What Is The Definition Of The Global Automotive Steering Systems Market?
Automotive steering systems are mechanisms that enable drivers to control the direction of a vehicle. These systems convert the rotational motion of the steering wheel into a turning motion of the vehicle's wheels, allowing for precise maneuverability and responsiveness on the road. They play a critical role in vehicle handling, safety, and driver control across various driving conditions.
Automotive Steering Systems Global Market Report 2024 provides data on the global automotive steering systems market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive steering systems market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Automotive Steering Systems Size Expected To Change, And What Are The Growth Rate Projections?
The automotive steering systems market has grown significantly, rising from $26.70 billion in 2023 to $28.36 billion in 2024 at a CAGR of 6.2%. This growth stems from increased vehicle production, urbanization, the demand for autonomous vehicles, advancements in electrification, and sustainable mobility solutions. The market is forecasted to reach $36.24 billion by 2028 at a CAGR of 6.3%, with growth driven by the adoption of power steering, rising EV sales, higher disposable incomes, sensor integration, and demand for fuel-efficient vehicles. Notable trends include advancements in sensor technologies, battery-swapping station integration, enhanced safety features, and AI-powered technologies.
Which Drivers Are Accelerating Growth In The Automotive Steering Systems Market?
The automotive steering systems market is projected to grow with the increasing demand for electric vehicles. Electric vehicles, powered by rechargeable batteries and emitting zero tailpipe emissions, are gaining popularity due to environmental concerns, government incentives, and advancements in battery technology. Automotive steering systems in electric vehicles ensure precise control and optimized handling. In April 2024, the International Energy Agency reported that sales of electric vehicles increased by 3.5 million in 2023, marking a 35% rise from the previous year. As a result, the growing demand for electric vehicles is driving the automotive steering systems market.
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What Are The Core Segments Of The Global Automotive Steering Systems Market?
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
Which Emerging Trends Are Reshaping The Automotive Steering Systems Market?
Major companies in the automotive steering systems market are introducing modular steering systems to address diverse OEM requirements, particularly for electric and light commercial vehicles. Modular steering systems feature interchangeable components that allow customization across various vehicle types, optimizing efficiency in production and maintenance. For instance, in April 2023, Nexteer Automotive, a US-based technology firm, launched the Modular Rack-Assist Electric Power Steering System. This system combines a flexible modular design with advanced electric power assistance, enabling automakers to adapt steering systems for different vehicle models. It enhances steering precision and responsiveness, ensuring superior control under varying driving conditions.
What Is The Largest Region In The Automotive Steering Systems Market?
North America was the largest region in the automotive steering systems market in 2023. 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.
