Automotive Steering System Market Size, CAGR, Trends 2024-2030

Executive Summary

The Automotive Steering System Market research reports provide detailed analysis of the current market conditions and forecasted trends. The global Automotive Steering System Market is expected to grow at a CAGR of % during the forecasted period.

Market Trends:

- Increasing demand for Electric Power Steering (EPS) systems due to its fuel efficiency and improved vehicle handling

- Integration of advanced technologies such as steer-by-wire systems for autonomous vehicles

- Growing focus on developing advanced driver assistance systems (ADAS) for enhanced safety features

- Increasing demand for lightweight and energy-efficient steering systems

Geographical Spread:

- North America: A key market for automotive steering systems with a high demand for advanced steering technologies

- Asia Pacific: Emerging as a lucrative market due to the growing automotive industry in countries like China and India

- Europe: Well-established automotive industry and stringent regulations driving the demand for advanced steering systems

- USA: A major market due to the presence of leading automotive manufacturers and technological advancements in steering systems

- China: Rapidly growing automotive market and increasing investments in autonomous driving technologies driving the demand for advanced steering systems

Overall, the Automotive Steering System Market is projected to witness significant growth in the coming years fueled by technological advancements and increasing focus on vehicle safety and efficiency. Emerging markets like Asia Pacific and growing demand for electric power steering systems are expected to drive market growth.

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Market Segmentation:

This Automotive Steering System Market is further classified into Overview, Deployment, Application, and Region. 

In terms of Components, Automotive Steering System Market is segmented into:

• JTEKT Corporation
• Nexteer Automotive Group
• Showa
• ThyssenKrupp
• Hitachi Automotive System
• Sona Koyo Steering System
• Robert Bosch
• NSK Steering System
• Mando
• ZF Friedrichshafen
• Magal Engineering Limited
• ATS Automation Tooling System
• Hyundai Mobis

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The Automotive Steering System Market Analysis by types is segmented into:

• Electronic Steering
• Hydraulic Steering

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The Automotive Steering System Market Industry Research by Application is segmented into:

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

In terms of Region, the Automotive Steering System Market Players available by Region are:

North America:

• United States


• Canada

Europe:

• Germany


• France


• U.K.


• Italy


• Russia

Asia-Pacific:

• China


• Japan


• South Korea


• India


• Australia


• China Taiwan


• Indonesia


• Thailand


• Malaysia

Latin America:

• Mexico


• Brazil


• Argentina Korea


• Colombia

Middle East & Africa:

• Turkey


• Saudi


• Arabia


• UAE


• Korea

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Key Drivers and Barriers in the Automotive Steering System Market

Key drivers in the Automotive Steering System market include increasing demand for advanced driver assistance systems (ADAS), growing automotive production and sales, and advancements in steering technologies such as electric power steering. On the other hand, barriers to market growth include stringent government regulations pertaining to safety and emissions, high cost associated with advanced steering systems, and increasing complexity of steering systems.

Challenges faced in the market include intense competition among key players, rapid technological advancements leading to shorter product lifecycle, and increasing preference for autonomous vehicles impacting the demand for traditional steering systems. Additionally, fluctuating raw material prices and supply chain disruptions pose further challenges to the Automotive Steering System market.

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Competitive Landscape

JTEKT Corporation is a global automotive steering system player that has a strong presence in the market. The company has a rich history that dates back to 2006 when it was formed through the merger of two Japanese companies. JTEKT has seen significant market growth over the years, driven by its focus on technological innovation and quality products. The company's market size has expanded steadily, with a strong customer base in both domestic and international markets.

Nexteer Automotive Group is another key player in the automotive steering system market. Established in 1906, the company has a long history of providing innovative steering solutions to the automotive industry. Nexteer has experienced notable market growth due to its strong research and development capabilities and commitment to customer satisfaction. The company's market size has increased over the years, positioning it as a leading player in the industry.

Sona Koyo Steering System is a prominent player in the automotive steering system market with a history dating back to the 1980s. The company has shown consistent market growth through its focus on delivering high-quality steering systems to its customers. Sona Koyo has a significant market size, with a strong presence in the Indian and global markets.

Sales revenue for some of the aforementioned companies is as follows: JTEKT Corporation reported sales revenue of $ billion, Nexteer Automotive Group reported sales revenue of $3.7 billion, and Sona Koyo Steering System reported sales revenue of $1.2 billion. These figures demonstrate the strong market position and financial performance of these companies in the automotive steering system market.

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