Global Steering Systems
Market Report
2024
The Global Steering Systems market size will be USD 18.5 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 5% from 2023 to 2030.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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According to Cognitive Market Research, The Global Steering Systems market size will be USD 18.5 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 5% from 2023 to 2030.
Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Steering Systems Market Sales Revenue 2023 | $ 18.5 Billion |
Global Steering Systems Market Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 5% |
North America Steering Systems Market Sales Revenue 2023 | $ 5.7 Billion |
North America Steering Systems Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 4% |
Europe Steering Systems Market Sales Revenue 2023 | $ 4.81 Billion |
Europe Steering Systems Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 4.2% |
Asia Pacific Steering Systems Market Sales Revenue 2023 | $ 7.03 Billion |
Asia Pacific Steering Systems Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 6.3% |
South America Steering Systems Market Sales Revenue 2023 | $ 0.93 Billion |
South America Steering Systems Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 4.8% |
Middle East and Africa Steering Systems Market Sales Revenue 2023 | $ 0.37 Billion |
Middle East and Africa Steering Systems Compound Annual Growth Rate (CAGR) for 2024 to 2031 | 4.9% |
Market Split by Type |
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Market Split by Application |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Report scope is customizable as we have a huge database of Steering Systems industry. We can deliver an exclusive report Edition/Consultation as per your data requirements. Request for your Free Sample Pages.
Steering Systems Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
According to Cognitive Market Research, the Worldwide Steering Systems market size will be USD 18.5 billion in 2023 and will expand at a compound annual growth rate (CAGR) of 5% from 2023 to 2030. Car electrification is coming soon as pollution regulations get stricter. Steer-by-wire steering and electrical power steering (EPS) are in high demand due to the world's growing adoption of electric vehicles (EVs). While EPS systems for commercial vehicles are still in their infancy, OEMs in the passenger car market have virtually completely transitioned to EPS systems. The market for commercial EVs will see a substantial increase in demand for EPS as more of these cars are released.
For instance, E-HPS can increase fuel economy by 0.9 to 1.2% while reducing CO2 emissions by 6 gm CO2/km to 11 gm CO2/km, according to Infineon Technologies AG (Germany). Therefore, the demand for E-HPS in commercial vehicles worldwide is expected to be driven by the combined benefits of lower CO2 emissions, enhanced fuel efficiency, improved driver comfort, and increased safety.
The primary factor driving the market's growth is an increase in customer demand for automobiles due to rising disposable income. The market is expanding because power steering systems are becoming more common in cars. The vehicle's increased fuel efficiency can be attributed to its efficient steering system. Thus, there is a rise in demand for steering systems as a result of the growing need for fuel-efficient vehicles. Additionally, buyers want their cars to be easy to drive and maneuver, which contributes to driving comfort. By employing an efficient steering system, driving comfort is increased, which raises demand for steering systems and contributes to the market's expansion.
For instance, to begin the mass manufacture of electric power steering systems, Nexteer Automotive and Dongfeng Motor Parts & Components Group Co., Ltd. formed a joint venture in August 2019. This is likely to boost the demand for car steering systems.
The ongoing need for automobiles in the industry has led to continual expansion in the global automotive market. The automobile sector is mainly in demand from emerging nations like China, Brazil, India, and others. Since the majority of OEMs are also making significant investments in this industry, China, the largest automotive market in the world, is predicted to continue growing in the next years. Since every car needs a steering system to regulate direction, the growing demand for automobiles in the automotive industry also leads to a growth in the need for steering systems. Additionally, a car accident may result in modifications to the steering system or one of its components, which would raise demand for aftermarket steering systems.
For instance, High-Output Electric Power Steering (EPS) was introduced by Nexteer. It specializes in providing heavy-duty trucks and smaller commercial vehicles with cutting-edge safety and comfort features, together with improved fuel efficiency.
(Source: www.nexteer.com/electric-power-steering/high-output-eps/)
The market for steering systems is expected to develop slowly, nonetheless, due to the high cost of power steering systems. Drive-by-wire technology is anticipated to be used in the next cars, which will accelerate market expansion in the near future. Numerous vehicle types, including passenger automobiles, light commercial vehicles, and large commercial vehicles, employ power steering systems. In contrast to a manual steering system, a power steering system uses either an electrical motor or a hydraulic piston, depending on the system installed in the car. The price of the steering system goes up since these parts are more expensive. The increase in automobile pricing can be attributed to the high cost of the power steering system. Thus, the high price of the power steering system will limit the market expansion.
