Automotive Steering Systems market was estimated at USD 31791.75 million, and its anticipated to reach USD 43731.75 million in 2030, with a CAGR of 4.07% during the forecast years.

The Automotive Steering Systems market, pivotal to the automobile industry, has consistently evolved over the years. These systems, designed primarily to guide and maneuver the vehicle, have come a long way from the traditional manual steering systems to the technologically advanced electric and automated steering mechanisms prevalent today. The integration of advanced driver assistance systems (ADAS) and the evolution towards autonomous vehicles are further augmenting the need for innovative steering systems.

Automotive Steering Systems Market OVERVIEW

In the early days of the automotive industry, vehicles were equipped with mechanical steering systems. However, as technological advancements picked up pace and vehicles became faster and heavier, there was a demand for more efficient and easy-to-use systems. Enter hydraulic power steering, which, for a significant period, dominated the market. This system uses hydraulic fluid to transmit force from the steering wheel to the wheels, making it easier for drivers to steer without exerting too much effort.

Fast-forward to today, and electric power steering (EPS) systems are the new standard, especially in modern vehicles. EPS systems have various advantages over their hydraulic counterparts. They are more energy-efficient, as they only consume power when steering input is given, leading to better fuel efficiency. They also offer a higher degree of precision, providing drivers with a more responsive and smoother driving experience.

The automotive steering systems market is not just about the types of steering systems but is also closely linked with safety, comfort, and vehicle performance. Modern-day vehicles are increasingly being equipped with advanced driver assistance systems (ADAS) - many of which integrate seamlessly with steering mechanisms. For instance, features like lane departure warning, lane-keeping assist, and adaptive cruise control are now commonplace in many vehicles, and they rely heavily on advanced steering systems for their functionality.

The global landscape of this market is influenced by various factors - technological innovations, regulatory frameworks, consumer preferences, and broader economic trends. Different regions have varying demands based on their unique driving conditions, regulatory environments, and consumer preferences. For example, the growing urbanization in emerging markets has spurred demand for compact cars with advanced steering systems that are better suited for navigating congested city roads.

COVID-19 IMPACT

The sudden onslaught of the COVID-19 pandemic sent shockwaves through the global automotive sector. As lockdowns and restrictions became the new norm, manufacturing hubs faced massive disruptions. The automotive steering systems market, being an integral component of the automobile industry, was no exception. Production facilities witnessed temporary shutdowns, and the global supply chain was thrown off balance. The reduced consumer demand, stemming from uncertainties in income and job losses, further compressed the market's growth trajectory. Many anticipated launches and developmental projects were either shelved or delayed, stifling innovation and advancements in the short run.

MARKET RECOVERY AFTER COVID-19

Post the most stringent lockdown measures, there was a gradual resurgence in the automotive steering systems market. As economies commenced their recovery processes, there was a noticeable upturn in automotive sales. With the reopening of manufacturing units and normalization of supply chains, the market began its journey back to pre-pandemic levels.

Digitalization of sales and services, contactless deliveries, and increased focus on personal mobility solutions further aided this revival. Additionally, governments across various regions rolled out stimulus packages to buoy the auto industry, indirectly supporting the automotive steering systems segment's recuperation.

LATEST TRENDS

One of the most evident trends in the automotive steering systems market is the shift towards electric power steering (EPS). With vehicles increasingly incorporating electric and electronic components, EPS offers better fuel efficiency and a smoother driving experience. Another dominant trend is the integration of advanced driver assistance systems (ADAS) with steering mechanisms.

Features like lane-keeping assistance and automated parking are becoming standard in many modern vehicles. The rise of autonomous vehicles is also pushing the envelope for innovative steering systems, which can integrate seamlessly with other vehicular systems for a safer and more efficient driving experience.

DRIVING FACTORS

The automotive steering systems market's growth is being propelled by several factors. The global push towards cleaner transportation solutions is spurring the demand for electric vehicles (EVs), which inherently require advanced steering systems. Rapid urbanization, coupled with growing consumer purchasing power in emerging markets, is also fueling the demand for automobiles and, consequently, steering systems. Furthermore, safety has become paramount, with many international and national regulations mandating advanced safety features, many of which are directly linked to or influenced by the steering system.

RESTRAINING FACTORS

While there are several drivers, the market faces its share of challenges. The increasing complexity of advanced steering systems translates to higher costs, making vehicles less affordable for a segment of potential buyers. The global chip shortage, which affects various automobile components, including steering systems, also poses a significant challenge. Additionally, with the growing interest in shared mobility solutions and public transportation as a sustainable alternative, individual car ownership might see a decline in certain urban areas, potentially limiting the market's growth.

MARKET OPPORTUNITIES

The horizon for the automotive steering systems market is rife with opportunities. The transition to autonomous driving is in its nascent stages, and as it matures, the demand for highly sophisticated steering mechanisms will skyrocket. Emerging markets, especially in Asia-Pacific regions like India and China, with their burgeoning middle-class population, present vast untapped potential. As these economies grow, so will their appetite for modern vehicles equipped with the latest steering technologies.

The push for sustainable solutions and green technologies offers another avenue for growth. As governments worldwide set stringent emission standards, the impetus for developing eco-friendly steering systems that complement electric and hybrid vehicle technologies will only intensify. Additionally, the integration of IoT and AI in vehicles offers scope for steering systems that can communicate and interact with other vehicular components and even infrastructure, paving the way for smarter, safer, and more efficient transport solutions.

