Global Automotive Steering Market Size is expected to reach at a CAGR of 14.7% and, this report covers Market growth, trend, opportunity and forecast 2024 - 2031
Automotive Steering Introduction
The Global Market Overview of "Automotive Steering Market" offers a unique insight into key market trends shaping the industry world-wide and in the largest markets. Written by some of our most experienced analysts, the Global Industrial Reports are designed to provide key industry performance trends, demand drivers, trade, leading companies and future trends. The Automotive Steering market is expected to grow annually by 14.7% (CAGR 2024 - 2031).
Automotive steering is the system in a vehicle that allows the driver to control the direction of the vehicle by changing the direction of the front wheels. Its primary purpose is to ensure safe and precise handling of the vehicle on the road.
The advantages of automotive steering include improved maneuverability, better control over the vehicle, and enhanced safety while driving. It also reduces the effort required by the driver to turn the wheels, making driving more comfortable and less tiring.
In the automotive steering market, advancements in technology such as electric power steering and steer-by-wire systems have revolutionized steering mechanisms, offering better performance, efficiency, and reliability. These innovations have increased the demand for vehicles equipped with advanced steering systems, driving growth in the automotive steering market. Overall, automotive steering plays a crucial role in enhancing the driving experience and safety of vehicles on the road.
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Market Trends in the Automotive Steering Market
- Electric power steering systems are gaining popularity due to their efficiency and ease of integration with autonomous driving technology.
- Advanced driver assistance systems (ADAS) are becoming common in vehicles, leading to the development of more sophisticated steering control systems.
- The rise of electric and hybrid vehicles is creating a demand for steering systems that are compatible with these environmentally-friendly powertrains.
- Consumer preferences are shifting towards customizable steering options, such as adjustable sensitivity and feedback settings.
- Industry disruptions, such as the shift towards shared mobility and the rise of electric vehicle startups, are driving innovation in the automotive steering market.
The automotive steering market is expected to experience significant growth in the coming years, fueled by advancements in technology, changing consumer preferences, and disruptions in the industry. These trends are reshaping the market landscape and driving manufacturers to develop innovative steering solutions to meet the evolving needs of customers.
Market Segmentation
The Automotive Steering Market Analysis by types is segmented into:
- Electric Power Steering
- Hydraulic Power Steering
- Others
There are primarily two types of automotive steering systems, Electric Power Steering (EPS) and Hydraulic Power Steering (HPS). EPS utilizes an electric motor to assist with steering, while HPS uses hydraulic pressure to provide assistance. Additionally, there are other systems like Electro-Hydraulic Power Steering (EHPS) and Electro-Mechanical Power Steering (EMPS). These advanced steering technologies offer improved fuel efficiency, better control, and a smoother driving experience, which ultimately boosts the demand for automotive steering systems in the market.
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The Automotive Steering Market Industry Research by Application is segmented into:
- Passenger Cars
- Commercial Vehicles
Automotive steering is essential for controlling the direction of vehicles. In passenger cars, steering systems help drivers navigate through traffic and make turns easily. In commercial vehicles, steering is crucial for maneuvering large trucks and buses on roads. The fastest growing application segment in terms of revenue is electronic power steering systems, which offer enhanced control and comfort to drivers. These systems utilize electronic sensors and actuators to assist in steering, making driving smoother and more responsive. Overall, automotive steering plays a vital role in ensuring safe and efficient transportation on the roads.
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Geographical Spread and Market Dynamics of the Automotive Steering Market
North America:
- United States
- Canada
Europe:
- Germany
- France
- U.K.
- Italy
- Russia
Asia-Pacific:
- China
- Japan
- South Korea
- India
- Australia
- China Taiwan
- Indonesia
- Thailand
- Malaysia
Latin America:
- Mexico
- Brazil
- Argentina Korea
- Colombia
Middle East & Africa:
- Turkey
- Saudi
- Arabia
- UAE
- Korea
The North American automotive steering market is driven by the high demand for technologically advanced steering systems in the United States and Canada, with key players like ThyssenKrupp and Eaton leading the market. In Europe, countries like Germany and France are witnessing a surge in demand for electric power steering systems, creating opportunities for companies like JTEKT and CIE Automotive. The Asia-Pacific region, especially China and Japan, is a hub for steering system manufacturers like Huayu Automotive Systems and HITACHI Automotive Systems, with growing investments in research and development. Latin America is seeing steady growth in the automotive steering market, with companies like Dongfeng Motor Parts and Wanxiang Qianchao expanding their presence. In the Middle East & Africa, countries like Turkey and UAE are witnessing increasing demand for steering systems, offering growth opportunities for players like KYB and SHOWA.
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Automotive Steering Market Growth Prospects and Market Forecast
The global Automotive Steering Market is expected to witness a CAGR of % during the forecast period. Innovative growth drivers such as the increasing demand for advanced driver assistance systems (ADAS), development of electric power steering systems, and a growing focus on autonomous vehicles are expected to propel the market forward.
To enhance growth prospects, companies are focusing on deploying innovative strategies such as the integration of artificial intelligence and machine learning algorithms in steering systems to improve efficiency and safety. Additionally, the adoption of steer-by-wire technology, which eliminates the need for mechanical steering components, is expected to revolutionize the market.
Moreover, the trend towards lightweight and energy-efficient steering systems to meet stringent fuel efficiency regulations is expected to drive market growth. The incorporation of technologies such as motor assist systems and steer-by-wire in steering systems is also likely to boost market growth.
Overall, innovative deployment strategies and trends such as the integration of advanced technologies and a focus on sustainability are expected to significantly increase the growth prospects of the Automotive Steering Market in the coming years.
Automotive Steering Market: Competitive Intelligence
- ThyssenKrupp (Germany)
- HUAYU Automotive Systems (China)
- Eaton (USA)
- JTEKT (Japan)
- Hitachi Automotive Systems (Japan)
- American Axle & Manufacturing Holdings (USA)
- CIE Automotive (Spain)
- KYB (Japan)
- SHOWA (Japan)
- Dongfeng Motor Parts And Components Group (China)
- Wanxiang Qianchao (China)
- Beijing Hainachuan Automotive Parts (China)
ThyssenKrupp is a leading player in the automotive steering market, with a focus on innovative technologies and quality products. The company has a strong history of providing steering solutions to major automotive manufacturers worldwide. ThyssenKrupp's market strategies include a focus on research and development to stay ahead of competitors and meet the evolving needs of the market. The company's revenue figures reflect its success in the industry, with steady growth over the years.
JTEKT is another key player in the automotive steering market, known for its high-quality products and advanced technologies. The company has a strong presence in the market and a history of providing reliable steering solutions to customers. JTEKT's market growth prospects look promising, with a focus on expanding its global footprint and developing new technologies to meet customer demands.
American Axle & Manufacturing Holdings is a well-established player in the automotive steering market, with a reputation for quality products and reliable performance. The company has a strong track record of revenue growth and market success, thanks to its innovative market strategies and customer-focused approach. American Axle & Manufacturing Holdings is well-positioned for growth in the market, with a focus on expanding its product portfolio and reaching new customers.
- ThyssenKrupp: Sales revenue of USD billion
- JTEKT: Sales revenue of USD 12.4 billion
- American Axle & Manufacturing Holdings: Sales revenue of USD 6.3 billion
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