HomeBusiness NewsAutomotive Steering System Market – Growth, Latest Trend & Forecast 2031

Automotive Steering System Market – Growth, Latest Trend & Forecast 2031

The automotive steering system market is projected to witness a steady growth rate of 4% due to the increasing consumer preference for driving comfort. During the assessment period of 2021–2031, the market is anticipated to exceed a CAGR of 4%, reaching an estimated value of nearly US$ 34 Billion.

The automotive steering system market is a dynamic and integral component of the global automotive industry. It plays a pivotal role in ensuring vehicle safety and maneuverability. As automotive technology evolves and consumer preferences change, the steering system market has undergone significant transformation. The global automotive steering system market has seen steady growth over the years, with key factors such as increasing vehicle production, safety regulations, and the integration of advanced technologies driving this growth.

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The market can be categorized into various types of steering systems, including hydraulic, electric power-assisted steering (EPAS), and electro-hydraulic power steering (EHPS). The shift towards more eco-friendly and fuel-efficient vehicles has also prompted a transition from hydraulic systems to electric power-assisted steering systems.

Market Dynamics:

Several factors contribute to the dynamic nature of the automotive steering system market. The increasing demand for enhanced safety features and advanced driver assistance systems (ADAS) has propelled the adoption of electric power steering (EPS) systems over traditional hydraulic systems. EPS offers improved fuel efficiency, better control, and the integration capabilities needed for autonomous driving technologies.

Moreover, the growing trend of electric and hybrid vehicles is influencing steering system designs. These vehicles often feature steer-by-wire systems, eliminating the need for a physical connection between the steering wheel and the wheels. This shift not only enhances design flexibility but also aligns with the broader industry push towards electrification.

Global regulatory standards and environmental concerns are additional drivers shaping the market. Stricter emissions regulations are pushing manufacturers to develop lightweight and energy-efficient steering systems, contributing to sustainability efforts within the automotive sector.

Market Future Outlook:

The future outlook of the automotive steering system market is marked by a continued focus on innovation and technology integration. With the rise of electric and autonomous vehicles, steer-by-wire systems are expected to gain prominence, offering precise control and facilitating the development of self-driving capabilities.

The integration of artificial intelligence (AI) and machine learning into steering systems is another trend to watch. These technologies enhance real-time decision-making, enabling steering systems to adapt to diverse driving conditions and improve overall vehicle safety.

Additionally, the market is likely to witness increased collaboration between automakers and technology companies. Partnerships and alliances will play a crucial role in developing cutting-edge steering systems that meet the evolving demands of the automotive industry.

Market Insights:

One of the key insights into the automotive steering system market is the rising consumer preference for customizable and personalized driving experiences. Manufacturers are responding by incorporating features such as variable steering ratios and adaptive steering, allowing drivers to tailor their driving dynamics according to individual preferences and driving conditions.

Another noteworthy trend is the emphasis on sustainability. Eco-friendly materials and design approaches that reduce the environmental impact of manufacturing and disposal are gaining traction. This aligns with the broader industry shift towards eco-conscious practices and the development of greener transportation solutions.

Key Players:

  • Nexteer Automotive Group Limited
  • JTEKT Corporation
  • ThyssenKrupp AG
  • NSK Ltd.
  • Mitsubishi Electric Corporation
  • China Automotive Systems Inc.
  • Sona Koyo Steering Systems Limited
  • Robert Bosch Limited

Competitive Landscape:

Prominent stakeholders in the automotive steering system are prioritizing the provision of comfort and safety to consumers. Furthermore, these entities are consistently incorporating cutting-edge technological innovations aimed at mitigating the likelihood of vehicular malfunctions.

A case in point is Hyundai Mobis, which recently unveiled the world’s inaugural brainwave-based ADAS technology in July 2021. This groundbreaking technology utilizes brainwaves to gauge the driver’s condition and issue alerts to prevent accidents.

Key Segments Covered

  • Type
  • Hydraulic Powered
  • Electrically Powered
  • Vehicle Type
  • Passenger Vehicles
  • Light Commercial Vehicles (LCV)
  • Heavy Commercial Vehicles (HCV)
  • Sales Channel
  • OEMs
  • Aftermarkets

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