The latest report by IMARC Group, titled “Automotive Steering System Market Report by Type (Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Electro-Hydraulic Power Steering (EHPS), Manual Steering), Component (Steering Column, Steering Wheel Speed Sensors, Electric Motors, Hydraulic Pumps, and Others), Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), and Region 2024-2032”, offers a comprehensive analysis of the industry, which comprises insights on the market. The global automotive steering system market size reached US$ 33.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 46.1 Billion by 2032, exhibiting a growth rate (CAGR) of 3.4% during 2024-2032.

Factors Affecting the Growth of the Global Automotive Steering System Industry:

• Stringent Regulations:

Stringent safety regulations and standards imposed by governments and regulatory bodies worldwide drive the growth of the automotive steering system market. These regulations aim to enhance vehicle safety and reduce accidents, compelling automakers to adopt advanced steering technologies. For instance, the implementation of regulations mandating electronic stability control (ESC) systems in vehicles has led to increased adoption of electric power steering systems, which are integral to ESC functionality. Additionally, safety standards such as the New Car Assessment Program (NCAP) ratings influence consumer purchasing decisions, prompting manufacturers to incorporate advanced steering systems to achieve higher safety ratings.

• Rising Demand for Electric Vehicles:

The increasing demand for electric and autonomous vehicles significantly influences the automotive steering system market. Electric vehicles (EVs) require efficient and lightweight steering systems to maximize their range and performance. As a result, manufacturers are focusing on developing advanced steering solutions tailored for EVs. The shift towards autonomous driving further amplifies the need for sophisticated steering systems. Autonomous vehicles rely on precise and reliable steering controls to navigate safely and efficiently. The integration of AI and machine learning algorithms in steering systems ensures better decision-making and control in various driving scenarios. Moreover, the adoption of autonomous technology necessitates the development of fail-safe and redundant steering systems to ensure safety in case of system failures.

• Technological Advancements:

Technological advancements play a crucial role in driving the automotive steering system market. The evolution of steering systems from traditional hydraulic power steering (HPS) to advanced electric power steering (EPS) has significantly transformed the industry. EPS systems offer several advantages over HPS, including improved fuel efficiency, reduced emissions, and enhanced steering precision. The integration of advanced driver-assistance systems (ADAS) such as lane-keeping assist, automated parking, and collision avoidance systems further fuels market growth. These systems require precise and responsive steering control, which modern steering technologies can provide. Additionally, the development of steer-by-wire technology, which eliminates the mechanical link between the steering wheel and the wheels, is gaining traction.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• China Automotive Systems Inc.
• Denso Corporation
• Georgsmarienhütte Holding GmbH
• Gss Steering Systems LLC
• JTEKT Corporation
• Knorr-Bremse AG
• Mando Corporation
• Mitsubishi Electric Corporation
• Nexteer Automotive (Pacific Century Motors)
• NSK Ltd.
• Robert Bosch Gmbh
• Rollax GmbH & Co. KG
• thyssenkrupp AG.

Automotive Steering System Market Report Segmentation:

By Type: 

• Electric Power Steering (EPS)
• Hydraulic Power Steering (HPS)
• Electro-Hydraulic Power Steering (EHPS)
• Manual Steering

Electric power steering represent the largest segment as they are more efficient compared to traditional hydraulic power steering (HPS) systems.

By Component:

• Steering Column
• Steering Wheel Speed Sensors
• Electric Motors
• Hydraulic Pumps
• Others

Based on the component, the market has been divided into steering column, steering wheel speed sensors, electric motors, hydraulic pumps, and others.

By Vehicle Type:

• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles

Passenger cars dominate the market as they are produced in significantly higher volumes compared to other types of vehicles such as commercial trucks or buses.

Regional Insights:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia Pacific’s dominance in the automotive steering system market is attributed to rapid growth in its automotive industry, with countries like China, Japan, South Korea, and India becoming major manufacturing hubs for automobiles.

Global Automotive Steering System Market Trends:

The global automotive steering system market is witnessing a significant shift from traditional hydraulic power steering (HPS) to electric power steering (EPS) systems. This transition is driven by the numerous advantages EPS offers, such as improved fuel efficiency, lower emissions, and enhanced steering performance. Besides, the global automotive steering system market is witnessing a significant shift from traditional hydraulic power steering (HPS) to electric power steering (EPS) systems. This transition is driven by the numerous advantages EPS offers, such as improved fuel efficiency, lower emissions, and enhanced steering performance.

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