Automotive Steering Systems Market Size, Trends, Analysis, and Outlook by Technology (Hydraulic Power Steering, Electrically Assisted Hydraulic Power Steering, Electric Power Steering), Component (Sensors, Steering Column, Mechanical Rack and Pinion, Elec

Automotive Steering Systems Market Size, Trends, Analysis, and Outlook by Technology (Hydraulic Power Steering, Electrically Assisted Hydraulic Power Steering, Electric Power Steering), Component (Sensors, Steering Column, Mechanical Rack and Pinion, Electric Motor, ECU, Hydraulic Pump), Electric Motor (Brushless, Brushed), Pinion, Single, Dual), Application (Passenger Car, Light Commercial Vehicles, Heavy Commercial Vehicles), Electric Vehicle (BEV, PHEV, FCEV), by Country, Segment, and Companies, 2024-2030

The global Automotive Steering Systems market size is poised to register 4.43% growth from 2024 to 2030, presenting significant growth prospects for companies operating in the industry. The study analyzes the global Automotive Steering Systems market by Technology (Hydraulic Power Steering, Electrically Assisted Hydraulic Power Steering, Electric Power Steering), Component (Sensors, Steering Column, Mechanical Rack and Pinion, Electric Motor, ECU, Hydraulic Pump), Electric Motor (Brushless, Brushed), Pinion, Single, Dual), Application (Passenger Car, Light Commercial Vehicles, Heavy Commercial Vehicles), Electric Vehicle (BEV, PHEV, FCEV).

The Automotive Steering Systems Market is poised for significant evolution, driven by the rapid advancement in vehicle electrification and autonomous driving technology is reshaping steering systems, with a shift toward steer-by-wire and electric power steering (EPS) systems that offer enhanced control, responsiveness, and efficiency. This trend is further propelled by the need for more sophisticated steering systems capable of integrating seamlessly with advanced driver assistance systems (ADAS) and autonomous driving features. Secondly, increasing consumer demand for improved fuel efficiency, vehicle dynamics, and safety is driving innovation in steering system designs, materials, and components, fostering the development of lightweight and compact steering solutions that offer enhanced performance while reducing energy consumption and emissions. Further, the expansion of the global automotive market, particularly in emerging economies, presents opportunities for steering system manufacturers to cater to the growing demand for vehicles equipped with advanced steering technologies tailored to regional driving conditions and consumer preferences. In addition, the growing emphasis on connectivity and vehicle-to-everything (V2X) communication is driving the integration of smart steering systems capable of providing real-time feedback on road conditions, traffic, and vehicle performance, enhancing .

Automotive Steering Systems Market Drivers, Trends, Opportunities, and Growth Opportunities

This comprehensive study discusses the latest trends and the most pressing challenges for industry players and investors. The Automotive Steering Systems market research analyses the global market trends, key drivers, challenges, and opportunities in the industry. In addition, the latest Future of Automotive Steering Systems survey report provides the market size outlook across types, applications, and other segments across the world and regions. It provides data-driven insights and actionable recommendations for companies in the Automotive Steering Systems industry.

Key market trends defining the global Automotive Steering Systems demand in 2024 and Beyond

The industry continues to remain an attractive hub for opportunities for both domestic and global vendors. As the market evolves, factors such as emerging market dynamics, demand from end-user sectors, a growing patient base, changes in consumption patterns, and widening distribution channels continue to play a major role.

Automotive Steering Systems Market Segmentation- Industry Share, Market Size, and Outlook to 2030

The Automotive Steering Systems industry comprises a wide range of segments and sub-segments. The rising demand for these product types and applications is supporting companies to increase their investment levels across niche segments. Accordingly, leading companies plan to generate a large share of their future revenue growth from expansion into these niche segments. The report presents the market size outlook across segments to support Automotive Steering Systems companies scaling up production in these sub-segments with a focus on expanding into emerging countries.

Key strategies adopted by companies within the Automotive Steering Systems industry

Leading Automotive Steering Systems companies are boosting investments to capitalize on untapped potential and future possibilities across niche market segments and surging demand conditions in key regions. Further, companies are leveraging advanced technologies to unlock opportunities and achieve operational excellence. The report provides key strategies opted for by the top 10 Automotive Steering Systems companies.

Automotive Steering Systems Market Study- Strategic Analysis Review

The Automotive Steering Systems market research report dives deep into the qualitative factors shaping the market, empowering you to make informed decisions-

• Industry Dynamics: Porter's Five Forces analysis to understand bargaining power, competitive rivalry, and threats that impact long-term strategy formulation.
• Strategic Insights: Provides valuable perspectives on key players and their approaches based on comprehensive strategy analysis.
• Internal Strengths and Weaknesses: Develop targeted strategies to leverage strengths, address weaknesses, and capitalize on market opportunities.
• Future Possibilities: Prepare for diverse outcomes with in-depth scenario analysis. Explore potential market disruptions, technology advancements, and economic changes.

Automotive Steering Systems Market Size Outlook- Historic and Forecast Revenue in Three Cases

The Automotive Steering Systems industry report provides a detailed analysis and outlook of revenue generated by companies from 2018 to 2023. Further, with actual data for 2023, the report forecasts the market size outlook from 2024 to 2030 in three case scenarios- low case, reference case, and high case scenarios.

