Automotive Steering Systems Market is expected to grow at approximately 5.1% CAGR through 2030 – Report by Market Research Future (MRFR) – Yahoo Finance | CarTailz

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Rise in EV production offers robust opportunity

New York, U.S., Nov. 25, 2022 (GLOBE NEWSWIRE) — According to a comprehensive research report from Market Research Future (MRFR), “market for automotive steering systems By steering system, by components, vehicle type and by end market forecast to 2030”, the global automotive steering system market is expected to witness remarkable growth at a CAGR of 5.1% during the period (2022-2030).

Market overview for automotive steering systems

The automotive steering systems market is showing rapid revenue growth. Factors like growing per capita income, effective marketing of automotive industry and others are driving the growth of the market.

Due to the explosive growth in the automotive industry, automotive steering systems are seeing ever-increasing demand from OEMs and aftermarkets. A large demand, especially from developing regions, underpins the market shares. Steering uses a series of linkages, pivots, rods, and gears to steer a vehicle about the vertical axis to follow a specified course.

Major players driving the global Automotive Steering Systems Market include:

  • Mitsubishi Electric Corporation (Japan)

  • TRW Automotive Holdings (USA)

  • Sona Koyo Steering System Ltd. (India)

  • Nexteer Automotive (USA)

  • JTEKT Corporation (Japan)

  • ThyssenKrupp Presta (USA)

  • China Automotive System Inc. (China)

  • Robert Bosch Automotive Steering GmbH (Germany)

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Technological improvements will change the market landscape. Advances in driver assistance systems such as intelligent determination of driver alertness and driving mode by integrating sensors into the steering detect the position of the driver’s hands and grip on the steering wheel. The market is transitioning to electric vehicle steering systems that are more efficient than traditional hydraulic systems.

The proliferation of electric vehicles presents significant opportunities for the automotive steering system market. EVs are zero-emission vehicles and are recognized worldwide as the future of transportation. Many countries around the world have focused on the development and introduction of electric vehicles to reduce vehicle pollution. It is estimated that this spurring growth in electric vehicle market offers significant opportunities for automotive steering systems.

industry trends

New product developments, such as the development of electric power steering systems for motor vehicles, are expected to lead to the greatest market penetration. Other earnings-increasing factors are the medium-sized dream of owning a car and the effective marketing of companies. The growth of low-interest car loans and the expansion of tourism are other market drivers.

Technological improvements will change the market. An intelligent determination of the driver’s attention and driving mode is tracked by integrating sensors into the steering, which detects the position of the driver’s hands and the driver’s grip on the steering wheel. The market is transitioning to electric vehicle steering systems, which are more efficient than traditional hydraulic systems because they only run when they are in use.

Automotive Steering Systems Market Scope:

report metrics

details

CAGR of Automotive Steering Systems Market over period 2022-2030

5.1%

base year

2021

forecast

2022-2030

Important market opportunities

Many countries around the world have focused on the development and introduction of electric vehicles to reduce vehicle pollution
EVs are zero-emission vehicles and are recognized worldwide as the future of transportation

Important market drivers

Development of new products such as B. the development of electric power steering for motor vehicles
Increase in auto loans due to low interest rates boosting vehicle sales and rising auto production

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Market segments for automotive steering systems

The market is segmented into steering systems, components, distribution channels, vehicle types and regions. The steering system segment is divided into manual, electric powered, electro-hydraulic powered and hydraulic powered. Components segment is divided into hydraulic pumps, steering sensors and columns, electric motors and others.

The sales channel segment is divided into OEMs and aftermarkets. Vehicle Types segment is segmented into Commercial Vehicles and Passenger Cars on the basis of powertrain types and others. The region segment is divided into Europe, North America, Asia Pacific and Rest of the World.

Market Regional Analysis for Automotive Steering Systems

North America is the largest market for automotive steering systems. The significant market share is attributed to the high per capita figure and the growing automotive industry in the region. The presence of major automotive companies and suppliers of components and automotive solutions is driving the automotive steering systems market in North America. North America is likely to remain a highly attractive market for automotive steering systems in the reporting period.

Europe is another major market for automotive steering systems. The established automotive industries, especially in Germany, Italy and Sweden, are increasing market revenues. Additionally, the established automotive sector and car manufacturers in this region are driving the growth of the market. Increasing consumer purchasing power and spending on luxury automobiles, as well as significant demand for lightweight and fuel-efficient vehicles in the region are also expected to provide significant market growth opportunities.

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The Asia Pacific region is a sizeable market for vehicle steering systems. Huge capacity expansions in China and India support market growth. In addition, the growing per capita income and the development of the road network are strengthening the size of the automotive steering system market. Additionally, the availability of competitive labor and raw materials positions the region as a major player in the automotive steering systems market.

Global players and startups are capitalizing on these opportunities in the region by establishing new factories that are expected to boost the Automotive Steering Systems market during the assessment period. APAC Automotive Steering Systems Market is expected to register the fastest CAGR in the upcoming period.

Competitive Landscape in the Automotive Steering Systems Market

The Automotive Steering Systems market appears to be highly competitive due to several established players forming a competitive landscape. The market is largely a captive market of the automotive industry and therefore suppliers are dependent on automotive companies to exert price pressure. As a B2B market, it also gives automotive companies an idea of ​​the dynamics of suppliers, resulting in a profit squeeze.

Therefore, integrating suppliers into the manufacturing chain is a priority strategy for many manufacturers. Manufacturers of automotive steering systems use a variety of sales channels to enter the aftermarket segment. They are increasingly investing in R&D activities and production units while paying attention to inbound lead generation. New players are entering the market with aggressive prices in order to undercut the incumbents and gain a foothold in international markets.

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  • For example, on November 17, 2022, Lexus introduced an F1 car or airplane steering wheel to the Australian markets with its Lexus RZ electric car as an alternative to a traditional circular steering wheel. The steering yoke removes the top and bottom sections of a traditional steering system, making it easier to get in and out of the vehicle and providing a clearer view of the instrument cluster.

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