Because of the supply chain disruption and temporary closure of production facilities, COVID-19 has had an impact on the steering systems industry. But as demand for automobiles rises, the market is progressively rebounding. The worldwide automobile steering system market has been negatively impacted by the coronavirus's quick spread around the world and the lockdowns that have been imposed in several nations. Automobile steering system manufacturers are making their way back from losses brought on by disrupted supply chains, a drop in vehicle output, and global production and manufacturing halts. Following the prosperous resurgence of their operations, producers in the worldwide automobile steering system market are establishing their global footprint.
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Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their Worldwide footprint, with significant market developments including new Material portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. Because of automation and technological advancement, businesses compete fiercely to deliver innovative products.
(Source: www.mobis.co.kr/en/aboutus/press.do?category=press&idx=5671)
(Source: www.nsk.com/company/news/2022/0512a.html)
Top Companies Market Share in Steering Systems Industry: (In no particular order of Rank)
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According to Cognitive Market Research, APAC dominated the market in 2023 and accounted for around 29% of the worldwide revenue; due to improved driving comfort and increased fuel economy, EPS technology is projected to be rapidly adopted, particularly in passenger cars and light commercial vehicles. This is expected to accelerate market expansion in China. China, a center for the production of electronics, benefits from EPS adoption, which happens more quickly. The Indian government has been concentrating on safety rules and pollution requirements, such as the BS-VI emissions standards, in recent years. Because of this, OEMs are now more likely to choose EPS technology than more conventional hydraulic power steering (HPS) technology.
MEA is the fastest-growing category as the global manufacturing industry's projected increase in investments to expand production capacity is expected to propel the automobile steering system market substantially.
The current report Scope analyzes Steering Systems Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only. To learn more about geographical trends request the free sample pages. Contact US!
According to Cognitive Market Research, North America held the major market share in 2023. It accounted for more than 29% of the worldwide revenue with a market size of USD 5.7 billion and will grow at a CAGR of 4% from 2023 to 2030 because of the region's substantial concentration of important market participants. The fast economic expansion in North America is driving up demand for vehicle steering systems. Electro-hydraulic power steering combines the benefits of hydraulic and electronic power, it is growing in popularity in the vehicle steering system industry. North American manufacturers are benefiting from profitable growth prospects as a result of their concentrated efforts to increase their market share through alliances, partnerships, and mergers and acquisitions. In conclusion, the market is driven by Customers' increasing purchasing power is also driving the market for vehicle steering systems in North America.
According to Cognitive Market Research, The European Steering Systems market accounted for approximately 26% of the worldwide revenue with a market size of USD 4.81 billion and will grow at a CAGR of 4.2% from 2023 to 2030. The demand for the automotive steering system market is also being impacted by increasing vehicle manufacturing throughout all of Europe. Hydraulic Power Steering is the fastest-growing category over the forecast period. Among steering systems, hydraulic power steering is the most straightforward and uncomplicated design. In addition, the automotive steering system market in Europe is growing at a quick pace due to the rapid expansion of small and medium-sized automobile manufacturing sectors throughout the area. The significant presence of tier-1 suppliers and automakers throughout Europe is likely to help the market there. In conclusion, the market is driven by increasing vehicle manufacturing throughout all of Europe.
According to Cognitive Market Research, Asia Pacific held a considerable market share in 2023, accounting for more than 38% of the worldwide revenue with a market size of USD 7.03 billion and will grow at a CAGR of 6.3% from 2023 to 2030. Due to improved driving comfort and increased fuel economy, EPS technology is projected to be rapidly adopted, particularly in passenger cars and light commercial vehicles. This is expected to accelerate market expansion in China. China, a center for the production of electronics, benefits from EPS adoption, which happens more quickly. Increased global passenger car sales are also anticipated to drive the industry. The Indian government has been concentrating on safety rules and pollution requirements, such as the BS-VI emissions standards, in recent years. Because of this, OEMs are now more likely to choose EPS technology than more conventional hydraulic power steering (HPS) technology. In conclusion, the market is driven by improved driving comfort and increased fuel economy, EPS technology.
According to Cognitive Market Research, Latin America accounted for more than 5% of the Worldwide Steering Systems revenue in 2023 with a market size of USD 0.93 billion and will grow at a CAGR of 4.8% from 2023 to 2030 due to the region's growing conscious population, need for automobiles, and the demand for diverse and inclusive product ranges. An increase in consumer purchasing power is expected to drive up car sales globally, which would support the global market for automotive steering systems. By employing an efficient steering system, driving comfort is increased, which raises demand for steering systems and contributes to the market's expansion. In conclusion, the market is driven by a growing conscious population, need for automobiles, and the demand for diverse and inclusive product ranges.
