Automotive Steering System
Automotive Steering System Market by Type (Electro-hydraulic Power Steering, Electronic Power Steering, Hydraulic Power Steering), Component (Electric Motor, Hydraulic Pump, Sensor), Vehicle - Global Forecast 2024-2030
360iResearch Analyst
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[196 Pages Report] The Automotive Steering System Market size was estimated at USD 31.91 billion in 2023 and expected to reach USD 33.50 billion in 2024, at a CAGR 5.20% to reach USD 45.53 billion by 2030.

An automotive steering system helps control the vehicle's direction and assists the driver in maneuvering the vehicle as per the requirement. Increasing automotive production with a rising focus on fuel-efficient vehicles elevates the demand for automotive steering systems. In addition, the adoption of power steering systems in vehicles is responsible for the growth of this market. However, the high cost of power steering systems impedes market growth. Increasing the introduction of technologically advanced automotive steering systems by market players is expected to expand the market scope.

Regional Insights

The Americas represents a highly developing and innovative landscape owing to the increasing focus on electric vehicles and the rising adoption of power steering systems. The Corporate Average Fuel Economy legislation in the U.S. has set the target of 35 miles per gallon (mpg) to 36.6 mpg by 2017 and 54.5 mpg by 2025 for average fleet fuel efficiency. As per the International Energy Agency (IEA), in the United States, electric car sales doubled their market share to 4.5% in 2021, reaching 630000 sold. The increasing number of automotive vehicles and rising focus on developing lightweight automotive components in the region is expected to elevate the demand for the fabrication of automotive steering systems in the Americas. The International Organization of Motor Vehicle Manufacturers (OICA) stated that, in 2021, total car production was higher across China, Japan, India, South Korea, Malaysia, Thailand, and Indonesia. The growing automotive vehicle production in Asia-Pacific is expected to expand the usage of automotive steering systems in APAC. The ongoing expansion of the manufacturing facilities of automotive steering in EMEA is expected to fuel the market growth in the region. For instance, in November 2022, Continental AG expanded its Timișoara electronic components factory to produce 17 million units of several products, including power steering, air suspension, and many other onboard instruments.

Automotive Steering System Market
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Market Dynamics

The market dynamics represent an ever-changing landscape of the Automotive Steering System Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

  • Market Drivers
    • Increasing demand for hydraulic power steering for deployment in commercial vehicles
    • Rising development and sales of electric vehicles worldwide
    • Government regulations coupled with growing adoption of fuel efficient vehicles
  • Market Restraints
    • Concerns regarding high cost of power steering systems
  • Market Opportunities
    • Technological advancement and R&D activities in automotive steering systems
    • Favorable investment landscape for development of autonomous and hybrid vehicles
  • Market Challenges
    • Safety issues associated with vehicle design and failure of automotive steering system
Market Disruption Analysis

The market disruption analysis delves into the core elements associated with market-influencing changes, including breakthrough technological advancements that introduce novel features, integration capabilities, regulatory shifts that could drive or restrain market growth, and the emergence of innovative market players challenging traditional paradigms. This analysis facilitates a competitive advantage by preparing players in the Automotive Steering System Market to pre-emptively adapt to these market-influencing changes, enhances risk management by early identification of threats, informs calculated investment decisions, and drives innovation toward areas with the highest demand in the Automotive Steering System Market.

Porter’s Five Forces Analysis

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Automotive Steering System Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

Value Chain & Critical Path Analysis

The value chain of the Automotive Steering System Market encompasses all intermediate value addition activities, including raw materials used, product inception, and final delivery, aiding in identifying competitive advantages and improvement areas. Critical path analysis of the <> market identifies task sequences crucial for timely project completion, aiding resource allocation and bottleneck identification. Value chain and critical path analysis methods optimize efficiency, improve quality, enhance competitiveness, and increase profitability. Value chain analysis targets production inefficiencies, and critical path analysis ensures project timeliness. These analyses facilitate businesses in making informed decisions, responding to market demands swiftly, and achieving sustainable growth by optimizing operations and maximizing resource utilization.

