The latest report by IMARC Group, titled “Automotive Steering System Market Report by Type (Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Electro-Hydraulic Power Steering (EHPS), Manual Steering), Component (Steering Column, Steering Wheel Speed Sensors, Electric Motors, Hydraulic Pumps, and Others), Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), and Region 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on the automotive steering system market trends.
What is the market outlook for automotive steering systems?
The global automotive steering system market size reached US$ 33.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 46.1 Billion by 2032, exhibiting a growth rate (CAGR) of 3.4% during 2024-2032.
Factors Driving Growth in the Automotive Steering System Industry:
The increasing focus on vehicle safety and driver comfort is a significant factor propelling the growth of the automotive steering system industry. Modern steering systems play a crucial role in advanced driver-assistance systems (ADAS), contributing to vehicle safety through features such as lane-keeping assistance and adaptive cruise control. The growing consumer awareness of safety features and the demand for elevated comfort levels in vehicles encourage automakers to adopt advanced steering systems, thereby fueling the expansion of the industry. Enhanced ergonomic designs and the integration of haptic feedback technology further refine the driving experience, making steering systems more intuitive and responsive to the driver's needs.
The increasing global vehicle production and sales drive the demand for automotive steering systems. The growth of the industry is closely linked to the overall expansion of the automotive sector, as every new vehicle requires a reliable steering system. This growth is supported by rising consumer purchasing power, urbanization, and the growing preference for personal mobility solutions, all of which contribute to the rising demand for innovative steering systems incorporated in new vehicle models. Furthermore, the resurgence of the automotive industry post-economic downturns, coupled with consumer trends favoring advanced, safer vehicles, significantly contributes to the escalating demand for sophisticated steering systems.
Ongoing technological innovations, particularly in electric power steering (EPS) and steer-by-wire systems, significantly influence the automotive steering system industry. These technologies offer enhanced fuel efficiency, reduced emissions, and better handling, aligning with the global shift toward greener, more energy-efficient vehicles. Automakers are increasingly integrating these advanced systems to meet consumer expectations for smoother, more responsive driving experiences and to comply with stringent environmental regulations, driving the growth of the industry. The incorporation of AI and connectivity features further elevates steering systems, enabling predictive steering responses and adaptive control, which enhances vehicle safety and the overall driving experience.
For an in-depth analysis, you can request a sample copy of the report: https://www.imarcgroup.com/automotive-steering-system-market/requestsample
Key Players in the Automotive Steering System Industry:
Automotive Steering System Market Report Segmentation:
By Type:
Electric power steering (EPS) dominates the market due to its higher energy efficiency, better fuel economy, and lower greenhouse gas emissions compared to hydraulic steering systems, along with its increasing integration in modern vehicles for enhanced driving experience.
By Component:
Based on the component, the market has been segmented into steering column, steering wheel speed sensors, electric motors, hydraulic pumps, and others.
By Vehicle Type:
Passenger cars represent the largest segment as they constitute several vehicles produced globally, with rising consumer demand for comfort, fuel efficiency, and advanced safety features driving the adoption of sophisticated steering systems in this category.
Regional Insights:
Asia Pacific's dominance in the automotive steering system market is attributed to the high vehicle production rates, increasing adoption of advanced automotive technologies, and the presence of rapidly growing economies like China and India, which are major hubs for the automotive industry.
Global Automotive Steering System Market Trends:
The global automotive steering system market is characterized by innovative trends, predominantly driven by the shift toward more energy-efficient, responsive, and safer steering mechanisms. There is a growing inclination toward electric power steering (EPS) systems, favored for their energy efficiency, enhanced fuel economy, and lower emissions compared to hydraulic systems. Advancements in autonomous and semi-autonomous vehicles are also influencing the market, with integrated advanced driver-assistance systems (ADAS) and steer-by-wire technologies enhancing the driving experience by offering improved precision, adaptability, and feedback. Additionally, the rising demand for luxury and high-performance vehicles is fueling the adoption of sophisticated steering systems that provide superior control and comfort to the driver.
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About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high-technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
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