Automotive Steering System Market to Reach US$ 32.5 Bn by 2030 at 4.8% CAGR - Persistence Market Research

The automotive steering system market is experiencing substantial growth driven by technological advancements, increasing demand for enhanced vehicle safety, and the growing adoption of electric and autonomous vehicles. As vehicles become more advanced and safety standards become more stringent, steering systems are evolving to deliver better performance, reliability, and user experience. According to Persistence Market Research, the automotive steering system market is expected to reach US$ 32.5 billion by 2030, growing at a CAGR of 4.8% from 2023 to 2030.

Key drivers fueling the market growth include the growing adoption of electric power steering systems due to their energy efficiency, increasing preference for autonomous vehicles, and rising consumer demand for advanced driver assistance systems (ADAS). Among the various segments, electric power steering (EPS) systems are anticipated to lead the market due to their fuel efficiency, low maintenance, and growing demand for eco-friendly solutions. North America and Europe are expected to lead the market in terms of revenue due to their strong automotive industry presence and increasing regulatory pressure on vehicle safety standards.

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Key Highlights from the Report

• The global automotive steering system market is expected to reach US$ 32.5 billion by 2030.
• The market is projected to grow at a CAGR of 4.8% during the forecast period.
• Electric Power Steering (EPS) systems are expected to dominate the market due to energy efficiency and growing adoption in modern vehicles.
• North America and Europe are expected to be the largest regional markets.
• The growing demand for autonomous vehicles will drive the adoption of advanced steering systems.
• Asia Pacific is emerging as a key region due to the increasing number of vehicle production facilities in countries like China and India.

Market Segmentation

The automotive steering system market is segmented based on product type, vehicle type, and region, which provides valuable insights into the demand dynamics and growth drivers across different segments.

• By Product Type: The market is segmented into hydraulic power steering (HPS), electric power steering (EPS), and electromechanical power steering (EMPS) systems. The electric power steering system is projected to lead the market due to its energy efficiency, lightweight design, and growing demand for eco-friendly vehicles. EPS systems are also preferred by automakers for their ability to improve fuel efficiency, reduce emissions, and offer better performance in both traditional and electric vehicles.

• By Vehicle Type: The market is also categorized into passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). Passenger cars are expected to hold the largest share of the market, owing to their widespread use and the increasing demand for advanced features such as ADAS and autonomous driving capabilities. The rise of electric vehicles, particularly passenger electric cars, will further bolster the demand for electric power steering systems, making them a critical component in the automotive industry.

Regional Insights

• North America: North America is projected to be a significant contributor to the automotive steering system market due to the region's large automotive manufacturing base, particularly in the U.S. and Canada. The adoption of advanced driver assistance systems (ADAS), growing consumer demand for fuel-efficient vehicles, and the increasing number of electric vehicle (EV) models are all factors driving the demand for advanced steering systems. Additionally, the presence of key automotive players and regulatory mandates regarding vehicle safety will continue to propel the market growth in this region.

• Asia Pacific: The Asia Pacific region is expected to witness strong growth in the automotive steering system market due to the rapid expansion of the automotive sector, particularly in countries like China and India. These countries are major producers of vehicles, and as the demand for automobiles continues to rise, the need for advanced steering systems will also increase. Furthermore, the growing adoption of electric vehicles and stringent emission regulations will provide significant growth opportunities for electric power steering systems in the region.

Market Drivers

Several factors are driving the growth of the automotive steering system market:
• Technological Advancements in Steering Systems: Continuous advancements in steering technologies, including the development of steer-by-wire systems and autonomous driving systems, are contributing to the growth of the market. The shift towards electric power steering (EPS) has revolutionized vehicle steering, making it more energy-efficient and responsive. The rising adoption of autonomous and semi-autonomous vehicles is further accelerating the need for high-precision steering systems capable of supporting automated driving.

• Growing Demand for Electric Vehicles (EVs): The global shift toward electric vehicles is a key driver of the automotive steering system market. Electric power steering (EPS) is increasingly being adopted in EVs due to its ability to enhance energy efficiency and reduce vehicle weight, which helps improve overall vehicle performance. As the number of EVs on the road increases, the demand for steering systems compatible with electric drivetrains will rise.

