Canada Automotive Steering Market Overview, 2029

Canada Automotive Steering Market Overview, 2029

Canada encompasses the production, distribution, and sale of steering systems and related components for vehicles. As of my last update, Canada has a robust automotive industry, with a significant focus on both manufacturing and consumption. The Canadian automotive steering market is a significant segment within the broader automotive industry. It is influenced by factors such as vehicle production, consumer demand, technological advancements, and government regulations. The market has seen steady growth over the years, driven by factors like increasing vehicle sales, technological innovations in steering systems, and the need for improved vehicle safety and performance. The market includes various types of steering systems, such as hydraulic power steering (HPS), electric power steering (EPS), and steer-by-wire systems. EPS, in particular, has gained popularity due to its efficiency, lighter weight, and integration with advanced driver assistance systems (ADAS). The Canadian automotive steering market is served by both domestic and international companies. Major global players in the automotive steering industry, such as Bosch, ZF Friedrichshafen, and JTEKT Corporation, have a presence in Canada either through manufacturing facilities, distribution networks, or partnerships with local automotive companies. The market is witnessing technological advancements aimed at enhancing steering precision, efficiency, and safety. These include the integration of sensors and electronic control units (ECUs) for real-time monitoring and adjustment of steering performance, as well as the development of advanced steering assist systems for semi-autonomous and autonomous vehicles. Initially, during the early 20th century, automobiles were a luxury item, and steering mechanisms were basic, often resembling those found in boats with tiller steering. This era saw the introduction of more sophisticated rack and pinion systems, improving efficiency and control. The mid-20th century witnessed the emergence of power steering, further enhancing driving comfort and ease. Over subsequent decades, technological innovations such as electronic power steering (EPS) systems gained prominence, offering benefits like improved fuel efficiency and design flexibility. Presently, the focus has shifted towards safety, automation, and environmental concerns, with advancements in electric and autonomous vehicles reshaping steering technology. TRW Automotive Holdings Corp., now part of ZF Friedrichshafen AG, leads in safety systems, offering a spectrum from hydraulic to electric power steering. Bosch Automotive Steering is renowned for reliability and innovation, providing solutions like electric power steering and steer-by-wire systems. Nexteer Automotive specializes in intuitive electric power steering, enhancing fuel efficiency and driver assistance. JTEKT Corporation focuses on steering and driveline components, emphasizing innovation and performance. ZF Friedrichshafen AG offers a wide range of steering solutions, including electric power steering and advanced driver assistance systems. Mando Corporation, a South Korean giant, delivers electric power steering and steer-by-wire systems known for quality. GKN Automotive, now part of Dana Incorporated, offers efficient and safe steering solutions, including electric power steering, contributing to a dynamic and competitive market landscape in Canada.

According to the research report ""Canada Automotive Steering Market Overview, 2029,"" published by Bonafide Research, the Canada Automotive Steering market is anticipated to grow at more than 5.54% CAGR from 2024 to 2029. Adoption of advanced technologies in vehicles, such as electric power steering (EPS), steer-by-wire systems, and autonomous driving features, drives the demand for advanced steering components. As automakers integrate more technology into vehicles, the complexity and sophistication of steering systems increase. Concerns about the environment and fuel efficiency drive automakers to develop vehicles that are lighter and more fuel-efficient. Lightweighting initiatives influence the design of steering systems, as lighter components can contribute to overall vehicle Canada's participation in trade agreements, such as NAFTA (now USMCA) and CETA, impacts the automotive industry's supply chain and market dynamics. Economic factors such as exchange rates, labor costs, and government incentives also affect the competitiveness of the automotive steering market in Canada. Steer-by-wire technology eliminates the mechanical linkages between the steering wheel and the wheels, replacing them with electronic sensors and actuators. This technology enables innovative steering designs, enhances vehicle maneuverability, and facilitates the integration of advanced driver-assistance features, such as lane-keeping assistance and automated parking systems. Advanced simulation and testing tools facilitate the development and validation of steering systems, reducing time-to-market and costs associated with physical prototyping. Government regulations and safety standards mandate the use of high-quality steering systems that meet stringent safety requirements. Compliance with these regulations drives the demand for steering components that ensure vehicle safety and performance, particularly as vehicle safety standards continue to evolve. The automotive industry is undergoing rapid technological advancements, and steering systems will continue to evolve to meet the demands of new vehicle features and autonomous driving technologies. The integration of steering systems with vehicle connectivity and artificial intelligence (AI) will enable new functionalities and capabilities. This includes enhanced vehicle-to-vehicle communication, predictive maintenance alerts, and AI-driven adaptive steering assistance systems that can customize steering feel based on driving conditions and driver preferences.

Manual steering, though becoming less common due to the prevalence of power steering systems, remains a significant component in the automotive steering market in Canada, especially in older vehicles and certain niche segments. Manual steering systems rely purely on mechanical linkage between the steering wheel and the wheels of the vehicle, without any assistance from hydraulic or electric power. Manual steering was the standard in older vehicles and was prevalent in vehicles manufactured before the widespread adoption of power steering systems. In Canada, while newer vehicles predominantly feature power steering, manual steering systems are still found in some entry-level or budget vehicle models, as well as in certain specialty vehicles like off-road trucks or performance cars where manual steering is preferred for its direct feedback and simplicity. Manual steering systems are mechanically simpler compared to power steering systems, resulting in potentially lower maintenance costs and fewer components to fail. Manual steering systems are typically lighter than power steering systems, contributing to improved fuel efficiency, especially in older vehicles where weight reduction is crucial. In Canada's automotive market, power steering and variable gear ratio systems are pivotal technologies driving advancements in steering mechanisms. Power steering, employing hydraulic or electric assistance, reduces the physical effort required to maneuver a vehicle, particularly at lower speeds or during parking maneuvers. This feature has become a standard expectation among Canadian consumers, offering enhanced comfort and ease of driving. These systems align with Canadian drivers' preferences for safety, comfort, and convenience, reflecting the broader trend in the automotive industry towards innovative and technologically advanced features. Stringent regulatory standards, consumer demand for enhanced safety and driving experience, as well as the competitive landscape among automakers, drive the adoption of these technologies. As automotive engineering continues to evolve, power steering and variable gear ratio systems are poised to remain integral components of vehicles in Canada, ensuring a smoother, safer, and more enjoyable driving experience for Canadian motorists.

