By GlobeNewswire – Press Releases
New York, United States , June 11, 2024 (GLOBE NEWSWIRE) — The Global Automotive Steering System Market Size Expected to Grow from USD 33.15 Billion in 2023 to USD 45.94 Billion by 2033, at a CAGR of 3.32% during the forecast period 2023-2033.
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An automobile steering system is a set of components that control the direction of vehicle motion and aid the driver in managing the vehicle when necessary. The hand-operated steering wheel, steering column, universal joints, and rack-and-pinion mechanism all contribute to the vehicle’s steering system. The advancement has culminated in the switch from manual to power-assisted steering. The automotive steering system is considered indispensable and responsible for successful vehicle control, making it an essential component. The rising demand for fuel-efficient vehicles with effective steering systems will drive market growth during the forecast period. Strict government regulations on vehicle fuel efficiency are another important trend in the automotive steering system market. Investors and key manufacturers are investing extensively in the creation of increasingly advanced self-driving vehicles to gain a competitive edge. Increased demand for steering wheels is expected to boost the growth of the automotive steering system market during the forecast period. However, the high cost of a power steering system is expected to impede the growth of the vehicle industry.
Browse key industry insights spread across 203 pages with 110 Market data tables and figures & charts from the “Global Automotive Steering System Market Size, Share, and COVID-19 Impact Analysis, By Type (Column-EPS, Rack-EPS, Pinion-EPS), By Pinion (Single, Dual), By Technology (Electric Power Steering, Electrically Assisted Hydraulic Power Steering, Hydraulic Power Steering), By Vehicle (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.”
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The column-EPS segment is expected to hold the largest share of the global automotive steering system market during the forecast period.
Based on the type, the global automotive steering system market is categorized into column-EPS, rack-EPS, and pinion-EPS. Among these, the column-EPS segment is expected to hold the largest share of the global automotive steering system market during the forecast period. The key advantage of Collapsible EPS (CEPS) is its capacity to collapse the steering column in the event of a frontal collision, providing additional protection to the driver by reducing the risk of chest and head injuries.
The dual segment is expected to grow at the fastest CAGR during the forecast period.
Based on the pinion, the global automotive steering system market is categorized into single, and dual. Among these, the dual segment is expected to grow at the fastest CAGR during the forecast period. Dual pinion allows more design freedom for positioning the motor and controller, as well as supporting the mechanism on the opposite side of the driver, minimizing the risk of leg injury in the event of a collision.
The electric power steering segment is expected to hold a significant share of the global automotive steering system market during the forecast period.
Based on the technology, the global automotive steering system market is categorized into electric power steering, electrically assisted hydraulic power steering, and hydraulic power steering. Among these, the electric power steering segment is expected to hold a significant share of the global automotive steering system market during the forecast period. This system is powered by an electric motor that operates independently of the main engine and only when necessary. Hydraulic power steering systems are the most basic and practical sort of steering system design.
The passenger cars segment is predicted to dominate the global automotive steering system market during the forecast period.
Based on the vehicle, the global automotive steering system market is categorized into passenger cars, light commercial vehicles, and heavy commercial vehicles. Among these, the passenger cars segment is predicted to dominate the global automotive steering system market during the forecast period. The expanding number of excursions and recreational activities around the world is driving passenger car sales, raising demand for automotive steering system parts. Another factor driving market expansion is strong demand for Special Utility Vehicles (SUVs), which are distinguished by enhanced mobility, stylish design, and low cost.
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Asia Pacific is projected to hold the largest share of the global automotive steering system market over the anticipation timeframe.
Asia Pacific is projected to hold the largest share of the global automotive steering system market over the anticipation timeframe. The market’s growth has been primarily driven to the increasing number of automobiles and the growing demand for driving-assist services among vehicle owners. For example, it is projected that by 2025, more than 70% of all new vehicles manufactured in China would have smart high-level driving assistance functions. In addition, growth in the regional automotive sector is being driven by increased manufacturing of automotive components and parts, as well as a growing preference among the population for luxury automobiles, both of which are predicted to raise market size during the projection period.
North America is expected to grow at the fastest CAGR growth of the global automotive steering system market during the anticipation timeframe. The automotive steering system market in North America is being pushed by rising consumer spending power. An increase in car manufacture in North America is also influencing the automobile steering system business.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global automotive steering system market are Robert Bosch GmbH, Federal-Mogul Corporation, NSK Ltd., NSK-RHP Europe Ltd., JTEKT Corporation, Nexteer Automotive Group Limited, NSK Ltd., ThyssenKrupp AG, ZF Friedrichshafen AG, TRW Automotive, China Automotive Systems Inc., Mitsubishi Electric Corporation, Hyundai Mobis Co. Ltd., Mando Corporation, Showa Corporation, China Automotive Systems Inc., Federal-Mogul Corporation, Robert Bosch Automotive Steering GmbH, and others.
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Recent Developments
- In February 2024, Arnold NextG provides a new concept for tractors: car-like steering. They altered the tractor’s steering wheel by altering essential vehicle operations such as steering, throttle, and brake.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global automotive steering system market based on the below-mentioned segments:
Global Automotive Steering System Market, By Type
- Column-EPS
- Rack-EPS
- Pinion-EPS
Global Automotive Steering System Market, By Pinion
Global Automotive Steering System Market, By Technology
- Electric Power Steering
- Electrically Assisted Hydraulic Power Steering
- Hydraulic Power Steering
Global Automotive Steering System Market, By Vehicle
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Global Automotive Steering System Market, By Regional
- North America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements. Major vendors in the Global Automotive Steering System Market are Robert Bosch GmbH, Federal-Mogul Corporation, NSK Ltd., NSK-RHP Europe Ltd., JTEKT Corporation, Nexteer Automotive Group Limited, NSK Ltd., ThyssenKrupp AG, ZF Friedrichshafen AG, TRW Automotive, China Automotive Systems Inc., Mitsubishi Electric Corporation, Hyundai Mobis Co. Ltd., Mando Corporation, Showa Corporation, China Automotive Systems Inc., Federal-Mogul Corporation, Robert Bosch Automotive Steering GmbH, and others.
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Source: GlobeNewswire – Press Releases
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