Automotive Steering System Market

Automotive Steering System Industry - Forthcoming Trends to Fuel the Global Growth

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 industry is undergoing rapid evolution, driven by emerging trends and global forecasts.

Emerging trends in the global Automotive Steering System Industry are:

  • Electric Power Steering (EPS) Adoption
  • Integration of Advanced Driver Assistance Systems (ADAS)
  • Steer-by-Wire Technology Development
  • Enhanced Vehicle Dynamics and Handling
  • Focus on Lightweight Materials
  • Integration of Artificial Intelligence (AI) and Machine Learning
  • Growing Demand for Electric and Autonomous Vehicles
  • Global Expansion of Automotive Market
  • Shift Towards Steer-by-Wire Systems in Autonomous Vehicles
  • Development of Haptic Feedback Steering Systems

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Certainly, here are some emerging trends in the global Automotive Steering System Industry:

  • Electric Power Steering (EPS) Adoption: Increasing adoption of Electric Power Steering (EPS) systems due to their efficiency, lighter weight, and compatibility with advanced driver assistance systems (ADAS).
  • Integration of Advanced Driver Assistance Systems (ADAS): Integration of ADAS features such as lane-keeping assist, adaptive cruise control, and automated parking into steering systems to enhance vehicle safety and autonomous driving capabilities.
  • Steer-by-Wire Technology Development: Advancements in steer-by-wire technology, eliminating the mechanical connection between the steering wheel and the wheels, offering flexibility in vehicle design and enabling innovative steering features.
  • Enhanced Vehicle Dynamics and Handling: Development of steering systems to improve vehicle dynamics, handling, and stability control, enhancing driving experience and safety across various road conditions.
  • Focus on Lightweight Materials: Utilization of lightweight materials such as aluminum and composites in steering system components to reduce vehicle weight, improve fuel efficiency, and enhance overall performance.
  • Integration of Artificial Intelligence (AI) and Machine Learning: Integration of AI and machine learning algorithms into steering systems for predictive and adaptive control, enabling personalized driving experiences and optimizing vehicle performance.
  • Growing Demand for Electric and Autonomous Vehicles: Increasing demand for electric vehicles (EVs) and autonomous vehicles (AVs) driving innovations in steering systems to meet the specific requirements of these emerging vehicle types.
  • Global Expansion of Automotive Market: Expansion of the automotive market in emerging economies, driving the demand for advanced steering systems with improved safety features and comfort.
  • Shift Towards Steer-by-Wire Systems in Autonomous Vehicles: Steer-by-wire systems gaining prominence in autonomous vehicles due to their compatibility with autonomous driving technologies and ability to facilitate seamless vehicle control.
  • Development of Haptic Feedback Steering Systems: Introduction of haptic feedback steering systems providing tactile feedback to drivers, enhancing driver engagement, safety, and comfort, especially in semi-autonomous and autonomous vehicles.

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


Automotive Steering System Market Size,  Share & Growth Report
Report Code
AT 2510
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