The global automotive steering system market is projected to grow at an average CAGR of 4.6% from 2023 to 2033. By 2033, the market is expected to generate a revenue of USD 38.0 billion, up from USD 24.1 billion in 2023. Historically, the market registered a CAGR of 2.3% from 2015 to 2021.
Several factors contribute to the revitalized growth of the automotive steering system market during the forecast period. These include increasing sales of passenger vehicles, rising demand for fuel-efficient cars, the development of advanced steering systems, and the evolving dynamics of the automobile industry.
The market is poised for significant growth with the rising demand for electric vehicles, the emergence of autonomous driving controls, and advanced braking systems. The increasing production of electric cars acts as a major growth driver. Additionally, strict regulations regarding fuel efficiency and pollution control are prompting manufacturers to adopt electronically assisted steering systems.
The demand for emission control opens new growth avenues for the automotive steering system market. Innovations and developments in new products, expansion activities, and increased market investments are expected to underpin market growth. Rising investments in research and development for product development will also create new opportunities. These research initiatives aim to deliver smooth automatic steering systems with fuel-efficient functions.
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The advent of power steering, which enables autonomous vehicle control, will further drive market demand. Power-assisted steering provides ideal power and torque delivery, ensuring improved driver response. Innovations in hydraulic power steering, electric power hydraulic steering, and fully electric power steering are creating new steering solutions. These technologies contribute to market growth by offering enhanced engine performance and fuel efficiency. All these factors collectively fuel the growth of the automotive steering systems market.
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.
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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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