SEGMENTATION

• Type of Steering Systems: Manual, Hydraulic Power Steering (HPS), Electric Power Steering (EPS), and Electro-Hydraulic Power Steering (EHPS).
• Vehicle Type: Passenger cars, Light Commercial Vehicles (LCVs), and Heavy Commercial Vehicles (HCVs).
• Component: Hydraulic pump, Steering Sensor, Electric Motor, and Steering Column/Electronic Control Unit.
• Technology: Autonomous, Non-autonomous, and Semi-autonomous.

REGIONAL INSIGHTS

• North America: Growth driven by technological advancements and a high demand for luxury vehicles.
• Europe: Market maturity but continual demand due to high emphasis on vehicle safety and emission standards.
• Asia-Pacific: Rapid urbanization, burgeoning middle class, and increased vehicle production mark its potential.
• South America: Growing automotive industry, but cost-sensitive market may affect advanced system adoption.
• Middle East & Africa: Steady growth with a focus on premium vehicles and increased consumer spending.

GLOBAL INDUSTRY PROJECTIONS

As the automotive industry continues its evolution, the global automotive steering systems market stands as a testament to rapid progress. In the realm of automotive steering systems, the global industry is anticipated to lead in terms of growth rate compared to other regions. One reason is the aggressive pursuit of automotive modernization on a global scale, with a particular focus on incorporating technologically advanced steering systems. This, in turn, is driven by heightened consumer demand for vehicles equipped with advanced safety and control features. Additionally, with urbanization and infrastructure development gaining momentum across various parts of the world, the global market is benefitting from increased vehicle usage and subsequent demand for improved steering systems. This growth trajectory is further augmented by initiatives that encourage the adoption of green technologies and electric vehicles.

COMPANIES UPDATES

Several industry giants dominate the automotive steering systems landscape. A brief overview of the companies mentioned:

• Showa: Headquarters - Gyoda, Japan | Revenue - $4 billion (2020)
• JTEKT: Headquarters - Nagoya, Japan | Revenue - $12.6 billion (2020)
• Mobis: Headquarters - Seoul, South Korea | Revenue - $29.7 billion (2020)
• Bosch: Headquarters - Gerlingen, Germany | Revenue - $87.4 billion (2020)
• NSK: Headquarters - Tokyo, Japan | Revenue - $6.2 billion (2020)
• ZF: Headquarters - Friedrichshafen, Germany | Revenue - $37 billion (2020)
• Thyssenkrupp: Headquarters - Essen, Germany | Revenue - $42.3 billion (2020)
• Mitsubishi: Headquarters - Tokyo, Japan | Revenue - $27.7 billion (2020)
• Nexteer Automobile: Headquarters - Auburn Hills, USA | Revenue - $3.9 billion (2020)
• Mando: Headquarters - Pyeongtaek, South Korea | Revenue - $6.1 billion (2020)
• CAAS: Headquarters - Jingzhou, China | Revenue - Data not available for 2020
• Sona Koyo: Headquarters - Haryana, India | Revenue - $190 million (2020)

3 RECENT DEVELOPMENTS

• Advent of AI in Steering Systems: The integration of Artificial Intelligence into automotive steering systems is fostering enhanced driving experiences and improved safety measures.
• Green Initiatives: Governments and automotive bodies worldwide are emphasizing the production of environment-friendly vehicles, encouraging steering system manufacturers to innovate in alignment with eco-friendly norms.
• Shift to Electric Power Steering (EPS): The increasing demand for fuel efficiency and vehicle electrification is accelerating the transition from hydraulic steering systems to electric power steering systems.

REPORT COVERAGE

The automotive steering systems market report offers a comprehensive view of the market's landscape, charting out the trends, growth patterns, and key players shaping its future. The report dives deep into understanding the market dynamics, including drivers, restraining factors, and lucrative opportunities that stakeholders can leverage. It also provides an exhaustive regional analysis, emphasizing the potential each region holds. An integral part of the report is dedicated to understanding the influence of external factors such as the global economy and the COVID-19 pandemic. Moreover, it offers insights into the competitive landscape, shedding light on strategies adopted by market leaders.

NEW PRODUCTS

In response to the rapidly evolving automotive industry and emerging consumer demands, several manufacturers have launched innovative products in the steering systems arena. Some of these new products feature advanced technology integrations, including adaptive steering mechanisms, AI-driven functionalities, and energy-efficient designs. These innovations are not just geared towards improved performance and safety but also towards ensuring sustainability. The introduction of lightweight steering systems and those designed exclusively for electric vehicles underscores the market's commitment to eco-friendly solutions.

REPORT SCOPE

The scope of the report on the automotive steering systems market extends beyond mere statistics and financial figures. It delves into the intricate facets of the market, from technological advancements to regulatory frameworks. The report encapsulates a wide spectrum of the market, covering different types of steering systems, their applications across various vehicle types, and their adoption rates regionally. Furthermore, it provides stakeholders with a forward-looking perspective by analyzing potential growth areas and forecasting market trajectories. In essence, the report serves as a comprehensive guide, offering a 360-degree view of the market's current status and its future potential.

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• Automotive Steering Systems Market Regulatory and Compliance Awareness:

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• Automotive Steering Systems Market Benchmarking:

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• Automotive Steering Systems Market Strategic Planning:

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