By vehicle, Passenger vehicles of SUV (Sport Utility Vehicle) segment of the automotive market in Canada has undergone a significant evolution, fueled by shifting consumer preferences, technological advancements, and changing market dynamics. Canadian consumers have increasingly gravitated towards SUVs due to their versatility, spaciousness, and perceived safety benefits. These vehicles offer ample cargo space, elevated ground clearance, and a commanding driving position, appealing to families, outdoor enthusiasts, and urban dwellers alike. In a country known for its diverse climate and challenging terrain, the all-weather performance of SUVs, particularly those equipped with all-wheel drive (AWD) or four-wheel drive (4WD) systems, is highly valued by drivers seeking year-round confidence and capability. Furthermore, the SUV market in Canada encompasses a wide spectrum of offerings, from affordable compact models to luxurious, high-performance vehicles, catering to a broad range of consumer preferences and budgets. Safety remains a paramount concern for Canadian consumers, driving the integration of advanced driver-assistance systems (ADAS) and innovative safety features in modern SUVs. As urbanization continues and infrastructure evolves, compact and midsize SUVs are expected to remain popular choices for navigating city streets and adapting to urban lifestyles. Canada's urban centers are experiencing population growth and urbanization, leading to increased demand for vehicles that offer urban maneuverability and practicality. Compact and midsize SUVs, known for their smaller footprints and agile handling, are well-suited for navigating city streets and parking in tight spaces. Fleet operators are increasingly focused on modernizing their vehicle fleets to improve fuel efficiency, reduce emissions, and lower operating costs. This trend drives the adoption of cleaner and more fuel-efficient vehicles, as well as alternative fuel options such as compressed natural gas (CNG), propane, and hydrogen fuel cell technology. Canada's trade-dependent economy relies heavily on the transportation industry for the movement of goods and services. Commercial vehicles play a crucial role in facilitating trade and commerce, transporting goods between provinces and to international markets via road, rail, and sea routes.

In the Canadian automotive market, a diverse array of sensors and components underpin the functionality and safety features of vehicles, catering to the demands of both drivers and regulatory standards. Proximity sensors, including ultrasonic and radar sensors, stand as pivotal components facilitating parking assistance, blind-spot monitoring, and collision avoidance systems. These sensors, adept at detecting nearby objects, serve as guardians against accidents, particularly in densely populated urban areas where parking spaces are tight and traffic congestion is prevalent. Camera systems, ranging from backup cameras to surround-view and forward-facing cameras, are indispensable allies to drivers, offering enhanced visibility and aiding in various driving scenarios. Whether maneuvering into a tight parking spot or navigating through busy city streets, these cameras provide invaluable visual assistance, ensuring safer driving experiences and mitigating the risk of collisions. The emergence of LiDAR (Light Detection and Ranging) sensors represents a paradigm shift in automotive technology, particularly in the realm of autonomous vehicles and advanced driver assistance systems. Leveraging laser beams to generate detailed 3D maps of the vehicle's surroundings, LiDAR sensors empower vehicles with precise object detection, localization, and navigation capabilities, laying the groundwork for safer and more efficient autonomous driving experiences. GPS and navigation systems have become indispensable features in modern vehicles, offering real-time navigation guidance, traffic updates, and location-based services. These systems, reliant on satellite signals, provide drivers with the tools they need to navigate unfamiliar routes with confidence while optimizing travel times and minimizing disruptions. Wheel speed sensors, integral components of anti-lock braking systems (ABS) and traction control systems (TCS), ensure optimal vehicle stability and control by monitoring individual wheel speeds and modulating braking force accordingly. By preventing wheel lockup and skidding, wheel speed sensors contribute to enhanced safety and maneuverability, particularly in adverse driving conditions such as ice or snow. As vehicles continue to evolve and become increasingly interconnected, the role of sensors in enhancing driver safety, comfort, and convenience will only continue to expand, shaping the future of mobility in Canada and beyond.

Considered in this report
• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in this report
• Automotive Steering market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Type of Steering System
• Manual Steering
• Power Steering (Hydraulic Power Steering, Electric Power Steering)
• Others(Variable Gear Ratio Steering,Rack and Pinion Steering, Recirculating Ball Steering)

By Vehicle Type
• Passenger Vehicles (Cars, SUVs, Vans)
• Commercial Vehicles (Trucks, Buses)
• Off-road Vehicles (ATVs, UTVs, Dirt Bikes)

By Component
• Steering Column
• Steering Wheel
• Steering Gear
• Steering Pump
• Steering Sensor
• Others

By End Use
• OEMs (Original Equipment Manufacturers)
• Aftermarket

The approach of the report:
This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started making primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the automotive steering industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.