Automotive Steering System Market Revenue to Cross USD 46.90 billion by 2031, Rising at a 4.7% CAGR: TMR Report
Growing demand for autonomous vehicles spurs innovations, like steer-by-wire, in the automotive steering system market.
Wilmington, Delaware, United States, Sept. 28, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The automotive steering system market was estimated to have acquired US$ 28.30 billion in 2020. It is anticipated to register a 4.70% CAGR from 2021 to 2031 and by 2031; the market is likely to gain US$ 46.70 billion.
As self-driving cars become a reality, steering systems must evolve. Innovations like steer-by-wire and advanced driver assistance systems (ADAS) offer scope for groundbreaking solutions in the automotive steering system market. These technologies facilitate precise control and safety, opening doors for new players to emerge.
Get Access to Sample Research Report with Latest Industry Insights @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2961
The world’s focus on sustainability is driving the development of energy-efficient steering systems. Electro-hydraulic and electric power steering solutions with regenerative capabilities are gaining traction. Companies investing in eco-friendly steering tech can carve a niche in a greener automotive future.
The use of lightweight materials like carbon fiber-reinforced plastics in steering components is gaining momentum. Not only do these materials reduce vehicle weight, but they also enhance durability and efficiency. Manufacturers delving into cutting-edge materials can find lucrative opportunities in this evolving market landscape.
Key Findings of the Market Report
- Electric Power Steering (EPS) is the dominating technology in the automotive steering system market due to its efficiency, precision, and eco-friendliness.
- The dominating component in the automotive steering system market is the electric motor.
- Passenger vehicles are the dominating vehicle type in the automotive steering system market.
Market Trends for Automotive Steering Systems
- The automotive steering system market is witnessing a seismic shift towards electric power steering (EPS) systems. The demand for EPS is growing rapidly due to its fuel efficiency, reduced emissions, and compatibility with hybrid and electric vehicles. As the automotive industry embraces electrification, EPS is expected to dominate the market, offering smoother and more precise steering control.
- ADAS integration in steering systems is on the rise. Features like lane-keeping assistance, adaptive cruise control, and automated parking require advanced steering technologies. The market is evolving to meet the demand for these safety and convenience features, contributing to enhanced road safety.
- Steer-by-wire technology is gaining momentum as it eliminates the need for mechanical steering components, enhancing design flexibility and enabling autonomous driving capabilities. Automotive Steering System manufacturers are investing heavily in research and development to perfect steer-by-wire systems, which are poised to redefine the future of driving.
Market for Automotive Steering Systems: Regional Outlook
- This region is characterized by its strong focus on technological advancements, making it a hotspot for innovations in automotive steering systems. The adoption of electric power steering (EPS) systems and advanced driver assistance systems (ADAS) is on the rise, driven by stringent safety regulations and a growing emphasis on fuel efficiency. North America is also a hub for autonomous driving research and development, further propelling steering system advancements.
- Europe places a premium on sustainability, which has led to the adoption of eco-friendly steering technologies. Steer-by-wire innovations are particularly prominent in this region. Stringent emission norms and a robust automotive industry presence drive the demand for advanced steering solutions. The European market reflects a blend of tradition and innovation, with a strong emphasis on safety and environmental impact.
- Rapid urbanization and an increasing rate of vehicle ownership in emerging markets like China and India drive the growth of the automotive steering system market. There is a continued demand for affordable yet efficient steering systems. The region also acts as a manufacturing powerhouse for automotive components, including steering systems.
Contact us for Special Discount and Pricing @ https://www.transparencymarketresearch.com/sample/sample.php?flag=D&rep_id=2961
Global Automotive Steering System Market: Key Players
The automotive steering system market features a competitive landscape marked by innovation, technological advancements, and a drive to cater to evolving consumer preferences for safety and efficiency. The following companies are well-known participants in the global Automotive Steering System market:
- Nexteer Automotive Group Limited
- JTEKT Corporation
- Hyundai Mobis Co., Ltd.
- Showa Corporation
- NSK Ltd
- Robert Bosch GmbH
- Hitachi Automotive System
- Mando Corporation
- Magna International
Key developments in the global automotive steering system market are:
- In April 2023, Hitachi’s collaboration with the Global Centre of Rail Excellence promises to enhance energy security and foster innovation in the UK rail sector.
- In September 2023, Bosch and Palas, a Karlsruhe-based measuring technology specialist, join forces to improve air quality and develop innovative solutions for a cleaner environment.
- Nexteer Automotive Group Limited offers a diverse product portfolio encompassing cutting-edge steering and driveline systems, advanced safety technologies, and intuitive control solutions.
- JTEKT Corporation specializes in providing high-quality automotive steering systems, drivetrain components, and industrial bearings, ensuring precision and performance in every product.
- Hyundai Mobis Co. Ltd. stands at the forefront of automotive innovation, delivering a wide-ranging product portfolio comprising automotive modules, green technologies, and advanced materials, continually pushing the boundaries of mobility solutions.
Global Automotive Steering System Market Segmentation
- Electric Power Steering
- Hydraulic Power Steering
- Electrically Assisted Hydraulic Power Steering (EHPS)
- Hydraulic Pump
- Steering Column/Rack
- Electric Motor
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Duty Trucks
- Bus & Coaches
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
Place an Order Copy of Automotive Steering System Market Report at: https://www.transparencymarketresearch.com/checkout.php?rep_id=2961<ype=S
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
USA – Canada Toll Free: 866-552-3453
Email: [email protected]