Automotive Steering Systems Country Analysis and Revenue Outlook to 2030

The report analyses 22 countries worldwide including the key driving forces and market size outlook from 2021 to 2030. In addition, region analysis across Asia Pacific, Europe, the Middle East, Africa, North America, and South America is included in the study. For each of the six regions, the market size outlook by segments is forecast for 2030.

North America Automotive Steering Systems Market Size Outlook- Companies plan for focused investments in a changing environment

The US continues to remain the market leader in North America, driven by a large consumer base, the presence of well-established providers, and a strong end-user industry demand. Leading companies focus on new product launches in the changing environment. The US economy is expected to grow in 2024 (around 2.2% growth in 2024), potentially driving demand for various Automotive Steering Systems market segments. Similarly, Strong end-user demand is encouraging Canadian Automotive Steering Systems companies to invest in niche segments. Further, as Mexico continues to strengthen its trade relations and invest in technological advancements, the Mexico Automotive Steering Systems market is expected to experience significant expansion, offering lucrative opportunities for both domestic and international stakeholders.

Europe Automotive Steering Systems Market Size Outlook-Companies investing in assessing consumers, categories, competitors, and capabilities

The German industry remains the major market for companies in the European Automotive Steering Systems industry with consumers in Germany, France, the UK, Spain, Italy, and others anticipated to register a steady demand throughout the forecast period, driving the overall market prospects. In addition, the proactive approach of businesses in identifying and leveraging new growth prospects positions the European Automotive Steering Systems market for an upward trajectory, fostering both domestic and international interest. Leading brands operating in the industry are emphasizing effective marketing strategies, innovative product offerings, and a keen understanding of consumer preferences.

Asia Pacific Automotive Steering Systems Market Size Outlook- an attractive hub for opportunities for both local and global companies

The increasing prevalence of indications, robust healthcare expenditure, and increasing investments in healthcare infrastructure drive the demand for Automotive Steering Systems in Asia Pacific. In particular, China, India, and South East Asian Automotive Steering Systems markets present a compelling outlook for 2030, acting as a magnet for both domestic and multinational manufacturers seeking growth opportunities. Similarly, with a burgeoning population and a rising middle class, India offers a vast consumer market. Japanese and Korean companies are quickly aligning their strategies to navigate changes, explore new markets, and enhance their competitive edge. Our report utilizes in-depth interviews with industry experts and comprehensive data analysis to provide a comprehensive outlook of 6 major markets in the region.

Latin America Automotive Steering Systems Market Size Outlook- Continued urbanization and rising income levels

Rising income levels contribute to greater purchasing power among consumers, spurring consumption and creating opportunities for market expansion. Continued urbanization and rising income levels are expected to sustainably drive consumption growth in the medium to long term.

Middle East and Africa Automotive Steering Systems Market Size Outlook- continues its upward trajectory across segments

Robust demand from Middle Eastern countries including Saudi Arabia, the UAE, Qatar, Kuwait, and other GCC countries supports the overall Middle East Automotive Steering Systems market potential. Fueled by increasing consumption expenditure, growing population, and high demand across a few markets drives the demand for Automotive Steering Systems.

Automotive Steering Systems Market Company Profiles

The global Automotive Steering Systems market is characterized by intense competitive conditions with leading companies opting for aggressive marketing to gain market shares. The report presents business descriptions, SWOT analysis, growth strategies, and financial profiles. Leading companies included in the study are Hitachi Astemo Ltd, HYCET Technology Co. Ltd , Hyundai Mobis Co. Ltd, JTEKT Corp, KYB Corp, Mando Corp, Mitsubishi Electric Corp, Nexteer Automotive Group Ltd, NSK Ltd, Robert Bosch GmbH, thyssenkrupp AG, ZF Friedrichshafen AG.

Recent Automotive Steering Systems Market Developments

The global Automotive Steering Systems market study presents recent market news and developments including new product launches, mergers, acquisitions, expansions, product approvals, and other updates in the industry.

Automotive Steering Systems Market Report Scope

Parameters: Revenue, Volume Price

Study Period: 2023 (Base Year); 2018- 2023 (Historic Period); 2024- 2030 (Forecast Period)

Currency: USD; (Upon request, can be provided in Euro, JPY, GBP, and other Local Currency)

Qualitative Analysis

• Pricing Analysis
• Value Chain Analysis
• SWOT Profile
• Market Dynamics- Trends, Drivers, Challenges
• Porter’s Five Forces Analysis
• Macroeconomic Impact Analysis
• Case Scenarios- Low, Base, High

Market Segmentation:

Technology

Hydraulic Power Steering

Electrically Assisted Hydraulic Power Steering

Electric Power Steering

Component

Sensors

Steering Column

Mechanical Rack and Pinion

Electric Motor

ECU

Hydraulic Pump

Electric Motor

Brushless

Brushed

Pinion

Single

Dual

Application

Passenger Car

Light Commercial Vehicles

Heavy Commercial Vehicles

Electric Vehicle

BEV

PHEV

FCEV

Geographical Segmentation:

• North America (3 markets)
• Europe (6 markets)
• Asia Pacific (6 markets)
• Latin America (3 markets)
• Middle East Africa (5 markets)

Companies

Hitachi Astemo Ltd

HYCET Technology Co. Ltd

Hyundai Mobis Co. Ltd

JTEKT Corp

KYB Corp

Mando Corp

Mitsubishi Electric Corp

Nexteer Automotive Group Ltd

NSK Ltd

Robert Bosch GmbH

thyssenkrupp AG

ZF Friedrichshafen AG.

Formats Available: Excel, PDF, and PPT