• Stricter Vehicle Safety Regulations: Governments worldwide are imposing stringent regulations to improve vehicle safety. Features like Advanced Driver Assistance Systems (ADAS), which rely on precise steering capabilities, are becoming standard in vehicles. These systems require highly responsive steering systems to ensure the safety and performance of the vehicle, which will drive the demand for advanced steering systems in the automotive industry.

Market Restraints

While the automotive steering system market is poised for growth, there are several challenges that could impact its expansion:

• High Initial Cost of Advanced Steering Systems: The development and implementation of advanced steering systems, such as steer-by-wire and electric power steering, involve high initial costs. This could be a deterrent for manufacturers, particularly in emerging markets, where cost-sensitive consumers might opt for more traditional steering systems like hydraulic power steering (HPS).

• Technological Complexity: The growing complexity of automotive steering systems, particularly with the integration of electronic components and software, can make these systems difficult to maintain and repair. Manufacturers must ensure that their steering systems are reliable and durable while also addressing the challenges associated with maintaining such sophisticated technologies. This complexity could hinder the widespread adoption of advanced systems in certain segments of the market.

• Supply Chain Disruptions: The automotive industry, in general, has been facing supply chain disruptions, especially with the ongoing semiconductor shortage. Steering system manufacturers rely on a steady supply of electronic components, and any disruption in this supply chain can lead to delays in production and increased costs for manufacturers.

Market Opportunities

Despite the challenges, the automotive steering system market offers several opportunities for growth:

• Growth of Autonomous Vehicles: The rise of autonomous and semi-autonomous vehicles presents a significant opportunity for the steering system market. These vehicles require highly precise, responsive, and customizable steering systems to enable safe and efficient driving. As more automakers invest in autonomous vehicle technology, the demand for advanced steering systems will continue to rise.

• Integration of AI and IoT in Steering Systems: The integration of artificial intelligence (AI) and Internet of Things (IoT) technologies in steering systems presents a unique opportunity for innovation. AI can help optimize steering performance, while IoT can enable real-time monitoring and diagnostics of steering systems, improving vehicle safety and user experience. These innovations could drive the demand for smarter, more efficient steering systems in the coming years.

• Increasing Adoption of Electric Power Steering in Emerging Markets: While North America and Europe remain key markets, emerging regions such as Asia Pacific and Latin America are expected to see increased adoption of electric power steering systems due to rising vehicle production, stricter emissions regulations, and growing consumer demand for energy-efficient vehicles. This trend presents significant opportunities for growth in these regions.

Reasons to Buy the Report

✔ Gain insights into market trends and future growth projections for the automotive steering system market.
✔ Understand the impact of technological advancements such as steer-by-wire and autonomous driving technologies on the market.
✔ Analyze the growth potential of different segments including electric power steering (EPS) systems, and light commercial and passenger vehicles.
✔ Evaluate regional market dynamics and identify opportunities in North America, Europe, and emerging markets like Asia Pacific.
✔ Understand the competitive landscape and strategies of leading players in the market, enabling informed business decisions.

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Frequently Asked Questions (FAQs)

1. How Big is the Automotive Steering System Market?
2. Who are the Key Players in the Automotive Steering System Market?
3. What is the Projected Growth Rate of the Automotive Steering System Market?
4. What is the Market Forecast for the Automotive Steering System Market in 2030?
5. Which Region is Estimated to Dominate the Automotive Steering System Market through the Forecast Period?

Company Insights

Key players in the automotive steering system market include:
• Robert Bosch GmbH
• JTEKT Corporation
• ZF Friedrichshafen AG
• Nexteer Automotive
• Schaeffler AG

Recent Developments:

1. ZF Friedrichshafen AG has launched an advanced electric steering system that integrates with autonomous driving technologies to enhance steering precision and driver safety.

2. Nexteer Automotive introduced a new steer-by-wire system, designed for electric vehicles, providing greater flexibility in vehicle design and improving the overall driving experience.

The automotive steering system market continues to grow due to advancements in technology, the shift toward electric and autonomous vehicles, and stringent regulatory requirements for vehicle safety. With opportunities in emerging markets and the continued development of new steering technologies, the market is expected to see steady growth through 2030.

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