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.
Related Industries
FAQs
What is the market size of steering?
The global steering market is valued at approximately $40.5 billion in 2023 and is expected to grow at a CAGR of 4.2%. This growth trajectory will see significant developments in various segments and regions through 2033.
What are the key market players or companies in this steering industry?
Key players in the steering industry include established manufacturers like Bosch, ZF Friedrichshafen AG, JTEKT Corporation, and Mitsubishi Electric. These companies contribute significantly to market innovation and technology, securing their positions in various segments.
What are the primary factors driving the growth in the steering industry?
Key growth drivers include increasing vehicle production rates, advancements in steering technologies such as electric power steering, and the rising demand for enhanced vehicle safety features, all enhancing user experience and efficiency.
Which region is the fastest Growing in the steering market?
The fastest-growing region in the steering market is North America, expected to increase from $15.53 billion in 2023 to $23.61 billion by 2033, driven by strong automotive production and technological advancements.
Does ConsaInsights provide customized market report data for the steering industry?
Yes, ConsaInsights offers tailored market reports for the steering industry, allowing clients to get insights specific to their needs, including detailed data on segments, market trends, and forecasts.
What deliverables can I expect from this steering market research project?
Expect comprehensive deliverables including in-depth market analysis reports, trend assessments, competitive landscape evaluations, and segmented data, all designed to support decision-making in the steering industry.
What are the market trends of steering?
Current trends in the steering market include a shift towards electric steering systems, the rising importance of advanced driver assistance systems (ADAS), and a growing focus on sustainability in automotive manufacturing.