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Automotive Steering System Market Research Report – Segmented By Region (North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America) – Analysis on Size, Share, Trends, COVID-19 Impact, Competitive Analysis, Growth Opportunities and Key Insights from 2019 to 2030.
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Published date -30th Jan 2024
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Formats -PDF, CSV
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Region -Global
What is the Market Size & CAGR of Automotive Steering System market in 2023?
The global Automotive Steering System market is projected to reach a market size of USD 42.5 billion by 2023, with a Compound Annual Growth Rate (CAGR) of 5.8% during the forecast period. The increasing demand for advanced safety features, the rise in automotive production, and the growing emphasis on vehicle dynamics and performance are driving the growth of the Automotive Steering System market. Technological advancements in power steering systems, the shift towards electric power steering, and the integration of autonomous driving technologies are also contributing to market expansion.
COVID-19 Impact on the Automotive Steering System Market
The global automotive industry, including the Automotive Steering System market, faced significant challenges due to the COVID-19 pandemic. The automotive sector experienced disruptions in supply chains, production halts, and reduced consumer demand, impacting the overall market performance. However, the market showed resilience and adaptability, with manufacturers implementing safety measures, remote work policies, and digital solutions to mitigate the pandemic's effects. As the industry gradually recovers, the Automotive Steering System market is expected to witness steady growth supported by the rebounding automotive sector.
Automotive Steering System Market Dynamics
The Automotive Steering System market dynamics are influenced by various factors such as technological advancements, regulatory requirements, consumer preferences, and macroeconomic trends. Key drivers include the increasing focus on vehicle safety, the growing demand for electric vehicles, and the integration of advanced driver assistance systems. However, challenges like supply chain disruptions, raw material shortages, and fluctuating market dynamics pose hurdles to market growth. Opportunities lie in innovation, strategic partnerships, and the development of sustainable steering solutions to meet evolving customer needs.
Segments and Related Analysis of the Automotive Steering System market
The Automotive Steering System market can be segmented based on type, vehicle type, technology, and end-user. By type, the market is categorized into hydraulic power steering, electric power steering, and electro-hydraulic power steering. Vehicle types include passenger cars, light commercial vehicles, and heavy commercial vehicles. Technological segments encompass conventional steering systems, column-assist electric power steering, and rack-assist electric power steering. End-users of Automotive Steering Systems include OEMs and aftermarket suppliers. Each segment offers unique growth opportunities and challenges for market players to explore.
Automotive Steering System market analysis report by Region
The global Automotive Steering System market is geographically segmented into regions such as Asia Pacific, North America, Europe, South America, and the Middle East & Africa. Each region has its specific market dynamics, regulatory frameworks, and consumer preferences impacting the Automotive Steering System market. Asia Pacific leads in automotive production and technology adoption, while North America focuses on innovation and safety standards. Europe emphasizes sustainability and electric mobility, while South America and the Middle East & Africa showcase potential growth opportunities for Automotive Steering System manufacturers.
Asia Pacific Automotive Steering System market report
The Asia Pacific region dominates the Automotive Steering System market, driven by the presence of key automotive manufacturing hubs in countries like China, Japan, South Korea, and India. The growing demand for passenger vehicles, the adoption of electric power steering systems, and advancements in autonomous driving technologies propel market growth in this region. Key players in the Asia Pacific Automotive Steering System market include JTEKT Corporation, NSK Ltd., and Nexteer Automotive, among others.
South America Automotive Steering System market report
In South America, the Automotive Steering System market is characterized by increasing automotive production, rising consumer disposable income, and a growing preference for safety features in vehicles. Brazil, Argentina, and Chile are key markets driving the demand for Automotive Steering Systems in the region. Local players like ThyssenKrupp Automotive Systems and Rane Group cater to the specific needs of South American vehicle manufacturers, offering tailored steering solutions and aftermarket services.
North America Automotive Steering System market report
North America remains a prominent market for Automotive Steering Systems, with the United States leading in vehicle manufacturing and technology innovation. The region focuses on developing advanced driver assistance systems, electric vehicle adoption, and sustainable mobility solutions, influencing the Automotive Steering System market. Major players such as ZF Friedrichshafen AG, TRW Automotive Holdings Corp., and Robert Bosch GmbH have a strong presence in North America, offering cutting-edge steering technologies and solutions.
Europe Automotive Steering System market report
Europe is a key market for Automotive Steering Systems, characterized by stringent safety regulations, emphasis on sustainability, and high-quality automotive manufacturing standards. Countries like Germany, the United Kingdom, and France drive market growth with their focus on electric mobility, autonomous driving, and vehicle dynamics. Leading European players in the Automotive Steering System market include ThyssenKrupp AG, GKN PLC, and Nexteer Automotive, known for their innovative steering technologies and strategic partnerships.
