The global automotive steering system market is projected to grow at a steady CAGR of 4.6% from 2023 to 2033, with revenue expected to increase from USD 24.1 billion in 2023 to USD 38.0 billion by 2033. This marks a notable rise compared to the historical CAGR of 2.3% recorded between 2015 and 2021.
Several factors are driving the revitalized growth of this market. These include rising passenger vehicle sales, increasing demand for fuel-efficient cars, the development of advanced steering systems, and shifting industry dynamics.
The growing popularity of electric vehicles (EVs), the emergence of autonomous driving technologies, and advancements in braking systems are key contributors to this market expansion. The production surge in EVs is a major growth driver, alongside strict regulations on fuel efficiency and emissions, pushing manufacturers toward electronically assisted steering systems.
The demand for better emission control is opening up new opportunities in the automotive steering system market. Ongoing product innovations, market expansion activities, and increased investments are expected to fuel growth. Additionally, rising research and development efforts aim to create smooth, fuel-efficient automatic steering systems, enhancing the market’s future prospects.
The rise of power steering, which facilitates autonomous vehicle control, will further boost demand. Power-assisted steering systems deliver optimal power and torque for improved driver response. Innovations in hydraulic power steering, electric hydraulic power steering, and fully electric power steering are providing new solutions that enhance engine performance and fuel efficiency, collectively driving the growth of the automotive steering systems market.
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Key Takeaways:
- Increasing sales of electronic vehicles and favorable government support strengthen the growth prospects of the market.
- Expanding automobile sector and rising demand for fuel-efficient vehicles drives the market growth in the Asia Pacific region.
- China will be the fastest-growing automotive steering system market with a 6.0% CAGR and a value of US$ 12 billion by 2033.
- The U.K automotive steering system market will record a CAGR of 4.9% and will be driven forward due to the strong presence of key market manufacturers.
- By vehicle type, passenger cars will account for a sizable portion of the market share because of the segment’s affordability and maneuverability.
Competitive Landscape
among others are some of the key players in the automotive steering system market profiled in the full version of the report.
Prominent market players are concentrating on new product innovations, product releases, and upgrades. These enterprises also employ various organic and inorganic strategies like product development, capacity expansion, partnerships, mergers, acquisitions, and collaborations to gain a competitive edge.
Major Contributors to the Automotive Steering System Market are
JTEKT Corporation, Nexteer Automotive Group Ltd., Showa Corp., ThyssenKrupp AG, Hitachi Automotive System Ltd., Robert Bosch GmbH, NSK Steering System Co. Ltd., Mando Corp., ZF Friedrichshafen AG, ATS Automation Tooling System Inc., Hyundai Mobis, Mitsubishi Electric Corporation, China Automotive Systems, Inc.,
More Insights into Automotive Steering System Market
FMI offers the latest, unbiased, and detailed analysis of the global automotive steering system market, providing historical data from 2015 to 2021 and forecast statistics for 2023 to 2033. To understand the global market potential, growth, and scope, the market is segmented on the basis of technology, vehicle type, and region.
According to the latest FMI reports, based on segmentation, the electronic steering category will expand at a CAGR of 4.8%. The high fuel efficiency and easy transmission of the electronic steering system promote growth in the segment. Passenger vehicles will also contribute to the market growth owing to a greater preference by consumers.
Based on region, the automotive steering system market in the U.K, the US, China, and India will perform remarkably well. China’s automotive steering system market will witness rapid growth with a 6.0% CAGR and reach a value of US$ 12 billion by 2033 due to the massive production of passenger and commercial vehicles in the country. Where the strong presence of key manufacturers drives the market growth in the U.K; the US automotive steering system market is driven by technological developments in the automobile sector. Thus, China, the U.K, and the US aid the growth of the global automotive steering system market during the projection period.
Key Segmentations
By Vehicle Type:
- Passenger Cars
- Compact
- Mid-size
- Premium
- SUVs
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Technology:
- Electronic Steering
- H-EPS
- C-EPS
- P-EPS
- R-EPS
- Hydraulic Steering
- Manual Steering
- Electro-hydraulic Steering
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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