Top Market Shifts Transforming the Automotive Steering System Market Landscape: Key Insights

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What Is the Expected CAGR for the Automotive Steering System Market Through 2025?
The market size of the automotive steering system has seen significant growth in the past few years. It is expected to escalate from $29.25 billion in 2024 to $30.9 billion in 2025, maintaining a compound annual growth rate (CAGR) of 5.6%. The factors contributing to this growth in the historic period include a surge in vehicle production, increased demand for fuel-efficient vehicles, urbanization, an increase in disposable income, and a boost in commercial vehicle sales.

What's the Projected Size of the Global Automotive Steering System Market by 2029?
In the coming years, the market for automotive steering systems is predicted to undergo robust growth, with its size reaching $38.13 billion in 2029, reflecting a compound annual growth rate (CAGR) of 5.4%. This expansion in the prediction period could be a result of increasing emphasis on vehicle electrification, the prevalent automation trend in vehicles, heightened demand for high-end vehicles, strict emission standards, and preference for convenience and comfort. The forecast period is also expected to see significant trends such as the embrace of steer-by-wire technology, incorporation of artificial intelligence (AI) into steering systems, greater attention to safety attributes of steering systems, progress in steering sensor technology, and the creation of modular steering systems.

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Top Growth Drivers in the Automotive Steering System Industry: What's Accelerating the Market?
Advancements in the automotive steering system market are anticipated to be fueled by the rising demand for fuel-efficient vehicles. These vehicles, designed for optimal distance coverage with minimal fuel usage, often leverage technologically enhanced and innovatively engineered solutions to minimize fuel burn. As awareness about the damaging environmental impact of vehicle emissions, especially greenhouse gases like CO2, grows, more and more people are drawn to fuel-efficient cars. Such cars generate lower emissions per mile, thus reducing environmental harm. The demand for these cars is enhanced by automotive steering systems by utilizing lightweight materials, sophisticated control systems, improving vehicle aerodynamics, adjusting tire alignment, and cutting down on overall energy use with tech such as electric power steering (EPS). For example, data reported by the US-based Environmental Protection Agency in December 2023 documented an increase in the combined category of electric vehicles (EVs), plug-in hybrid vehicles (PHEVs), and fuel cell electric vehicles (FCVs) from 4% in 2021 to 7% in 2022, with an expected surge to reach 12% in 2023. Consequently, the growing demand for fuel-efficient vehicles is propelling the automotive steering system market forward.

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What Trends Will Shape the Automotive Steering System Market Through 2029 and Beyond?
Key players in the automotive steering system marketplace are pioneering advanced electric steering systems tailor-made for specialist low-volume vehicle producers. These sophisticated electric steering mechanisms offer accuracy and sensitive steering control, boost fuel economy, augment driver's safety with cutting-edge attributes like lane-keeping assistance, and lessen the overall bulk and complexity of the vehicle's steering apparatus. For example, in September 2023, Titan Motorsport and Automotive Engineering, a firm situated in the UK that specializes in engineering and technology, introduced an innovative steer-by-wire system. This system is equipped with a unique electric motor and control system that Titan designed and built internally, offers scalable and optimized packaging for various uses, and delivers high adjustability and personalization for precise steering reactions. This showcases substantial progress in electric steering technology, providing superior performance and personalization.

What Are the Main Segments in the Automotive Steering System Market?
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 Top Companies are Driving Growth in the Automotive Steering System Market?
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

Which Regions Will Dominate the Automotive Steering System Market Through 2029?
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.

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