The automotive steering system market is expected to maintain a consistent growth rate of 4%, primarily fueled by the growing consumer preference for enhanced driving comfort. Over the assessment period spanning from 2021 to 2031, the market is projected to surpass a Compound Annual Growth Rate (CAGR) of 4%, ultimately reaching an estimated value of nearly US$ 34 Billion.
The automotive steering system market is a dynamic and indispensable component within the broader automotive industry. It plays a pivotal role in ensuring both the safety and maneuverability of vehicles. As automotive technology continues to advance and consumer preferences evolve, the steering system market has undergone significant transformations. The global automotive steering system market has displayed steady growth over the years, with key drivers including increased vehicle production, stringent safety regulations, and the integration of advanced technologies.
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The market can be categorized into various types of steering systems, including hydraulic, electric power-assisted steering (EPAS), and electro-hydraulic power steering (EHPS). The shift towards more eco-friendly and fuel-efficient vehicles has also prompted a transition from hydraulic systems to electric power-assisted steering systems.
Market Opportunity:
The automotive steering system market is ripe with opportunities as it stands at the intersection of several key trends and developments. Electric and autonomous vehicles are gaining popularity, and this transition is creating significant opportunities for innovative steering technologies. The advent of steer-by-wire systems, which completely replace mechanical connections with electronic ones, is a prime example of this.
Moreover, the increasing demand for safety features in vehicles has led to advancements in steering technology. Lane-keeping assist and adaptive steering are becoming commonplace, enhancing safety and convenience. The growth in emerging markets, like India and China, also presents opportunities as the rising middle class seeks affordable and technologically advanced vehicles.
Market Challenges:
Despite the numerous opportunities, the automotive steering system market faces several challenges. One of the major hurdles is the need for compliance with stringent environmental regulations and emissions standards. As steering systems become more complex, there is a heightened focus on energy efficiency and reduced carbon emissions, which can be a substantial challenge for manufacturers.
Additionally, the shift towards autonomous vehicles poses a challenge as it requires steering systems to be more responsive and adaptable. Reliability and safety are paramount in autonomous driving, and steering systems must meet these stringent requirements.
Another challenge is the ongoing semiconductor chip shortage that has impacted the entire automotive industry. Steering systems rely heavily on electronic components, and the chip shortage has disrupted production and increased costs.
Key Players:
- Nexteer Automotive Group Limited
- JTEKT Corporation
- ThyssenKrupp AG
- NSK Ltd.
- Mitsubishi Electric Corporation
- China Automotive Systems Inc.
- Sona Koyo Steering Systems Limited
- Robert Bosch Limited
Competitive Landscape:
Prominent stakeholders in the automotive steering system are prioritizing the provision of comfort and safety to consumers. Furthermore, these entities are consistently incorporating cutting-edge technological innovations aimed at mitigating the likelihood of vehicular malfunctions.
A case in point is Hyundai Mobis, which recently unveiled the world’s inaugural brainwave-based ADAS technology in July 2021. This groundbreaking technology utilizes brainwaves to gauge the driver’s condition and issue alerts to prevent accidents.
Key Segments Covered
- Type
- Hydraulic Powered
- Electrically Powered
- Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles (LCV)
- Heavy Commercial Vehicles (HCV)
- Sales Channel
- OEMs
- Aftermarkets
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