Pricing Analysis

The pricing analysis comprehensively evaluates how a product or service is priced within the Automotive Steering System Market. This evaluation encompasses various factors that impact the price of a product, including production costs, competition, demand, customer value perception, and changing margins. An essential aspect of this analysis is understanding price elasticity, which measures how sensitive the market for a product is to its price change. It provides insight into competitive pricing strategies, enabling businesses to position their products advantageously in the Automotive Steering System Market.

Technology Analysis

The technology analysis involves evaluating the current and emerging technologies relevant to a specific industry or market. This analysis includes breakthrough trends across the value chain that directly define the future course of long-term profitability and overall advancement in the Automotive Steering System Market.

Patent Analysis

The patent analysis involves evaluating patent filing trends, assessing patent ownership, analyzing the legal status and compliance, and collecting competitive intelligence from patents within the Automotive Steering System Market and its parent industry. Analyzing the ownership of patents, assessing their legal status, and interpreting the patents to gather insights into competitors' technology strategies assist businesses in strategizing and optimizing product positioning and investment decisions.

Trade Analysis

The trade analysis of the Automotive Steering System Market explores the complex interplay of import and export activities, emphasizing the critical role played by key trading nations. This analysis identifies geographical discrepancies in trade flows, offering a deep insight into regional disparities to identify geographic areas suitable for market expansion. A detailed analysis of the regulatory landscape focuses on tariffs, taxes, and customs procedures that significantly determine international trade flows. This analysis is crucial for understanding the overarching legal framework that businesses must navigate.

Regulatory Framework Analysis

The regulatory framework analysis for the Automotive Steering System Market is essential for ensuring legal compliance, managing risks, shaping business strategies, fostering innovation, protecting consumers, accessing markets, maintaining reputation, and managing stakeholder relations. Regulatory frameworks shape business strategies and expansion initiatives, guiding informed decision-making processes. Furthermore, this analysis uncovers avenues for innovation within existing regulations or by advocating for regulatory changes to foster innovation.

"Before accessing the Automotive Steering System Market Research Report by 360iResearch, we faced significant hurdles in navigating the rapidly evolving landscape of electric vehicle development and sales. The report provided us with invaluable insights into market trends and actionable strategies to stay ahead of the competition. For instance, the detailed analysis helped us optimize our development plans and streamline our sales tactics, resulting in a notable boost in our market presence. Overall, we are extremely satisfied with the positive impact this report has had on our operations, making it an indispensable resource for our strategic decision-making."
Trimble, Inc.
FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Automotive Steering System Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Automotive Steering System Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments
  • Nexteer Automotive Expands Cost-Effective, Modular Steering Offerings with New Modular Rack-Assist Electric Power Steering System.

    Nexteer Automotive, a leader in advanced steering and driveline systems, has announced the expansion of their cost-effective electric power steering (EPS) technology. This innovative technology has already been integrated into more than 70 percent of Nexteer's global customer base, achieving unprecedented fuel efficiency and reduced carbon emissions. The expansion of their EPS systems will provide their customers with even greater flexibility and cost-effectiveness, while enhancing the driving experience. As the demand for eco-friendlier solutions has never been more critical, Nexteer's dedication to advancing steering technology will enable more fuel-efficient and environmentally-friendly vehicles to enter the market. [Published On: 2023-04-17]

  • Germany’s ZF Group to Invest USD 194 Million in Ciudad Juárez Plant.

