What is Global Automotive Steering Market?
The Global Automotive Steering Market is a vast and dynamic sector that plays a crucial role in the automotive industry. This market revolves around the production, distribution, and sale of steering systems for various types of vehicles. Steering systems are an integral part of any vehicle, as they allow the driver to guide the vehicle in the desired direction. The market's value is determined by the demand for these systems in the automotive industry. In 2023, the Global Automotive Steering Market was valued at a whopping US$ 26570 million. This value is expected to rise significantly in the coming years, with projections indicating that it could reach US$ 33850 million by 2030. This represents a Compound Annual Growth Rate (CAGR) of 3.1% during the forecast period from 2024 to 2030.
Electric Power Steering, Hydraulic Power Steering, Others in the Global Automotive Steering Market:
The Global Automotive Steering Market is segmented into Electric Power Steering, Hydraulic Power Steering, and others. Electric Power Steering (EPS) is a system that uses an electric motor to assist the driver in steering the vehicle. It is known for its efficiency and precision, making it a popular choice in the automotive industry. On the other hand, Hydraulic Power Steering (HPS) uses hydraulic pressure to assist the driver in steering the vehicle. Although it is less efficient than EPS, it is still widely used due to its robustness and reliability. The 'others' segment includes manual steering systems and electro-hydraulic steering systems, which are less common but still have a presence in the market.
Passenger Cars, Commercial Vehicles in the Global Automotive Steering Market:
The Global Automotive Steering Market caters to a wide range of vehicles, including Passenger Cars and Commercial Vehicles. Passenger cars are the most common type of vehicle on the road, and they require efficient and reliable steering systems for safe operation. The market provides a variety of steering systems for these cars, including EPS and HPS. Commercial vehicles, on the other hand, require more robust and durable steering systems due to their size and weight. The market caters to this need by providing heavy-duty steering systems that can withstand the rigors of commercial use.
Global Automotive Steering Market Outlook:
Looking at the market outlook for the Global Automotive Steering Market, it's clear that this sector is on a growth trajectory. In 2023, the market was valued at US$ 26570 million. Fast forward to 2030, and this figure is expected to rise to US$ 33850 million. This represents a Compound Annual Growth Rate (CAGR) of 3.1% during the forecast period from 2024 to 2030. This growth is driven by the increasing demand for efficient and reliable steering systems in the automotive industry. As more and more vehicles are produced, the need for steering systems will continue to rise, driving growth in the Global Automotive Steering Market.
| Report Metric | Details |
| Report Name | Automotive Steering Market |
| Accounted market size in 2023 | US$ 26570 million |
| Forecasted market size in 2030 | US$ 33850 million |
| CAGR | 3.1% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | ThyssenKrupp (Germany), HUAYU Automotive Systems (China), Eaton (USA), JTEKT (Japan), Hitachi Automotive Systems (Japan), American Axle & Manufacturing Holdings (USA), CIE Automotive (Spain), KYB (Japan), SHOWA (Japan), Dongfeng Motor Parts And Components Group (China), Wanxiang Qianchao (China), Beijing Hainachuan Automotive Parts (China) |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
