Automotive Steering System Market by Type (Electro-hydraulic Power Steering, Electronic Power Steering, Hydraulic Power Steering), Component (Electric Motor, Hydraulic Pump, Sensor), Vehicle - Global Forecast 2024-2030

Automotive Steering System Market by Type (Electro-hydraulic Power Steering, Electronic Power Steering, Hydraulic Power Steering), Component (Electric Motor, Hydraulic Pump, Sensor), Vehicle - Global Forecast 2024-2030

The Automotive Steering System Market size was estimated at USD 31.91 billion in 2023 and expected to reach USD 33.50 billion in 2024, at a CAGR 5.20% to reach USD 45.53 billion by 2030.

Global Automotive Steering System MarketAn automotive steering system helps control the vehicle's direction and assists the driver in maneuvering the vehicle as per the requirement. Increasing automotive production with a rising focus on fuel-efficient vehicles elevates the demand for automotive steering systems. In addition, the adoption of power steering systems in vehicles is responsible for the growth of this market. However, the high cost of power steering systems impedes market growth. Increasing the introduction of technologically advanced automotive steering systems by market players is expected to expand the market scope.Regional InsightsThe Americas represents a highly developing and innovative landscape owing to the increasing focus on electric vehicles and the rising adoption of power steering systems. The Corporate Average Fuel Economy legislation in the U.S. has set the target of 35 miles per gallon (mpg) to 36.6 mpg by 2017 and 54.5 mpg by 2025 for average fleet fuel efficiency. As per the International Energy Agency (IEA), in the United States, electric car sales doubled their market share to 4.5% in 2021, reaching 630000 sold. The increasing number of automotive vehicles and rising focus on developing lightweight automotive components in the region is expected to elevate the demand for the fabrication of automotive steering systems in the Americas. The International Organization of Motor Vehicle Manufacturers (OICA) stated that, in 2021, total car production was higher across China, Japan, India, South Korea, Malaysia, Thailand, and Indonesia. The growing automotive vehicle production in Asia-Pacific is expected to expand the usage of automotive steering systems in APAC. The ongoing expansion of the manufacturing facilities of automotive steering in EMEA is expected to fuel the market growth in the region. For instance, in November 2022, Continental AG expanded its Timișoara electronic components factory to produce 17 million units of several products, including power steering, air suspension, and many other onboard instruments.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Automotive Steering System Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Automotive Steering System Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Automotive Steering System Market, highlighting leading vendors and their innovative profiles. These include Alps Electric Co., Ltd, Automotive IQ by IQPC GmbH, Ayd Infra Private Limited, Bendix Commercial Vehicle Systems LLC, Complete Steering Australia, ContiTech AG, Danfoss A/S, Delphi Technologies by BorgWarner Inc, Denso Corporation, FTL Steering Systems GmbH, GKN PLC., Global Steering Systems LLC, Hiatchi Ltd., Hyundai Mobis Co. Ltd, JIYI Robot (Shanghai) Co., Ltd., Jtekt Machine Systems Corp., Mando Corp., Mighty Auto Parts, Mitsubishi Electric Corporation, Moog by DRiV Automotive Inc., MTS Systems Corporation, Nexteer Automotive Corporation, NSK Ltd., Pailton Engineering Ltd., PSS Steering & Hydraulics, Rane Holdings Limited., Robert Bosch GmbH, Schaeffler Group, Sona Koyo Steering System Ltd, Thompson Ramo Wooldridge Inc., ThyssenKrupp AG, Trimble, Inc., and ZF Friedrichshafen AG.

Market Segmentation & Coverage



This research report categorizes the Automotive Steering System Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
Electro-hydraulic Power Steering
Electronic Power Steering
Hydraulic Power Steering
Component
Electric Motor
Hydraulic Pump
Sensor
Steering Column/Rack
Vehicle
Commercial Vehicle
Passenger Vehicle
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Automotive Steering System Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Automotive Steering System Market?
3. What are the technology trends and regulatory frameworks in the Automotive Steering System Market?
4. What is the market share of the leading vendors in the Automotive Steering System Market?
5. Which modes and strategic moves are suitable for entering the Automotive Steering System Market?

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