What is Automotive Steering Systems - Global Market?
The Automotive Steering Systems - Global Market is a vast and dynamic sector that plays a crucial role in the overall automotive industry. This market encompasses a variety of steering systems used in vehicles, including cars, trucks, and other commercial vehicles. The primary function of these systems is to ensure the smooth and safe operation of vehicles by enabling the driver to steer the vehicle in the desired direction. The global market for automotive steering systems is driven by several factors, including the increasing demand for vehicles, advancements in technology, and stringent safety regulations. However, the market also faces several challenges, such as high costs and complex installation processes. Despite these challenges, the market continues to grow, thanks to the continuous innovations and developments in the field.
EPS, HPS, EHPS, MS in the Automotive Steering Systems - Global Market:
In the Automotive Steering Systems - Global Market, there are several types of steering systems, including Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Electro-Hydraulic Power Steering (EHPS), and Manual Steering (MS). Each of these systems has its own set of features and benefits. For instance, EPS is known for its energy efficiency and ease of use, while HPS is renowned for its robustness and reliability. On the other hand, EHPS combines the benefits of both EPS and HPS, offering a balance of efficiency and reliability. MS, the most traditional type of steering system, is known for its simplicity and cost-effectiveness. However, it requires more effort from the driver compared to the other systems. Despite their differences, all these systems aim to provide a safe and comfortable driving experience.
Passenger Vehicle, Commercial Vehicle in the Automotive Steering Systems - Global Market:
The Automotive Steering Systems - Global Market finds its application in various types of vehicles, including passenger vehicles and commercial vehicles. In passenger vehicles, these systems are used to ensure a smooth and comfortable ride for the passengers. They help in reducing the effort required to steer the vehicle, thereby enhancing the overall driving experience. In commercial vehicles, on the other hand, these systems play a crucial role in ensuring the safe and efficient transportation of goods. They help in maintaining the stability of the vehicle, especially when carrying heavy loads, thereby reducing the risk of accidents. Thus, the use of automotive steering systems in both passenger and commercial vehicles contributes significantly to the growth of the global market.
Automotive Steering Systems - Global Market Outlook:
The global Automotive Steering Systems market, as per the recent data, was valued at a significant US$ 36330 million in 2022. The market is expected to witness a steady growth and reach a value of US$ 43880 million by 2029. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 2.7% during the forecast period of 2023-2029. The market is relatively concentrated, with the top eleven manufacturers, including JTEKT, Bosch, ZF, NSK, Nexteer Automobile, Thyssenkrupp, Mando, Mobis, Showa, Sona Koyo, and CAAS, accounting for about 67% of the total global sales. This concentration indicates the competitive nature of the market, with these key players continuously striving to innovate and improve their products to gain a competitive edge.
| Report Metric | Details |
| Report Name | Automotive Steering Systems - Market |
| Forecasted market size in 2029 | US$ 43880 million |
| CAGR | 2.7% |
| Forecasted years | 2023 - 2029 |
| Global Automotive Steering Systems market, by region: |
|
| Global Automotive Steering Systems market, Segment by Type: |
|
| Global Automotive Steering Systems market, by Application |
|
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
