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3. Automotive Steering System Market Size & Share - Future Growth Expectations

The Automotive Steering System market is projected to grow from USD 35.3 billion in 2022 to USD 39.5 billion by 2027, at a CAGR of 2.3% over the forecast period.

The Automotive Steering System Market is poised for substantial growth in the coming years, driven by several key factors:

• Technological Advancements in Steering Systems
• Increasing Focus on Vehicle Safety and Driver Assistance
• Growing Demand for Electric and Autonomous Vehicles
• Expansion of the Automotive Industry in Emerging Markets
• Shift Towards Lightweight Materials in Steering Components
• Integration of Advanced Driver Assistance Systems (ADAS)
• Rising Consumer Demand for Enhanced Driving Experience
• Stringent Government Regulations Regarding Vehicle Safety
• Adoption of Steer-by-Wire and Electric Power Steering (EPS) Systems
• Increasing Investments in Research and Development by Automotive Manufacturers

To know about the assumptions considered for the study download the pdf brochure

• Technological Advancements in Steering Systems: Ongoing advancements in steering system technology, such as steer-by-wire and electric power steering (EPS), are improving precision, responsiveness, and efficiency, driving demand for more advanced steering solutions.
   
• Increasing Focus on Vehicle Safety and Driver Assistance: With a growing emphasis on vehicle safety, automotive manufacturers are integrating advanced driver assistance systems (ADAS) into steering systems to enhance safety features such as lane-keeping assist and adaptive cruise control.
   
• Growing Demand for Electric and Autonomous Vehicles: The rise in demand for electric vehicles (EVs) and autonomous vehicles (AVs) is driving the need for steering systems compatible with these vehicles' unique requirements, such as steer-by-wire technology and integration with autonomous driving systems.
   
• Expansion of the Automotive Industry in Emerging Markets: The expansion of the automotive industry in emerging markets is fueling demand for steering systems, as increasing vehicle production and sales in regions like Asia-Pacific and Latin America drive market growth.
   
• Shift Towards Lightweight Materials in Steering Components: Automotive manufacturers are increasingly incorporating lightweight materials such as aluminum and composites into steering components to reduce vehicle weight, improve fuel efficiency, and enhance overall performance.
   
• Integration of Advanced Driver Assistance Systems (ADAS): The integration of ADAS features such as lane-keeping assist, automatic emergency braking, and adaptive steering into steering systems is driving market growth as automakers prioritize safety and convenience features.
   
• Rising Consumer Demand for Enhanced Driving Experience: Consumers are seeking vehicles with advanced steering systems that offer improved handling, comfort, and control, leading to increased demand for vehicles equipped with high-performance steering systems.
   
• Stringent Government Regulations Regarding Vehicle Safety: Stringent government regulations mandating vehicle safety standards, including requirements for steering systems, are driving automakers to invest in advanced steering technologies to comply with regulatory requirements.
   
• Adoption of Steer-by-Wire and Electric Power Steering (EPS) Systems: The adoption of steer-by-wire and electric power steering (EPS) systems is increasing due to their benefits in terms of precision, responsiveness, and energy efficiency compared to traditional hydraulic systems.
   
• Increasing Investments in Research and Development by Automotive Manufacturers: Automotive manufacturers are investing heavily in research and development to innovate and develop next-generation steering systems that meet evolving consumer preferences, technological advancements, and regulatory requirements.

Automotive Steering System Market Share - Global Industry Landscape

• JTEKT Corporation (Japan)
• Nexteer Automotive (US)
• Robert Bosch GmbH (Germany)
• Hyundai Mobis (South Korea)
• NSK Ltd. (Japan)

These companies hold significant market share in the Automotive Steering System industry, with varying degrees of influence based on their technological advancements, production capabilities, and market penetration.

• JTEKT Corporation (Japan): Renowned for its innovative steering solutions, JTEKT Corporation leads the market with its advanced technologies and reliable products, catering to diverse automotive needs worldwide.
   
• Nexteer Automotive (US): Nexteer Automotive, a key player in the industry, excels in providing cutting-edge steering systems and solutions, contributing significantly to the global automotive steering system landscape with its robust manufacturing capabilities and commitment to innovation.
   
• Robert Bosch GmbH (Germany): Robert Bosch GmbH stands out as a top-tier provider of automotive steering systems, leveraging its German engineering expertise to deliver high-quality, state-of-the-art solutions, driving the industry forward with its focus on performance and reliability.
   
• Hyundai Mobis (South Korea): Hyundai Mobis, a leading player in the automotive sector, has carved a niche in the steering system market with its comprehensive range of offerings, showcasing its commitment to quality, efficiency, and customer satisfaction, thus making a significant impact on the global industry landscape.
   
• NSK Ltd. (Japan): NSK Ltd. is recognized for its superior steering system solutions, blending Japanese precision with cutting-edge technology to deliver unparalleled performance and durability, thereby solidifying its position as a key player in the global automotive steering system market.

Related Report

Automotive Steering System Market by Technology (HPS, EHPS, EPS), EPS Type (R-EPS, C-EPS, P-EPS), Pinion (Single, Dual), Mechanism (Collapsible, Rigid), Components (OE, Aftermarket), Vehicle (PC, LCV, HCV, EV, OHV) and Region - Global Forecast to 2027