Dublin, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The "Global Automotive Steering System Market: Analysis By Technology (EPS, HPS, EHPS and Manual), By Vehicle Type, By Sales Channel, By Region Size and Trends and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
With a growing focus on safety and precision in vehicle control, the global automotive steering system market reached a value of US$31.38 billion in 2022 and is poised to reach US$42.46 billion by 2028.
Key Market Drivers:
- Government Regulations Drive Demand: Government bodies worldwide mandate specific safety standards for automobiles, making steering systems critical for vehicle safety. This emphasis on safety could lead to mandatory upgrades and enhancements in automotive steering system technology.
- Rising Disposable Income and Lifestyle Improvements: Increased disposable income and improved lifestyles have contributed to higher automobile sales globally. Consumers are seeking advanced safety, comfort, and innovative steering system technologies in passenger vehicles, driving the demand for these systems.
- Technology Segmentation: The market is segmented based on technology into four categories: Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Electro-Hydraulic Power Steering (EHPS), and Manual. EPS, being simpler, easier to maintain, and offering modern driver-assist features, is the fastest-growing segment. Its adaptability to lightweight vehicle designs and the shift towards efficient and connected driving technologies contribute to its popularity.
- Passenger Vehicles Lead the Way: Passenger vehicles hold the majority of the market share and are the fastest-growing segment. Factors such as a rising global automobile market, increased disposable income, and a preference for advanced safety and comfort drive this growth. Automakers are integrating advanced steering solutions to enhance the consumer experience and safety of passenger cars.
- OEMs Dominate Sales: Original Equipment Manufacturers (OEMs) dominate the sales channel, as they prioritize safety and efficiency. OEM steering systems are integral to a vehicle's design and come with manufacturer-backed warranties. The ongoing trends in vehicle electrification, connectivity, and automation are expected to sustain the demand for innovative steering systems within the OEM segment.
- Asia Pacific Leads Growth: Asia Pacific is the leading region in the automotive steering system market, with China as its strongest market. Factors such as increasing vehicle production, safety concerns, consumer preferences for advanced features, and high disposable income drive growth in the region. China, in particular, is focusing on vehicle production and technological advances in automotive steering systems.
- India's Rapid Growth: India is anticipated to be the fastest-growing market in Asia Pacific, with domestic sales of 21.2 million units in 2022-23. The country's automotive steering system market is thriving due to the demand for electric vehicles, premium models, and new vehicle introductions. Additionally, strict safety regulations and consumer demand for enhanced safety and comfort are major growth drivers.
Market Dynamics:
The growth of the automotive steering system market is closely tied to the sales and production of automotive vehicles. Every vehicle requires steering systems for direction control, safety, and regulatory compliance. Rising disposable income, consumer demand for enhanced driving experiences, government regulations, and the adoption of power steering are key growth drivers.
- Challenges: High production costs due to advanced technologies like Electric Power Steering (EPS) and steer-by-wire systems can be challenging. Intense competition in the automotive sector also puts pressure on companies to offer competitive pricing while maintaining high-quality standards. On the consumer side, EPS systems may require specialized equipment and knowledge for diagnosis and repair, making repairs more expensive compared to hydraulic systems. Shortages of raw materials like semiconductors also pose challenges.
- Trends: Steer-by-wire technology is a major trend gaining momentum in the automotive steering system market. This revolutionary technology eliminates the physical connection between the steering wheel and wheels, allowing for customizable interiors, adaptive driving modes, weight reduction, improved fuel efficiency, and seamless integration with advanced technologies. Other trends include the electrification of vehicles, integration of EPS and Advanced Driver Assistance Systems (ADAS), autonomous driving, and technological advancements such as haptic feedback.
Competitive Landscape and Recent Developments:
The global automotive steering system market is competitive and fragmented, with key players including Robert Bosch GmbH, Mitsubishi Electric Corporation, Thyssenkrupp AG, NSK Ltd., JTEKT Corporation, Hyundai MOBIS, Forvia, HL Mando Corp, China Automotive Systems, Inc., and Nexteer. These players are continuously investing in strategic initiatives, adopting new technologies, expanding into emerging markets, and collaborating to maintain a competitive edge. For example, Hyundai Mobis recently launched the "Dual Actuator Rear Wheel Steering System," which enhances stability and comfort during high-speed turns. ZF, a major player, plans to invest approximately US$100 million to expand its chassis component production capacity.
Companies profiled in the report include:
- Robert Bosch GmbH
- Mitsubishi Electric Corporation
- Thyssenkrupp AG
- NSK Ltd.
- JTEKT
- Hyundai MOBIS
- Forvia
- HL Mando Corp
- China Automotive Systems, Inc.
- Nexteer
In conclusion, the global automotive steering system market is on an upward trajectory, driven by safety regulations, consumer demands, and technological advancements. Steering systems are poised to play a crucial role in ensuring both safety and innovation in vehicles as the automotive industry evolves.
For more information about this report visit https://www.researchandmarkets.com/r/hg0gg6
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