Automotive Steering System Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Automotive Steering System Market

The Automotive Steering System market size was valued at USD 17.10 billion in 2018, and the market is now projected tgrow from USD 17.10 billion in 2018 tUSD 66.62 billion by 2032, exhibiting a CAGR of 12% during the forecast period of 2018-2032.

The COVID-19 pandemic drastically impacted the Automotive Steering System market growth, frequently due tdisruptions in worldwide delivery chains, production halts, and decreased patron calls for cars. Lockdowns and regulations caused the transient closure of manufacturing centres, delaying the manufacturing of guidance additives and motors. Additionally, the monetary downturn caused by the pandemic reduced customer purchasing energy, leading ta decline in new vehicle income, which affected the call for steering structures without delay. However, the marketplace began trecover as economies reopened and the car industry rebounded, especially with extended cognisance of electric and independent automobiles. Furthermore, the pandemic increased the adoption of advanced technology, which includes steer-with-the-aid-twine systems, driven by the demand for more advantageous protection and convenience, setting the degree for long-term marketplace growth.

The extended production of vehicles in developing nations, inclusive of China and India, is expected tforce the automobile steerage system market tincrease over the forecast period. The considerable availability of uncooked cloth, in addition texertions at less expensive fees in growing countries, possibly assists in using the growth of the manufacturing rate of car manufacturers, which, in turn, would concurrently boost the Automotive Steering System market share. The growing sale of cars inside growing international locations such as India and China, due tthe rising disposable profits of the people, would additionally increase the automotive steering system market. Therefore, the worldwide automobile guidance machine market is predicted twitness an escalating boom charge over the forecast period.

Additionally, the increasing call for fuel-green vehicles with effective steerage devices is anticipated tpropel the increase of the market over the forecast duration. Strict suggestions through the government our bodies for the fuel performance of automobiles is likewise one of the primary car steering system market developments. The developing preference for smooth and exceptionally snug enjoy is possible tskyrocket the call for the car steering gadget market.

Comprehensive Analysis of Automotive Steering System Market

The automotive steering system marketplace is segmented via type intelectric strength steering (EPS), guide steerage, hydraulic electricity steering (HPS), and electro-hydraulic electricity steering (EHPS), with EPS expected tdominate because of its huge adoption with the aid of automakers and improvements like steer-via-wire era. By automobile kind, the market is categorised intpassenger automobiles, light commercial vehicles, and heavy business automobiles, with the passenger car segment main the market pushed by using growing sales in Asia-Pacific and the growing integration of EPS in these cars.

Asia Pacific is anticipated tdominate the automobile steering device marketplace over the forecast length. The increasing income and manufacturing of automakers from developing countries are predicted tpropel the automotive guidance gadget marketplace boom in this place. The call for excessive-give-up luxury automobiles and the increasing disposable earnings of clients in developing countries are alsprojected tpropel the increase of the market in this place.

Key players within the car steerage system marketplace include Hyundai Mobis Co., Ltd. (South Korea), an international leader in car additives; JTEKT Corporation (Osaka, Japan), focusing on guidance systems and bearings; Mitsubishi Electric Corporation (Japan), renowned for its advanced car answers; NSK Ltd. (Japan), a primary provider of car bearings and guidance structures; Nexteer Automotive Group Limited (USA), a main producer of guidance and driveline structures; Showa Corporation (Japan), known for its modern suspension and guidance technologies; and ThyssenKrupp AG (Germany), an outstanding engineering and commercial group with know-how in steerage additives.

In October 2020, Nexteer launched High-Output Electric Power Steering (EPS). It specialises in delivering superior protection and luxury functions as well as greater fuel performance for heavy-duty vehicles and light business vehicles.

Segmentation Table

Global Automotive Steering System Market Scope

Study Period 2015-2026

Base Year 2018

Forecast Period 2019-2026

Growth Rate CAGR of 12% from 2024-2032

Historical Period 2015-2017

Unit Value (USD Billion)

Segmentation By Type, vehicle type, and Region

By Type

Electric Power Steering (EPS)

Hydraulic Power Steering (HPS)

Electro-Hydraulic Power Steering (EHPS)

Manual Steering

By vehicle type

Passenger Cars

Light Commercial Vehicles

Heavy Commercial Vehicles

By Region

North America (U.S., Canada, Mexico)

Europe (U.K., Germany, France, and Rest of Europe)

Asia Pacific (Japan, China, India, South Korea and Rest of Asia Pacific)

Rest of the world