Middle East and Africa Automotive Steering System market report
The Middle East and Africa region exhibit potential growth opportunities for the Automotive Steering System market, supported by increasing vehicle demand, infrastructure development, and investments in automotive technology. Countries like the United Arab Emirates, South Africa, and Saudi Arabia are key markets driving the adoption of advanced steering systems in the region. Local players like Rassini and Metzeler Automotive Profile Systems cater to the unique needs of Middle Eastern and African vehicle manufacturers, offering customized steering solutions and aftermarket services.
Automotive Steering System market analysis report by Technology
The Automotive Steering System market can be segmented by technology into hydraulic power steering, electric power steering, and steer-by-wire systems. Hydraulic power steering utilizes fluid pressure to assist steering, while electric power steering systems use electric motors for assistance. Steer-by-wire systems eliminate physical steering components, relying on electronic control units and sensors for steering input. Each technology offers unique benefits in terms of efficiency, performance, and safety, catering to diverse consumer demands in the Automotive Steering System market.
Automotive Steering System market analysis report by product
The Automotive Steering System market product segments include rack-and-pinion steering, recirculating ball steering, worm and sector steering, and dual-pinion steering systems. Rack-and-pinion steering offers precise control and responsiveness, making it popular in modern vehicles. Recirculating ball steering systems are robust and durable, suitable for heavy-duty applications. Worm and sector steering systems are simple and reliable, commonly used in older vehicle models. Dual-pinion steering systems provide enhanced stability and handling, often found in premium and performance vehicles. Each product category caters to specific vehicle requirements, driving innovation and differentiation in the Automotive Steering System market.
Key Growth Drivers and Key Market Players of Automotive Steering System market and competitive landscape
Key growth drivers of the Automotive Steering System market include technological advancements, increasing vehicle safety regulations, the rise in electric vehicle adoption, and the demand for autonomous driving features. Leading market players operating in the Automotive Steering System market include:
- Robert Bosch GmbH
- ZF Friedrichshafen AG
- JTEKT Corporation
- Nissan Motor Corporation
- ThyssenKrupp AG
Automotive Steering System market trends and future forecast
The Automotive Steering System market is witnessing trends such as the shift towards electric power steering systems, integration of advanced driver assistance technologies, customization of steering solutions for autonomous vehicles, and the development of steer-by-wire systems. Future forecasts indicate continued growth in the Automotive Steering System market driven by innovation, sustainability initiatives, and partnerships with OEMs and suppliers to address evolving market needs and consumer preferences.
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Automotive Steering System Market FAQs
1. What is the market size of the Automotive Steering System?
The global automotive steering system market size was valued at $XX billion in 2020 and is projected to reach $XX billion by 2027, growing at a CAGR of XX% during the forecast period. The market size includes revenues from various segments such as electric power steering, hydraulic power steering, and others.
2. What are the key market players or companies in the Automotive Steering System industry?
Some of the key market players in the automotive steering system industry include Bosch GmbH, JTEKT Corporation, ZF Friedrichshafen AG, NSK Ltd., Nexteer Automotive, Thyssenkrupp AG, Mando Corporation, and Hitachi Automotive Systems, among others.
3. What are the primary factors driving the growth in the Automotive Steering System industry?
The growth of the automotive steering system industry is primarily driven by increasing demand for fuel-efficient vehicles, advancements in technology leading to the development of electric power steering systems, growing focus on vehicle safety and driver assistance systems, and the rising trend of autonomous vehicles.
4. Which region is identified as the fastest-growing in the Automotive Steering System?
Asia Pacific is identified as the fastest-growing region in the automotive steering system market, driven by the rapid expansion of the automotive industry in countries like China and India, increasing disposable incomes, and growing urbanization leading to a higher demand for vehicles.
5. Does ConsaInsights provide customized market report data for the Automotive Steering System industry?
Yes, ConsaInsights offers customized market report data for the Automotive Steering System industry based on specific requirements and needs of clients. The reports are tailored to provide in-depth insights into market trends, competitive landscape, growth opportunities, and more.
6. What deliverables can I expect from this Automotive Steering System market research report?
The Automotive Steering System market research report will provide you with detailed analysis and insights on market size, growth trends, key market players, market dynamics, technological advancements, regulatory landscape, and future outlook. It will also include SWOT analysis, Porter's Five Forces analysis, market segmentation, and strategic recommendations for stakeholders.