According to Cognitive Market Research, The Middle East and Africa accounted for more than 2% of the Worldwide revenue in 2023 with a market size of USD 0.37 billion and will grow at a CAGR of 4.9% from 2023 to 2030. The global manufacturing industry's projected increase in investments to expand production capacity is expected to propel the automobile steering system market substantially. In conclusion, the market is driven by an increase in investments to expand production capacity in this region.
Global Steering Systems Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Steering Systems Industry growth. Steering Systems market has been segmented with the help of its Type, Application , and others. Steering Systems market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, electro-hydraulic power steerings held the major market share over the forecast period. Because electro-hydraulic power steering combines the benefits of hydraulic and electronic power, it is growing in popularity in the vehicle steering system industry. Electronic power steering systems are more user-friendly and fuel-efficient. The majority of passenger automobiles and street cars use electronic power steering. An electric motor powers this system; it is separate from the main engine and runs only when necessary.
Hydraulic power steering is the fastest-growing category over the forecast period. Among steering systems, hydraulic power steering is the most straightforward and uncomplicated design. Through the provision of hydraulic assistance to the steering mechanism, the steering system helps the driver steer. Consequently, drivers only need to apply a small amount of effort to the steering wheel—the hydraulic system takes care of the rest.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Steering Systems Industry. Request a Free Sample PDF!
According to Cognitive Market Research, the dominance of the passenger car sector in the worldwide automotive steering system market. Increased global passenger car sales are also anticipated to drive the industry. An increase in consumer purchasing power is expected to drive up car sales globally, which would support the global market for automotive steering systems.
The commercial vehicle category is anticipated to grow at a significant rate in the forecast period. Due to the increased use of automotive steering systems in trucks and utility vehicles worldwide, the industry is predicted to expand. Whether it is hydraulic or electric, the automotive steering system in trucks and utility vehicles generates extra energy. It lessens the need for physical labour when parking and manoeuvring.
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Steering Systems market report 2024 Edition by contacting our team.
Research Analyst at Cognitive Market Research
I am a research analyst working in the Transport & Logistics domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.
I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.
I am committed to continuous learning and staying abreast of emerging trends in research methodologies. Regular participation in workshops, webinars, and industry conferences ensures that my skills remain sharp and relevant. I spearheaded research initiatives focused on market trends, customer behavior, and competitive landscapes. I have a demonstrated ability to transform complex data sets into clear and concise narratives that inform key business strategies. Collaborating with cross-functional teams, I played a pivotal role in shaping successful projects that hinged on robust research and analysis.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Steering Systems Market is witnessing significant growth in the near future.
In 2023, the Electronic Power Steering segment accounted for noticeable share of global Steering Systems Market and is projected to experience significant growth in the near future.
The Passenger Car segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies TRW Automotive Holdings , Hyundai Mobis and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Disclaimer:
Type | Electronic Power Steering, Electro-Hydraulic Power Steering, Hydraulic Power Steering |
Application | Passenger Car, Commercial Vehicle |
List of Competitors | TRW Automotive Holdings, Mitsubishi Electric, Hyundai Mobis, Sona Koyo Steering Systems, Robert Bosch Automotive Steering, JTEKT, Nexteer Automotive, ThyssenKrupp Presta, China Automotive Systems, ZF Friedrichshafen Manufacturing |
This chapter will help you gain GLOBAL Market Analysis of Steering Systems. Further deep in this chapter, you will be able to review Global Steering Systems Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
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Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
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Qualitative Analysis for the North America Market: North America Steering Systems Market Trends North America Steering Systems Technological Road Map North America Steering Systems Market Drivers North America Steering Systems Market Restraints North America Steering Systems Market Opportunity Market Attractiveness Analysis COVID – 19 Impact Analysis PESTEL Analysis Porter’s Five Forces Analysis Product Life Cycle Industrial Chain Analysis
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Chapter 3 Europe Market Analysis
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Chapter 4 Asia-Pacific Market Analysis
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Chapter 5 South America Market Analysis
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Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Type Analysis 2019 -2031, will provide market size split by Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Type Analysis 2019 -2031
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Chapter 11 Market Split by Application Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Steering Systems market
Chapter 12 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Electronic Power Steering have a significant impact on Steering Systems market? |
What are the key factors affecting the Electronic Power Steering and Electro-Hydraulic Power Steering of Steering Systems Market? |
What is the CAGR/Growth Rate of Passenger Car during the forecast period? |
By type, which segment accounted for largest share of the global Steering Systems Market? |
Which region is expected to dominate the global Steering Systems Market within the forecast period? |
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