Automotive Steering Systems Market to Hit USD 44.30 Bn. and Emergent at Growth Rate of 4.7 percent by 2029 Industry Analysis and Forecast (2022-2029) Trends, Statistics, Dynamics

December 08 10:00 2022
Automotive Steering Systems Market to Hit USD 44.30 Bn. and Emergent at Growth Rate of 4.7 percent by 2029 Industry Analysis and Forecast (2022-2029) Trends, Statistics, Dynamics
Automotive Steering Systems Market
Automotive Steering Systems Market was valued at USD 30.68 Billion in 2021, and is expected to reach USD 44.30 Billion by 2029, exhibiting a CAGR of 4.7 % during the forecast period (2022-2029)

Pune, 7, Dec2022: The report published by Maximize Market research, on Automotive Steering Systems Market covers an extensive regional analysis and competitive landscape. Over the forecast period, Maximize Market research expects, the market to growth from 30.68 Bn in 2021 to 44.30 Bn in 2029 at a CAGR of 4.7 %.

Automotive Steering Systems Market Scope and Research Methodology

The research investigates the market segments for automotive steering systems (Component, Technology, EPS Type, Pinion-Type, Mechanism, Vehicle Type, and Region). Regions and market participants have given data (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market study offers a comprehensive overview of the present, quick advancements occurring in all business sectors. Key data analysis is provided for the historical era from 2017 to 2021 using facts, figures, graphics, and presentations. Based on a detailed examination of the current competitive landscape in the Automotive Steering Systems market, this MMR study contains investing suggestions. The competitive analysis of the Automotive Steering Systems market includes information on the revenue, financial condition, portfolio, technological adoption, mergers and acquisitions, joint ventures, and strategic alliances of the major market participants, which are ranked by region. 

The bottom-up approach was employed to validate the market size and its estimation by different segments. Data was collected employing both primary and secondary data collection methods. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs, and marketing professionals were included in the primary methods. Secondary data was meticulously collected from a curated selection of sources for maximum reliability of the inferences. This includes official databases of various organizations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. 

SWOT analysis was conducted to provide the strengths and weaknesses of the Automotive Steering Systems Market while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the Automotive Steering Systems Market.

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Automotive Steering Systems Market Overview

Constant technical advancements in the automotive industry and the development of creative solutions to improve the complete travelling experience and the quality of automobile manufactured from last two decades. Automotive OEMs (Original Equipment Manufacturers) have introduced several cutting-edge technologies that raise the visual appeal and performance of vehicles. The precise engineering of automotive steering systems eliminates the need for a pump, drive belt, and hose connected to the engine to use various amounts of power. These elements are helping to fuel the automotive steering systems market and the rise in demand for automotive steering systems.

The next significant digital advancement in the automotive industry is the integration of IoT (Internet of Things) in vehicles. Another revolution in the automotive industry would start with the introduction of self-driving cars. The driving experience of drivers in autonomous or self-driving automobiles might be enhanced by the incorporation of EPS (Electronic Power Steering) technology. The technology and automotive industries both stand to benefit from the quick growth of connected vehicles.

Automotive Steering Systems Market Dynamics

The public transit and logistics, buses and trucks are being used more frequently worldwide. There is a growing need for better public transportation as the metropolitan area’s population rising, and the current transportation infrastructure is becoming increasingly inadequate. OEMs all over the world are putting more of an emphasis on reducing carbon emissions, which is causing electric vehicle adoption to rise. The use of cleaner technology is becoming more of a priority for passenger cars and taxis as demand rises. The electrification of vehicles, especially passenger cars, is the main goal of manufacturers. The development of environmentally friendly transportation is a major priority for many nations worldwide. In addition, the government would keep enhancing the information and public transit infrastructure that encourage environmentally responsible mobility.

To fulfil the demand for fewer emissions, the automotive industry has sped up the electrification of numerous traditionally mechanical systems. To reduce emissions while enhancing safety, streamlining procedures, and the driving experience, everything has been electrified, from supercharging to power steering. Reduced weight, upkeep, and fuel consumption, as well as greater variable steering response at varying speeds, are all benefits of electronic power steering over hydraulic power steering. The automobile steering systems market is expected to be driven by rising eps integration and developments in advanced driver-assistance systems.

Automotive Steering Systems Market Regional Insights

Europe hold the largest market share of the global automotive steering system market in 2021.In Europe, the automotive sector is crucial for the region’s prosperity. The region’s industrial solutions have been greatly enhanced, and it has been designated as Industry 4.0. The European Commission is focusing its investments on R&D to boost the automotive industry’s competitiveness and keep it at the forefront of technology.

The Asia Pacific region is predicted to lead the world market for car steering systems by 2029, growing at the fastest rate and holding the largest revenue share. The infrastructure and technological advancements that have been made have greatly benefited the APAC region’s economy. The market for automotive steering systems in the area is being driven by a booming automotive industry and an increase in the number of producers of passenger cars and commercial vehicles.

Automotive Steering Systems Market Segmentation 

By Component: 

  • Hydraulic Pump
  • Steering Column
  • Electric Motor
  • Steering Wheel Speed Sensor

By Technology:

  • Electric power steering (EPS)
  • Electrically assisted hydraulic power steering (EHPS)
  • Hydraulic power steering (HPS)

By EPS Type:

  • Column-EPS (C-EPS)
  • Pinion-EPS (P-EPS)
  • Rack-EPS (R-EPS)

By Pinion-Type:

  • Single
  • Dual

By Mechanism:

  • Collapsible EPS
  • Rigid EPS

By Vehicle Type 

  • Passenger Car (PC)
  • Light Commercial Vehicle (LCV)
  • Heavy Commercial Vehicle (HCV)

Automotive Steering Systems Market Key Manufacturers: 

  • China Automotive Systems, Inc.
  • Nexteer Automotive
  • Hitachi Automotive Systems Americas, Inc.
  • Hyundai Mobis
  • JTEKT Corporation
  • The Mando Corporation
  • NSK Ltd.
  • Robert Bosch GmbH
  • Showa Corporation
  • ThyssenKrupp AG
  • Magna International
  • Mitsubishi Electric Corporation
  • Denso Corporation
  • Sona Corporation
  • Knorr-Bremse AG
  • ZF Friedrichshafen AG
  • Rollax GmbH & Co. KG

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Key questions answered in the Automotive Steering Systems Market are: 

  • What is Automotive Steering Systems? 
  • What is the growth rate of Automotive Steering Systems Market for the forecast years? 
  • What is the nature of competition in Automotive Steering Systems industry in developed and developing economies? 
  • Who are the key players in the Automotive Steering Systems Market?
  • Who are the market leaders in Automotive Steering Systems in Europe?
  • Who are the market leaders in Automotive Steering Systems in USA and Canada?
  • Who are the market leaders in Automotive Steering Systems in India, China, Japan and South Korea?
  • What are the factors affecting growth in the Automotive Steering Systems Market? 
  • Who held the largest market share in Automotive Steering Systems Market? 
  • What are the factors for the growth of Asia-Pacific region in Automotive Steering Systems Market?

Key Offerings:

  • Market Share, Size & Forecast by Revenue | 2022−2029
  • Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
  • Market Segmentation – A detailed analysis by Component, Technology, EPS Type, Pinion-Type, Mechanism, Vehicle Type, and Region.
  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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