The automotive steering system market is projected to witness a steady growth rate of 4% due to the increasing consumer preference for driving comfort. During the assessment period of 2021-2031, the market is anticipated to exceed a CAGR of 4%, reaching an estimated value of nearly US$ 34 Billion.

The automotive steering system market is a dynamic and integral component of the global automotive industry. It plays a pivotal role in ensuring vehicle safety and maneuverability. As automotive technology evolves and consumer preferences change, the steering system market has undergone significant transformation. The global automotive steering system market has seen steady growth over the years, with key factors such as increasing vehicle production, safety regulations, and the integration of advanced technologies driving this growth.

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Market Dynamics:

The automotive steering system market is influenced by several factors, including the growing demand for advanced driver assistance systems (ADAS), increasing vehicle production, and a rising emphasis on safety features. The shift towards electric vehicles (EVs) and the integration of innovative technologies such as steer-by-wire are also contributing to the dynamic nature of the market.

One of the key drivers is the increasing focus on safety and the development of autonomous vehicles. As the automotive industry moves towards self-driving cars, the importance of a reliable and responsive steering system becomes paramount. Consumers are increasingly demanding features like lane-keeping assist and adaptive steering, driving the adoption of advanced steering technologies.

On the flip side, challenges such as high implementation costs and the complexity of integrating electronic steering systems in traditional vehicles pose hurdles for market growth. Additionally, the global shortage of semiconductor chips has impacted the production of automotive components, including steering systems, leading to supply chain disruptions.

Market Future Outlook:

The future outlook for the automotive steering system market is promising, driven by ongoing technological advancements and the push towards electric and autonomous vehicles. The integration of artificial intelligence (AI) and machine learning in steering systems is expected to enhance safety and provide a smoother driving experience. Moreover, the increasing adoption of electric power steering (EPS) systems due to their energy efficiency and reduced environmental impact is anticipated to fuel market growth.

As the automotive industry continues to evolve, steering systems will play a crucial role in shaping the next generation of vehicles. The development of steer-by-wire technology, which eliminates the mechanical connection between the steering wheel and the wheels, represents a significant leap towards fully autonomous driving.

Market Insights:

The automotive steering system market is segmented based on type, vehicle type, and region. Power steering systems, including hydraulic power steering (HPS) and electric power steering (EPS), dominate the market. Passenger cars account for the largest share in terms of vehicle type, driven by the increasing production and consumer demand for compact and mid-sized cars.

Geographically, Asia-Pacific leads the market, attributed to the robust automotive industry in countries like China and India. North America and Europe also play significant roles, with a focus on advanced safety features and the adoption of electric vehicles.

Key Players:

• Nexteer Automotive Group Limited 
• JTEKT Corporation 
• ThyssenKrupp AG 
• NSK Ltd. 
• Mitsubishi Electric Corporation 
• China Automotive Systems Inc. 
• Sona Koyo Steering Systems Limited
• Robert Bosch Limited

Competitive Landscape:

Prominent stakeholders in the automotive steering system are prioritizing the provision of comfort and safety to consumers. Furthermore, these entities are consistently incorporating cutting-edge technological innovations aimed at mitigating the likelihood of vehicular malfunctions.

A case in point is Hyundai Mobis, which recently unveiled the world's inaugural brainwave-based ADAS technology in July 2021. This groundbreaking technology utilizes brainwaves to gauge the driver's condition and issue alerts to prevent accidents.

Key Segments Covered

• Type
  • Hydraulic Powered
  • Electrically Powered
• Vehicle Type
  • Passenger Vehicles
  • Light Commercial  Vehicles (LCV)
  • Heavy Commercial Vehicles (HCV)
• Sales Channel
  • OEMs
  • Aftermarkets

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