Automotive Steering Systems Market Overview: 

As per Maximize Market Research, a global business research and consultancy firm, the total global market for “Automotive Steering Systems Market” was valued at USD 32.12 Billion in 2022, and is expected to reach USD 44.30 Billion by 2029, exhibiting a CAGR of 4.7% during the forecast period (2023-2029)

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Automotive Steering Systems Market Dynamics:

Several countries throughout the world have passed stringent car pollution and fuel economy laws. Regulatory authorities such as the National Highway Traffic and Safety Administration in the United States have implemented fleet-level requirements. The average emission cap established by these standards must be followed by automobile manufacturers.

Automotive Steering Systems Market Segmentation: 

by Component
1. Hydraulic Pump
2. Steering Column
3. Electric Motor
4. Steering Wheel Speed Sensor

by Technology
1. Electric power steering (EPS)
2. Electrically assisted hydraulic power steering (EHPS)
3. Hydraulic power steering (HPS)

Electric power steering (EPS), manual steering, hydraulic power steering (HPS), and electro-hydraulic power steering (EHPS) are the four technology-based segments of the vehicle steering system market. Electric power steering is likely to dominate the automotive steering system market over the forecast period because automakers are rapidly integrating it into all vehicle types. This segment of the market for automotive steering systems is anticipated to grow faster than average due to developments in electric power steering and steer-by-wire technology.
The hydraulic power steering category is anticipated to expand in the market over the course of the projection period as a result of its widespread application in commercial vehicles. Electric power steering is not used in commercial vehicles due to its limited load-bearing capacity. Furthermore, road noise can be reduced with hydraulic power steering.

by EPS Type
1. Column-EPS (C-EPS)
2. Pinion-EPS (P-EPS)
3. Rack-EPS (R-EPS)

Based on EPS Type, R-EPS can steer a variety of vehicle types, from mid-sized cars to full-sized trucks, and as a result, it is anticipated to have the fastest growth. R-EPS category development is projected to be aided by consumers' shifting preferences from passenger cars to compact SUVs and higher-end vehicles. Additionally, R-EPS saves vital engine compartment space and is simple to adapt to other vehicle platforms. According to Nexteer Automotive Group Limited, a significant steering manufacturer in North America, R-EPS makes up more than 90% of the full-size truck market in North America. The R-EPS segment of the automotive steering systems market is anticipated to increase over the course of the forecast period due to the high demand for powerful light commercial vehicles in the United States.

by Pinion-Type
1. Single
2. Dual

Due to its enhanced fuel efficiency and steering feel, the dual pinion sector, which is based on pinion-type, is predicted to dominate the market for automotive steering systems. Dual pinion reduces the risk of leg injury in the case of a collision by allowing for additional design alternatives for where to place the motor and controller as well as helping the mechanism opposite the driver side. Additionally, throughout the projection period, the dual pinion segment in the automotive steering systems market is projected to rise because to the increasing penetration of the C and D vehicle sectors.

by Mechanism
1. Collapsible EPS
2. Rigid EPS

by Vehicle Type
1. Passenger Car (PC)
2. Light Commercial Vehicle (LCV)
3. Heavy Commercial Vehicle (HCV)

The automotive steering system market is divided into three categories based on the kind of vehicle: passenger cars, light commercial vehicles, and heavy commercial vehicles. Due to increased sales and production in emerging countries in the Asia Pacific, the passenger vehicle segment is anticipated to dominate the automotive steering system market over the forecast period. This segment of the automotive steering system market is anticipated to develop faster due to the rising popularity of electric power steering systems in passenger cars. In the area of light commercial vehicles, the market for automotive steering systems is also anticipated to expand.
Light commercial vehicles frequently have hydraulic power steering systems. Additionally, the market for automobile steering systems in this sector is anticipated to rise due to the increasing demand for logistical operations for trade activities.

 

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Automotive Steering Systems Market Scope and Methodology

The primary source involved interviews with significant market leaders and industry experts including business owners and marketing specialists while secondary sources are a combination of the reviews of the financial and annual reports of top manufacturers. For better information on market penetration, competitive landscape demand analysis, and regional analysis are taken at the local, regional, and global levels. The report analyses an estimation of the market size of the Automotive Steering Systems market along with current as well as future trends. The report provides an in-depth analysis of the key development, marketing strategies, supply side and demand side indicators and company profiles of the market owners, market leaders, potential players and new entrants.  The bottom-up approach was used in the report to estimate the Automotive Steering Systems Market.  The primary and secondary data sources were used to collect data.

Automotive Steering Systems Market Key Players: 

1. China Automotive Systems, Inc.
2. Nexteer Automotive
3. Hitachi Automotive Systems Americas, Inc.
4. Hyundai Mobis
5. JTEKT Corporation
6. The Mando Corporation
7. NSK Ltd.
8. Robert Bosch GmbH
9. Showa Corporation
10. ThyssenKrupp AG
11. Magna International
12. Mitsubishi Electric Corporation
13. Denso Corporation
14. Sona Corporation
15. Knorr-Bremse AG
16. ZF Friedrichshafen AG
17. Rollax GmbH & Co. KG

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Automotive Steering Systems Market Regional Insights: 

The Automotive Steering Systems market demonstrates extensive segmentation across North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The report offers a comprehensive evaluation of various aspects, encompassing factors, market dimensions, growth pace, and regional import-export dynamics. This analysis delves into both local and country levels within each region.

Key questions answered in the Automotive Steering Systems Market are:

  • What is Automotive Steering Systems?
  • What was the Automotive Steering Systems market size in 2022?
  • What are the different segments of the Automotive Steering Systems Market?
  • What growth strategies are the players considering to increase their presence in Automotive Steering Systems?
  • What are the upcoming industry applications and trends for the Automotive Steering Systems Market?
  • What are the recent industry trends that can be implemented to generate additional revenue streams for the Automotive Steering Systems Market?
  • Who are the key players in the Automotive Steering Systems market?
  • What segments are covered in the Automotive Steering Systems Market?
  • Who are the leading companies and what are their portfolios in Automotive Steering Systems Market? 

Key Offerings:

  • Past Market Size and Competitive Landscape (2018 to 2021)
  • Past Pricing and price curve by region (2018 to 2021)
  • Market Size, Share, Size & Forecast by different segment | 2023−2029
  • Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
  • Market Segmentation – A detailed analysis by segment with their sub-segments and Region 
  • Competitive Landscape – Profiles of selected key players by region from a strategic perspective
    • Competitive landscape – Market Leaders, Market Followers, Regional player
    • Competitive benchmarking of key players by region
  • PESTLE Analysis 
  • PORTER’s analysis 
  • Value chain and supply chain analysis 
  • Legal Aspects of Business by Region
  • Lucrative business opportunities with SWOT analysis 
  • Recommendations 

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