Automotive Steering Systems Market Growth Prospects: 7.59% CAGR by {2029}

According to the TechSci Research report titled “Automotive Steering Systems Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F,” the global automotive steering systems market was valued at USD 24.33 billion in 2023 and is projected to reach USD 37.68 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.59% during the forecast period.

The market’s growth is driven by technological advancements, increasing emphasis on vehicle safety, and evolving consumer preferences.

Key Automotive Steering Systems Market Drivers

Technological Advancements in Steering Systems

1. Electric Power Steering (EPS):

   • EPS systems enhance fuel efficiency and reduce emissions.

   • Automakers prefer EPS due to its ability to improve vehicle handling and reduce driver fatigue.

2. Steer-by-Wire Technology:

   • Replacing traditional mechanical linkages with electronic controls.

   • Provides enhanced precision and supports autonomous driving functionalities.

Rising Global Vehicle Production

1. Passenger and Commercial Vehicles:

   • Increasing demand for vehicles globally contributes significantly to market expansion.

   • Automakers are focusing on incorporating advanced steering solutions to cater to varying consumer needs.

Integration with Advanced Technologies

1. AI and Sensors:

   • AI-powered steering systems enable semi-autonomous and autonomous driving.

   • Sensors ensure precise control and improve safety standards.

2. Support for Electric and Hybrid Vehicles:

   • Steering systems are being adapted to accommodate emerging powertrains.

   • Lightweight materials improve efficiency while maintaining performance.

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Emerging Trends in Automotive Steering Systems Market 

Adoption of Lightweight Materials

1. Enhanced Efficiency:

   • Lightweight materials reduce overall vehicle weight, improving fuel efficiency.

   • Ensures durability without compromising performance.

2. Advanced Manufacturing Techniques:

   • Innovative manufacturing processes are enabling the production of high-strength, lightweight components.

Collaboration Between Automakers and Tech Firms

1. Partnerships for Innovation:

   • Collaboration accelerates the development of advanced steering solutions.

   • Aligns with the consumer demand for connected and intelligent vehicles.

2. Regional Development Initiatives:

   • North America and Europe are leading in the integration of cutting-edge technologies into steering systems.
     
     
     

Automotive Steering Systems Market Segment Analysis

By Steering System

1. Electric Power Steering (EPS):

   • Dominates the market due to its efficiency and reduced environmental impact.

2. Hydraulic Power Steering (HPS):

   • Emerging as a preferred choice in heavy-duty applications due to its reliability.

   • Advancements like variable displacement pumps enhance system efficiency.

3. Steer-by-Wire:

   • Gains traction in autonomous and electric vehicle segments.

By Component

1. Steering Columns and Shafts:

   • Integral for connecting the steering wheel to the steering mechanism.

2. Steering Gears and Pumps:

   • Essential for smooth and precise steering operations.

3. Sensors and Actuators:

   • Enable intelligent steering functionalities, crucial for autonomous vehicles.

By Sales Channel

1. OEMs (Original Equipment Manufacturers):

   • Major contributors to market growth by offering integrated solutions.

2. Aftermarket:

   • Provides replacement parts, catering to aging vehicles and cost-conscious consumers.

By Region

1. North America:

   • Fastest-growing market with a focus on semi-autonomous and autonomous technologies.

   • Investments in electric and hybrid vehicles drive demand for innovative steering systems.

2. Asia-Pacific:

   • Largest market share due to the high production and sales of vehicles.

   • Countries like China and India are hubs for automotive manufacturing.

3. Europe:

   • Emphasis on reducing emissions and adopting electric vehicles boosts the market.

Challenges and Restraints of Automotive Steering Systems Market 

High Costs and Technical Complexities

1. Cost of Advanced Steering Technologies:

   • High initial investment is required for research and development.

   • Increases vehicle prices, limiting accessibility for budget-conscious consumers.

2. Integration Challenges:

   • Complexities in integrating advanced systems with existing vehicle architectures.

Safety and Reliability Concerns

1. Stringent Regulations:

   • Autonomous vehicle steering systems must comply with rigorous safety standards.

2. Ensuring System Reliability:

   • Technical failures can lead to severe consequences, necessitating robust quality assurance.

Competitive Pressure

1. Intense Market Competition:

   • Players need to innovate continually to maintain a competitive edge.

2. Financial Pressures:

   • Rising demand for innovation increases costs, impacting profitability.

Opportunities in Automotive Steering Systems Market 

Growth in Electric and Hybrid Vehicles

1. Adoption of Electric Vehicles (EVs):

   • Governments and consumers are increasingly prioritizing EVs.

   • Steering systems are evolving to meet the specific needs of EVs.

Expansion in Emerging Markets

1. Emerging Economies:

   • Rapid urbanization and increasing disposable incomes drive vehicle demand.

2. Infrastructure Development:

   • Investments in automotive infrastructure support market growth.

Consumer Interest in Advanced Features

1. Demand for Intelligent Vehicles:

   • Consumers prefer vehicles equipped with connected and autonomous capabilities.

2. Focus on Safety:

   • Advanced steering systems enhance safety, a critical factor for buyers.

Regional Analysis of Automotive Steering Systems Market 

North America

1. Technological Leadership:

   • Integration of advanced technologies like AI and sensors.

2. Market Expansion:

   • Growth in electric and hybrid vehicles fuels innovation in steering solutions.

Asia-Pacific

1. High Production Rates:

   • Largest contributor to global vehicle production.

2. Cost-Effective Manufacturing:

   • Availability of skilled labor and raw materials at competitive prices.

Europe

1. Emission Standards:

   • Strict regulations promote the adoption of eco-friendly steering systems.

2. Technological Advancements:

   • Focus on research and development fosters innovation.

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Competitive Landscape of Automotive Steering Systems Market 

Major Players

1. ZF Friedrichshafen AG

2. Mitsubishi Electric Corporation

3. HL Mando Corp.

4. JTEKT Corporation

5. Nexteer Automotive Corporation

6. thyssenkrupp AG

7. Robert Bosch GmbH

8. Hitachi Astemo, Ltd.

Recent Developments

1. ZF Rane Automotive Acquisition:

   • In March 2024, ZF Rane Automotive India Pvt Ltd acquired TRW Sun Steering Wheels Pvt Ltd, bolstering its market presence.
     
     
     

Conclusion

The global automotive steering systems market is poised for substantial growth, driven by technological advancements, increasing vehicle production, and evolving consumer preferences.

Despite challenges such as high costs and technical complexities, opportunities in emerging markets and the adoption of electric vehicles present significant growth potential.

The proactive collaboration between automakers and technology firms will further accelerate the development and adoption of advanced steering solutions, ensuring a safer and more efficient driving experience.

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