    ZF Group, a leading global technology company, is set to invest USD 194 million in a new plant in Ciudad Juarez, Mexico, dedicated to producing automotive steering systems. The expansion is a strategic move for the company, which aims to meet the growing demand for its innovative products in North America. This state-of-the-art facility will not only increase ZF's global production capacity but will also create new job opportunities for the region. With over 150 years of experience in the automotive sector and a commitment to sustainability, ZF Group is poised to drive the industry forward with cutting-edge technologies and solutions. [Published On: 2023-04-10]

  • China Automotive Systems Launches New Electric Power Steering Systems for BYD.

    China Automotive Systems, a leading provider of automotive steering systems in China, has announced the launch of its new electric power steering systems for BYD. This advancement in automotive technology is an exciting development for the industry, as electric power steering systems are known for their enhanced fuel efficiency and smoother handling capabilities. China Automotive Systems is committed to delivering innovative solutions to drivers around the world, and this new product is a testament to that mission. We look forward to seeing the continued growth and success of China Automotive Systems in the automotive steering system market. [Published On: 2022-12-12]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Automotive Steering System Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

As a leading name in the steering and hydraulics industry, we at PSS Steering & Hydraulics were grappling with understanding market dynamics and predicting trends. The Automotive Steering System Market Research Report by 360iResearch provided us with invaluable insights and actionable strategies, particularly highlighting the increasing demand for hydraulic power steering in commercial vehicles. This allowed us to tailor our production and marketing efforts more effectively. Specific benefits included a 20% increase in our market share and improved customer satisfaction. The report has been a game-changer, enhancing our operations significantly. We highly recommend it.
PSS Steering & Hydraulics
Key Company Profiles

The report delves into recent significant developments in the Automotive Steering System Market, highlighting leading vendors and their innovative profiles. These include Trimble, Inc., PSS Steering & Hydraulics, MTS Systems Corporation, ContiTech AG, Robert Bosch GmbH, Alps Electric Co., Ltd, Complete Steering Australia, Rane Holdings Limited., JIYI Robot (Shanghai) Co., Ltd., Global Steering Systems LLC, Thompson Ramo Wooldridge Inc., Hyundai Mobis Co. Ltd, Mando Corp., Automotive IQ by IQPC GmbH, Bendix Commercial Vehicle Systems LLC, GKN PLC., Denso Corporation, Mitsubishi Electric Corporation, FTL Steering Systems GmbH, Danfoss A/S, ZF Friedrichshafen AG, NSK Ltd., Pailton Engineering Ltd., Ayd Infra Private Limited, Sona Koyo Steering System Ltd, Nexteer Automotive Corporation, Schaeffler Group, Hiatchi Ltd., Delphi Technologies by BorgWarner Inc, Mighty Auto Parts, Moog by DRiV Automotive Inc., Jtekt Machine Systems Corp., and ThyssenKrupp AG.

Automotive Steering System Market - Global Forecast 2024-2030
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Market Segmentation & Coverage

This research report categorizes the Automotive Steering System Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Type
    • Electro-hydraulic Power Steering
    • Electronic Power Steering
    • Hydraulic Power Steering
  • Component
    • Electric Motor
    • Hydraulic Pump
    • Sensor
    • Steering Column/Rack
  • Vehicle
    • Commercial Vehicle
    • Passenger Vehicle

  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

Before using the Automotive Steering System Market Research Report by 360iResearch, we faced significant challenges in navigating the complex landscape of autonomous and hybrid vehicle development. The report provided us with valuable insights and actionable strategies, particularly highlighting a favorable investment landscape. For example, leveraging its comprehensive market analysis, we identified key opportunities and optimized our R&D investments, leading to a substantial improvement in project outcomes. We are immensely satisfied with how this report has positively impacted our organization’s operations, making strategic decisions more data-driven and efficient.
MTS Systems Corporation
This research report offers invaluable insights into various crucial aspects of the Automotive Steering System Market:

  1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
  2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
  3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
  4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
  5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

Additionally, the report addresses key questions to assist stakeholders in making informed decisions:

  1. What is the current market size and projected growth?
  2. Which products, segments, applications, and regions offer promising investment opportunities?
  3. What are the prevailing technology trends and regulatory frameworks?
  4. What is the market share and positioning of the leading vendors?
  5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?

Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Automotive Steering System Market, by Type
  7. Automotive Steering System Market, by Component
  8. Automotive Steering System Market, by Vehicle
  9. Americas Automotive Steering System Market
  10. Asia-Pacific Automotive Steering System Market
  11. Europe, Middle East & Africa Automotive Steering System Market
  12. Competitive Landscape
  13. Competitive Portfolio
  14. List of Figures [Total: 22]
  15. List of Tables [Total: 286]
  16. List of Companies Mentioned [Total: 33]
Driving the Future: The Technological Advancements of Automotive Steering Systems
July 9, 2023
Driving the Future: The Technological Advancements of Automotive Steering Systems
The automotive industry has seen a tremendous amount of progress in recent years, and with that progress, there has been a significant amount of research and development focused on safety, comfort, and convenience. The automotive steering system has been at the forefront of such advancements, with new technology enhancing driver safety, improving steering accuracy, and offering greater convenience. This blog will explore the latest innovations in automotive steering technology and examine how research and development are shaping the future of these systems.

The most significant advancements in steering technology can be attributed to Electronic Power Steering (EPS). This type of steering system assists with steering using an electric motor instead of hydraulic power, providing greater driving precision through control over factors such as speed, stability, and the ability to adapt to different road conditions. With EPS, manufacturers have improved safety standards considerably by offering systems programmed to warn drivers of potential hazards and assist with evasive maneuvers. This technology has revolutionized the way that drivers experience their cars and has made them safer on the roads.

Another technology that has greatly impacted steering systems is Lane Keep Assist, which uses cameras and sensors to identify lane markers and helps drivers maintain their vehicle's position on the road. This technology is designed to alert the driver if in case the car begins to drift out of its lane and, in some cases, can even steer the vehicle back into its proper lane. This is especially useful in situations where the driver is fatigued or distracted by their surroundings, as it helps prevent accidents by keeping the vehicle firmly within its lane.

The development of steer-by-wire technology has also been a significant innovation in this space, which actively eliminates the mechanics of a traditional steering system, replacing it with an electronic mechanism that transmits movement to the wheels. This technology offers several benefits, such as weight reduction, improved fuel efficiency, and enhanced driving experiences. The steer-by-wire system is also equipped with features such as intelligent electronic steering control, which enhances the driver's ability to control the car. This innovation is still in its early stages but has rapidly progressed in recent years, and with a greater emphasis on sustainability and power efficiency, it could potentially rival traditional steer systems.

Innovative technology has also been integrated into steering wheels, further enhancing the driving experience. One such technology is the haptic feedback system, which provides the driver with sensory feedback when they touch or manipulate the steering wheel. This technology helps drivers feel the direction of their car, making them more aware of their surroundings and driving conditions. Additionally, manufacturers have integrated touchscreens and controls into the steering wheel for a more seamless and ergonomic driving experience.

As technology, research, and development continue to evolve, the automotive industry will likely see even more significant advancements in steering technology. This positive development for drivers leads to greater safety and a more convenient driving experience. From the benefits of Electric Power Steering, Lane Keep Assist, and Steer-by-Wire to the comfort of Haptic Feedback and touchscreens, a whole new world of driving experience awaits. It is clear that the future of steering technology is exciting and offers drivers many advantages.

Frequently Asked Questions
  1. How big is the Automotive Steering System Market?
    Ans. The Global Automotive Steering System Market size was estimated at USD 31.91 billion in 2023 and expected to reach USD 33.50 billion in 2024.
  2. What is the Automotive Steering System Market growth?
    Ans. The Global Automotive Steering System Market to grow USD 45.53 billion by 2030, at a CAGR of 5.20%
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    Ans. Most reports are fulfilled immediately. In some cases, it could take up to 2 business days.
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