Automotive Steering Systems Market Analysis: Major Segments, Strategic Developments, and Leading Companies

The automotive steering systems market is positioned for significant advancement as vehicle technologies evolve and consumer demands shift. Rapid innovations and the growing adoption of electric and autonomous vehicles are key factors driving this market toward expansive growth by 2030. Below, we explore the market's projected value, the main players involved, influential trends, and an in-depth look at its key segments.

Forecasted Market Value and Growth Drivers in the Automotive Steering Systems Market
The automotive steering systems market is projected to reach $38.66 billion by 2030, expanding at a compound annual growth rate (CAGR) of 5.2%. This anticipated growth is fueled by several developments, including the progress of autonomous driving technologies, the increasing number of electric vehicle platforms, and the rise of software-controlled steering mechanisms. Additionally, there is a growing demand for lighter steering systems and enhanced integration of advanced driver assistance features. Key future trends are expected to center around the transition to electric power steering, the implementation of steer-by-wire systems, the uptake of sophisticated steering sensors, a heightened focus on vehicle safety, and the advancement of autonomous steering technologies.

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Prominent Companies Shaping the Automotive Steering Systems Industry
The market landscape is defined by a mix of global leaders, such as 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., and Zhejiang Wanda Steering Gear Co. Ltd.

A strategic move in this market occurred in March 2024, when ZF Rane Automotive India Pvt Ltd acquired TRW Sun Steering Wheels Pvt Ltd for an undisclosed amount. This acquisition enhances ZF Rane Automotive India's customer reach and bolsters its capacity to deliver occupant safety and system integration services domestically. TRW Sun Steering Wheels Pvt Ltd is a key Indian manufacturer of steering wheels, integral components that improve safety and performance in automotive steering systems.

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Technological Trends Set to Influence the Automotive Steering Systems Market
Leading companies in the automotive steering systems field are prioritizing the development of advanced modular steering technologies. These modular systems are designed to meet the diverse needs of original equipment manufacturers (OEMs), especially for heavier and electric vehicles, as well as light commercial vehicles. The modular approach allows for interchangeable parts, simplifying configuration, manufacturing, and maintenance while improving adaptability across various vehicle models.

For example, in April 2023, Nexteer Automotive, a US-based technology company, introduced its Modular Rack-Assist Electric Power Steering System. This innovative system offers a modular architecture that enhances flexibility and scalability, enabling automakers to efficiently integrate it into different vehicle platforms. It also features advanced electric power assistance, which optimizes steering response and ensures precise control in a variety of driving scenarios.

Detailed Segment Breakdown of the Automotive Steering Systems Market
This report categorizes the automotive steering systems market based on multiple parameters:

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 (OEM)
- Aftermarket

5) By Vehicle Type:
- Passenger Cars (including Compact, Mid-Size, Premium, Sports Utility Vehicles)
- Light Commercial Vehicles
- Heavy Commercial Vehicles

Further subsegments include:

- Hydraulic Pumps, which consist of power steering pumps (hydraulic), electric hydraulic pumps, variable displacement hydraulic pumps, pump assemblies for EPS systems, and hydraulic pumps for heavy-duty vehicles.
- Steering Columns or Racks, covering manual and power-assisted steering columns, rack and pinion systems, electric steering racks, adjustable steering columns (tilt, telescopic), and electronic steering columns for autonomous vehicles.
- Sensors, including torque sensors for steering feedback, angle sensors for measuring steering angles, position sensors for both columns and racks, steering wheel sensors for airbag deployment and driver assistance, pressure sensors for hydraulic systems, and feedback sensors critical for autonomous driving.
- Electric Motors, featuring electric motors used in EPS, brushless DC motors, motor drives for active steering, motors for steer-by-wire systems, and those used for automated steering control in autonomous vehicles.
- Other Components, such as steering control units, gearboxes and housings, shafts and intermediate shafts, linkages and mechanical parts, actuators, bearings and bushings, and dampers and stabilizers.

These segments reflect the broad and complex nature of the automotive steering systems market, which is steadily evolving alongside advancements in vehicle technology and regulatory standards.

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