Automotive Steering Systems Market Trends and Analysis by Technology, Companies and Forecast to 2028
Automotive Steering Systems Market Report Overview
The automotive steering systems market size is estimated at 85.9 million units in 2023. Rising automobile production in emerging economies coupled with increasing demand for fuel-efficient vehicles are the key factors influencing the steering systems market growth. Furthermore, the rise in vehicle electrification, strict government regulations, and concerns about carbon emissions are further expected to lead the steering systems market to grow at a CAGR of more than 3% during 2023-2028.
Automotive Steering Systems Market Outlook 2023-2028 (Million Units)
The steering systems market research report offers a comprehensive analysis of the trends & drivers, technological developments, PESTER outlook, sector forecast, and competitive landscape. The report brings together multiple data sources to provide a detailed overview of the global steering systems sector during the projected period.
Market Size (2023) | 85.9 million units |
CAGR (2023-2028) | >3% |
Key Segments | · RD EPS
· CD EPS · PR&P · DPD EPS · Others |
Key Regions | · Asia-Pacific
· Europe · North America · South America · MEA |
Key Companies | · JTEKT
· Nexteer · ZF TRW · Robert Bosch Automotive Steering · NSK · Showa · ThyssenKrupp · Others |
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Automotive Steering Systems Market – Latest Developments
- In December 2022, China Automotive Systems (CAAS) announced new electric power steering deals with EV maker BYD Auto. After “18 months of preparation and close collaboration between both R&D teams”, CAAS said, it won the BYD design contracts for C-EPS, DP-EPS, and R-EPS for all model series.
- In October 2023, The Japanese dealer, Hitachi Astemo developed a prototype steer-by-wire steering device that removes the conventional steering wheel and increases cabin space. “Its new technology links the steering and turning actuators via electric signals to steer the car providing, the supplier claimed, “the benefit of improved safety and comfort, as well as flexibility for interior design”.
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Automotive Steering Systems Market – Technologies and Innovations
Some of the innovations garnering attention in the steering systems technology are ZF’s existing offerings and their new electric power steering (EPS) system, NSK’s solutions, and Nexteer’s solutions.
Nexteer’s Solutions: In March 2022, Nexteer Automotive announced a new eDrive product line with the launch of a 48-volt integrated belt-driven starter generator (iBSG) which, it said ‘hybridises’ conventional internal combustion engine (ICE) vehicles.
ZF’s New Electric Power Steering (EPS) System: ZF demonstrated its new electric power steering system and latest ADAS suite of safety technologies during a recent Technology Day event at the Transportation Research Center just outside Columbus, Ohio.
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Automotive Steering Systems Market Segmentation by Sectors
The key sectors in the steering systems market are RD EPS, CD EPS, PR&P, and DPD EPS, among others. In 2023, RD EPS garnered the largest share among all steering systems components, followed by CD EPS. EPS is a key technology for automakers as they look to meet the Corporate Average Fuel Economy (CAFE) regulations. The main factors that will help accelerate the adoption of EPS are better reliability, improved control, downsized and more powerful electric motors, and enhanced battery performance.
Automotive Steering Systems Market Analysis by Sectors, 2023 (%)
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Automotive Steering Systems Market Segmentation by Region
The key regions in the steering systems market are Asia-Pacific, Europe, North America, South America, and MEA. In 2023, Asia-Pacific leads the automotive steering systems market, followed by Europe, and North America. Bosch is the leading manufacturer in Asia-Pacific.
The steering systems market in Asia Pacific is experiencing significant growth. The region is witnessing an increasing demand for automobiles, leading to a rise in the adoption of advanced steering systems. Factors such as urbanization, improving living standards, and increasing disposable income are driving the market growth. Additionally, advancements in technology, such as electric power steering systems and autonomous vehicles, are further contributing to the market expansion.
Automotive Steering Systems Market Analysis by Region, 2023 (%)
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Automotive Steering Systems Market – Competitive Landscape
The leading companies in the EPS systems market are JTEKT, Nexteer, ZF TRW, NSK, Showa, Robert Bosch Automotive Steering, and ThyssenKrupp among others. In 2021, JTEKT led the global automotive electrically powered steering (EPS) market share and global automotive hydraulically powered steering market.
Automotive Steering Systems Market Analysis by Companies, 2021 (%)
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Key Segments Covered in this Report.
Automotive Steering Systems Sector Outlook (Volume, Million Units, 2018-2028)
- RD EPS
- CD EPS
- PR&P
- DPD EPS
- Others
Automotive Steering Systems Regional Outlook (Volume, Million Units, 2018-2028)
- Asia-Pacific
- Europe
- North America
- South America
- MEA
Scope
This report provides an overview of current industry scenario regarding the future outlook in terms of ingredients, product claims, labeling, and packaging. The analysis also covers regional overview across five regions – Asia-Pacific, Middle East & Africa, Americas, Western Europe, and Eastern Europe – highlighting industry size, growth drivers, latest developments, and future inhibitors for the regions.
Reasons to Buy
- This report has been created to provide its readers with up-to-date information and analysis to uncover emerging opportunities for growth within the sector in the region.
- The report provides a detailed analysis of the regions and competitive landscape that can help companies gain insight into the region-specific nuances.
- The analysts have also placed a significant emphasis on the key trends that drive customer choice and the future opportunities that can be explored in the region, which can help companies in revenue expansion.
- To gain competitive intelligence about leading component suppliers in the sector in the region with information about their market share and growth rates.
Key Players
Table of Contents
List of Tables
List of Figures
Frequently Asked Questions
The automotive steering systems market size is estimated at 85.9 million units in 2023.
The automotive steering systems market will grow at a CAGR of more than 3% during 2023-2028.
RD EPS is the leading sector of the automotive steering systems market.
Asia-Pacific is the region garnering the highest automotive steering systems market share.
JTEKT, Nexteer, ZF TRW, NSK, Showa, Robert Bosch Automotive Steering, and ThyssenKrupp, among others are some of the leading steering systems market players.
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