The Automotive Steering market is expected to increase at a 5.7% annual rate over the forecast period, from US$ 25,668.6 million in 2022 to US$ 42,323 million in 2033. The Automotive Steering System market is expected to increase at a 5.0% annual pace over the forecast period, from 88,568 thousand units in 2022 to 137,739 thousand units in 2033.
The rise in worldwide car demand is the main factor propelling the automotive steering system market. For convenient transportation, market businesses are focusing on increasing the production of fuel-efficient automobiles. This has propelled the growth of companies operating in the global automotive steering systems market. The steering system of a car is an essential part since it gives the car direction, helps it avoid obstacles, and makes turning easier.
In the years to come, producers in the global automotive steering system market may have development opportunities due to the rising demand for automobiles worldwide. As comfort-driving cars gain popularity worldwide, it is expected that the integration of electric power steering systems in automobiles will grow. Major companies in the automobile steering system market are focusing on improving and expanding their product offerings to boost sales.
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Global Automotive Steering Market Segmentation
By Technology
- Electric power steering (EPS)
- Electrically assisted hydraulic power steering (EHPS)
- Hydraulic power steering (HPS)
Regional Scope
- North America
- Europe
- APAC
- South America
- Middle East
- Africa
Key Company
Nexteer Automotive Group Limited, JTEKT Corporation, Dongil Machinery Industry Co., Ltd., ThyssenKrupp AG, NSK Ltd., Mitsubishi Electric Corporation, China Automotive Systems Inc., Sona Koyo Steering Systems Limited, Robert Bosch Limited, Showa Corporation, Hyundai Mobis CO., Ltd, Others
Market Dynamics
The global implementation of stringent environmental rules is anticipated to stimulate the demand for electric vehicles, hence driving up the market for automotive steering systems. The growing customer desire for better drive-aid systems in automobiles is another factor propelling the automotive steering system market.
The primary driver of the market’s development is a rise in demand for vehicles brought on by rising consumer disposable income. Another reason boosting this industry’s growth is the installation of power steering systems in cars. The car’s superior fuel efficiency can be attributed to its robust steering mechanism. As a result, the market for fuel-efficient vehicles grows together with the need for steering systems. Furthermore, purchasers value maneuverability and simplicity of usage highly in their automobiles.
Rising vehicle production in emerging countries like China and India is expected to support the worldwide automotive steering system market over the projected timeframe. Because labor and raw materials are more easily accessible and at a cheaper cost, the market for car steering systems is growing. Consequently, it is anticipated that the market for vehicle steering systems would grow quickly. The ability of vehicles to be lightweight and fuel-efficient is becoming increasingly crucial in generating market demand. The market is expanding as a result of increased car sales because of a big population and rising disposable income.
Regional Insights
Asia Pacific has a 53.7% market share in 2022 and is projected to grow to a value of 23,024.1 million by 2033. Increasing car manufacturing in the post-COVID era will help the local automotive steering system industry expand. Major hubs for the region’s automobile production include China and Japan, for instance. In this area, national marketplaces like those in China, Japan, and India control the majority of the market.
Over the projection period, North America is expected to increase at a strong 5.7% CAGR. Steering systems are becoming more and more necessary as the demand for fuel-efficient cars increases. Additionally, purchasers want their cars to be agile and smoothly to enhance their driving experience. An efficient steering system makes driving more comfortable, which raises demand for steering systems and expands the market.
Scope of the Report
This study provides history, present, and future information and forecasts for the Global Automotive Steering Market. The report’s market estimations are based on a comprehensive research approach. The research process used includes many channels of research, such as primary research, secondary research, and subject-related expert opinion. The market estimations are produced using the current market dynamics as well as many economic, social, and political aspects affecting the Seasonal Affective Disorder Market. The market data is also defined by numerous legislation, government investments, and increased R&D. The market projections take into account both positive and negative developments in the market.
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