Steering Market Size, Share, Industry Trends and Forecast to 2033
This report provides a comprehensive analysis of the Steering market, offering insights into market size, trends, technology advancements, and regional performance, along with forecasts from 2023 to 2033.
| Metric | Value |
|---|---|
| Study Period | 2023 - 2033 |
| 2023 Market Size | $40.50 Billion |
| CAGR (2023-2033) | 4.2% |
| 2033 Market Size | $61.57 Billion |
| Top Companies | Bosch, JTEKT Corporation, ZF Friedrichshafen AG, Thyssenkrupp AG |
| Last Modified Date | 15 Nov 2024 |
Steering Market Report (2023 - 2033)
Steering Market Overview
What is the Market Size & CAGR of Steering market in 2023?
Steering Industry Analysis
Steering Market Segmentation and Scope
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Steering Market Analysis Report by Region
Europe Steering Market Report:
The European Steering market is valued at $11.20 billion in 2023 and expected to expand to $17.02 billion by 2033. This growth stems from stringent emissions regulations promoting the adoption of electric and hybrid vehicles, further driving innovative steering technologies.Asia Pacific Steering Market Report:
The Asia Pacific region leads the Steering market with a size of $7.70 billion in 2023, expected to reach $11.70 billion by 2033. Growth is driven by increasing automotive manufacturing in countries like China and India, and rising consumer demand for passenger vehicles.North America Steering Market Report:
North America holds a prominent position in the Steering market with a size of $15.53 billion in 2023, set to grow to $23.61 billion by 2033. The region's growth is fueled by strong demand for advanced mobility solutions and a preference for SUVs and trucks.South America Steering Market Report:
The South American Steering market, valued at $1.65 billion in 2023, is projected to grow to $2.51 billion by 2033. This growth is largely attributed to a recovery in automotive sales post-pandemic and investments in local manufacturing plants.Middle East & Africa Steering Market Report:
The Middle East and Africa Steering market is anticipated to grow from $4.43 billion in 2023 to $6.73 billion by 2033, with increasing investments in automotive manufacturing and infrastructure development enhancing market growth.Request a custom research report for industry.
Steering Market Analysis By Steering Type
Global Steering Market, By Steering Type Market Analysis (2023 - 2033)
In 2023, the hydraulic steering systems segment dominates the Steering market with a size of $32.96 billion, expected to grow to $50.11 billion by 2033. Electric steering systems, while smaller in size at $7.54 billion in 2023, are anticipated to grow significantly due to increasing vehicle electrification and technological advancements, maintaining an important market share of 18.61%.
Steering Market Analysis By Vehicle Type
Global Steering Market, By Vehicle Type Market Analysis (2023 - 2033)
Passenger cars lead the market at $26.88 billion in 2023, projected to reach $40.87 billion by 2033, holding a share of 66.38%. Commercial vehicles constitute $10.02 billion, expected to rise to $15.23 billion, indicating the importance of heavy-duty applications in the Steering sector.
Steering Market Analysis By Technology
Global Steering Market, By Technology Market Analysis (2023 - 2033)
The Steering market is transitioning towards advanced technologies such as electronic steering systems. Manual steering systems, valued at $26.88 billion in 2023 with a constant market share of 66.38%, are gradually being overshadowed by technological advancements. The market for advanced steering systems is expected to grow from $3.60 billion to $5.47 billion by 2033, reflecting changing consumer preferences.
Steering Market Analysis By End User
Global Steering Market, By End-User Market Analysis (2023 - 2033)
Vehicle manufacturers represent the largest share of the Steering market at 81.39% in 2023, translating to a market size of $32.96 billion, with a projected growth to $50.11 billion by 2033. The aftermarket segment, currently at $7.54 billion, is growing more slowly, expected to reach $11.46 billion, reflecting the sector's reliance on original equipment sales.
Steering Market Analysis By Region Global
Global Steering Market, Global Overview Market Analysis (2023 - 2033)
The Steering market showcases a diversified landscape, with strong performance across various regions. The growth prospects are promising, especially in North America and Europe, driven by regulatory pushes for innovative steering solutions. The Asia Pacific market is emerging as a growth engine due to rapid industrialization and technological advancements.
Steering Market Trends and Future Forecast
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Global Market Leaders and Top Companies in Steering Industry
Bosch:
A leading global player in steering technologies, Bosch specializes in electric and hydraulic steering systems, contributing significantly to advancements in automated driving.JTEKT Corporation:
Known for its quality and innovation, JTEKT offers a comprehensive range of steering products, including advanced electric power steering systems.ZF Friedrichshafen AG:
ZF is a significant contributor to vehicle control systems, specializing in advanced steering solutions that enhance vehicle dynamics and safety.Thyssenkrupp AG:
Thyssenkrupp focuses on integrating comprehensive steering systems with a focus on sustainability and performance in automotive applications.We're grateful to work with incredible clients.
