Wilmington, Delaware, United States, Sept. 28, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The automotive steering system market was estimated to have acquired US$ 28.30 billion in 2020. It is anticipated to register a 4.70% CAGR from 2021 to 2031 and by 2031; the market is likely to gain US$ 46.70 billion.
As self-driving cars become a reality, steering systems must evolve. Innovations like steer-by-wire and advanced driver assistance systems (ADAS) offer scope for groundbreaking solutions in the automotive steering system market. These technologies facilitate precise control and safety, opening doors for new players to emerge.
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The world's focus on sustainability is driving the development of energy-efficient steering systems. Electro-hydraulic and electric power steering solutions with regenerative capabilities are gaining traction. Companies investing in eco-friendly steering tech can carve a niche in a greener automotive future.
The use of lightweight materials like carbon fiber-reinforced plastics in steering components is gaining momentum. Not only do these materials reduce vehicle weight, but they also enhance durability and efficiency. Manufacturers delving into cutting-edge materials can find lucrative opportunities in this evolving market landscape.
Key Findings of the Market Report
- Electric Power Steering (EPS) is the dominating technology in the automotive steering system market due to its efficiency, precision, and eco-friendliness.
- The dominating component in the automotive steering system market is the electric motor.
- Passenger vehicles are the dominating vehicle type in the automotive steering system market.
Market Trends for Automotive Steering Systems
- The automotive steering system market is witnessing a seismic shift towards electric power steering (EPS) systems. The demand for EPS is growing rapidly due to its fuel efficiency, reduced emissions, and compatibility with hybrid and electric vehicles. As the automotive industry embraces electrification, EPS is expected to dominate the market, offering smoother and more precise steering control.
- ADAS integration in steering systems is on the rise. Features like lane-keeping assistance, adaptive cruise control, and automated parking require advanced steering technologies. The market is evolving to meet the demand for these safety and convenience features, contributing to enhanced road safety.
- Steer-by-wire technology is gaining momentum as it eliminates the need for mechanical steering components, enhancing design flexibility and enabling autonomous driving capabilities. Automotive Steering System manufacturers are investing heavily in research and development to perfect steer-by-wire systems, which are poised to redefine the future of driving.
Market for Automotive Steering Systems: Regional Outlook
- This region is characterized by its strong focus on technological advancements, making it a hotspot for innovations in automotive steering systems. The adoption of electric power steering (EPS) systems and advanced driver assistance systems (ADAS) is on the rise, driven by stringent safety regulations and a growing emphasis on fuel efficiency. North America is also a hub for autonomous driving research and development, further propelling steering system advancements.
- Europe places a premium on sustainability, which has led to the adoption of eco-friendly steering technologies. Steer-by-wire innovations are particularly prominent in this region. Stringent emission norms and a robust automotive industry presence drive the demand for advanced steering solutions. The European market reflects a blend of tradition and innovation, with a strong emphasis on safety and environmental impact.
- Rapid urbanization and an increasing rate of vehicle ownership in emerging markets like China and India drive the growth of the automotive steering system market. There is a continued demand for affordable yet efficient steering systems. The region also acts as a manufacturing powerhouse for automotive components, including steering systems.
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Global Automotive Steering System Market: Key Players
The automotive steering system market features a competitive landscape marked by innovation, technological advancements, and a drive to cater to evolving consumer preferences for safety and efficiency. The following companies are well-known participants in the global Automotive Steering System market:
- Nexteer Automotive Group Limited
- JTEKT Corporation
- Hyundai Mobis Co., Ltd.
- Showa Corporation
- NSK Ltd
- Robert Bosch GmbH
- Hitachi Automotive System
- Mando Corporation
- Magna International
Key developments in the global automotive steering system market are:
- In April 2023, Hitachi's collaboration with the Global Centre of Rail Excellence promises to enhance energy security and foster innovation in the UK rail sector.
- In September 2023, Bosch and Palas, a Karlsruhe-based measuring technology specialist, join forces to improve air quality and develop innovative solutions for a cleaner environment.
Product Portfolio
- Nexteer Automotive Group Limited offers a diverse product portfolio encompassing cutting-edge steering and driveline systems, advanced safety technologies, and intuitive control solutions.
- JTEKT Corporation specializes in providing high-quality automotive steering systems, drivetrain components, and industrial bearings, ensuring precision and performance in every product.
- Hyundai Mobis Co. Ltd. stands at the forefront of automotive innovation, delivering a wide-ranging product portfolio comprising automotive modules, green technologies, and advanced materials, continually pushing the boundaries of mobility solutions.
Global Automotive Steering System Market Segmentation
Technology
- Electric Power Steering
- Hydraulic Power Steering
- Electrically Assisted Hydraulic Power Steering (EHPS)
Component
- Hydraulic Pump
- Steering Column/Rack
- Electric Motor
- Sensor
- Others
Vehicle Type
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Duty Trucks
- Bus & Coaches
Sales Channel
- OEM
- Aftermarket
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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