Automotive Steering System Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Market Insights

• Electric Power Steering (EPS)
• Hydraulic Power Steering (HPS)
• Electro-Hydraulic Power Steering (EHPS)
• Manual Steering

Market Growth Drivers

Surging Demand for Electric Vehicles (EVs):

• The increasing adoption of electric vehicles is a major driver of market growth. EVs require efficient and advanced steering systems that align with their energy-saving features.
• Electric Power Steering (EPS) has gained prominence as it reduces energy consumption, enhances maneuverability, and seamlessly integrates with ADAS systems.
• EVs embody sustainability, aligning with the global push toward carbon emission reduction.

Rising Safety Regulations and ADAS Integration:

• Growing concerns about vehicle safety and the implementation of stringent regulations are compelling automakers to integrate advanced steering systems.
• ADAS features, such as lane-keeping assist and automated emergency braking, rely heavily on precise steering mechanisms.
• Seamless integration of steering systems with AI-based safety solutions ensures optimal vehicle performance and driver safety.

Technological Advancements:

• Innovations such as steer-by-wire systems replace traditional mechanical connections with electronic signals, offering improved accuracy, responsiveness, and adaptability for autonomous vehicles.
• AI-powered steering solutions enhance real-time decision-making, improving overall safety and driving comfort.

Market Restraints

Complex Integration of ADAS:

• Integrating advanced driver-assistance systems with steering mechanisms poses significant challenges due to complex calibration and compatibility issues.
• Thorough testing and engineering processes increase development costs and timeframes.

Environmental Sustainability Concerns:

• Hydraulic steering systems, which involve resource-intensive manufacturing processes, contribute to environmental concerns. Automakers are under pressure to develop sustainable steering solutions that minimize their ecological footprint.

Business Opportunities

Growth of Autonomous and Connected Vehicles:

• Autonomous and connected vehicles present substantial opportunities for advanced steering systems. Technologies like steer-by-wire allow for precise control without physical linkages.
• Integration of AI and sensor-based steering systems enables vehicles to adapt to dynamic road conditions, enhancing navigation, safety, and efficiency.

Expansion in Emerging Markets:

• Rapid urbanization, rising disposable incomes, and increasing automotive demand in South Asia and Oceania are driving the adoption of advanced steering systems.
• Modernization of automotive infrastructure and awareness of safety features provide lucrative growth opportunities in these regions.

Regional Analysis

North America Dominates the Market:

• North America is expected to hold the largest market share, driven by:
• Technological advancements in electric and autonomous vehicles.
• Strong consumer purchasing power and demand for high-performance vehicles.
• Presence of key automotive manufacturers and stringent safety regulations.

South Asia and Oceania Witness Rapid Growth:

• The fastest market growth is anticipated in South Asia and Oceania, fueled by:
• Rising disposable incomes and accelerated urbanization.
• Increasing demand for electric vehicles and advanced safety features.
• Government initiatives promoting sustainable and safe transportation solutions.

Competitive Analysis

• Robert Bosch GmbH
• JTEKT Corporation
• ZF Friedrichshafen AG
• Nexteer Automotive
• NSK Ltd.
• Thyssenkrupp AG
• Mando Corporation
• Showa Corporation
• Hyundai Mobis Co., Ltd.
• Hitachi Automotive Systems, Ltd.

Automotive Steering System Market Segmentation

The automotive steering system market is segmented as follows:

By Type:

• Electric Power Steering (EPS)
• Hydraulic Power Steering (HPS)
• Electro-Hydraulic Power Steering (EHPS)
• Manual Steering
• Miscellaneous

By Vehicle Type:

• Passenger Car
• Light Commercial Vehicle (LCV)
• Heavy Commercial Vehicle (HCV)

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa