comfort and convenience in vehicles. Noteworthy trends during the predicted timeframe involve the embrace of steer-by-wire technologies, the incorporation of artificial intelligence (AI) into steering systems, an expanded focus on safety elements within steering systems, innovations in steering sensor technologies, and the design of modular steering systems.
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What trends are poised to drive the future success of the automotive steering system market?
Significant players in the automotive steering system market are focusing on the creation of innovative electric steering systems aimed towards specific low-volume vehicle manufacturers. These advanced electric steering systems are beneficial in multiple ways such as improved fuel efficiency, advanced steering control accuracy, increased safety for drivers via features like lane-keeping assistance, and a considerable reduction in the weight and complexity of the vehicle's steering apparatus. For example, in September 2023, Titan Motorsport and Automotive Engineering, a UK-based firm, introduced an innovative steer-by-wire system. The unique features of this system, developed in-house by Titan, include a custom-made electric motor and control system, scalability, packaging optimization for different uses, and high levels of personalization for specific steering responses. This marks a major leap in electric steering technology, delivering superior performance and customization options.
Which primary segments of the automotive steering system market are driving growth and industry transformations?
The automotive steering system market covered in this report is segmented -
1) By Type: Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Electro-Hydraulic Power Steering (EHPS), Manual Steering
2) By Component: Sensors, Steering Column, Mechanical Rack And Pinion, Electric Motor, Electronic Control Unit (ECU), Hydraulic Pump
3) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
4) By Application: Passenger Cars (PCs), Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs)
Subsegments:
1) By Electric Power Steering (Eps): Column-Assisted Electric Power Steering (C-Eps), Pinion-Assisted Electric Power Steering (P-Eps), Rack-Assisted Electric Power Steering (R-Eps), Fully Electric Steering (Fes), Electric Steering For Electric Vehicles (Evs)
2) By Hydraulic Power Steering (Hps): Recirculating Ball Steering System, Rack And Pinion Hydraulic Power Steering, Integral Hydraulic Power Steering, Hydraulic Steering Pumps And Motors
3) By Electro-Hydraulic Power Steering (Ehps): Electro-Hydraulic Steering For Light Commercial Vehicles, Integrated Electro-Hydraulic Systems, Ehps For Heavy Duty Vehicles, Variable Assistance Electro-Hydraulic Steering, Ehps For Autonomous Vehicles
4) By Manual Steering: Recirculating Ball Manual Steering System, Rack And Pinion Manual Steering System, Worm And Sector Manual Steering System, Manual Steering For Off-Road Vehicles, Manual Steering For Classic Or Vintage Cars
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Which geographical regions are pioneering growth in the automotive steering system market?
North America was the largest region in the automotive steering system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive steering system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the automotive steering system market landscape?
Major companies operating in the automotive steering system market are Robert Bosch GmbH, ZF Friedrichshafen AG, Denso Corporation, Thyssenkrupp AG, Hyundai Mobis Co. Ltd., Mitsubishi Electric Corporation, Schaeffler Group Automotive, Nidec Corporation, TRW Automotive, Infineon Technologies AG, Hitachi Astemo Ltd., JTEKT Corporation, NSK Ltd., Knorr-Bremse AG, HL Mando Corporation, GKN Automotive AG, Nexteer Automotive Group Ltd., China Automotive Systems Inc., Global Steering Systems, Georgsmarienhütte Holding GmbH
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What Is Covered In The Automotive Steering System Global Market Report?
•Market Size Forecast: Examine the automotive steering system market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the automotive steering system market for a structured understanding.
•Key Players Overview: Analyze major players in the automotive steering system market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive steering system market.
•Segment Contributions: Evaluate how different segments drive overall growth in the automotive steering system market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive steering system market.
•Industry Challenges: Identify potential risks and obstacles affecting the automotive steering system market.
•Competitive Landscape: Review strategic developments in the automotive steering system market, including expansions, agreements, and new product launches.
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