Automotive Steering System Market Size, Share, Trends & Industry Forecast 2027

Automotive Steering System market is projected to grow from USD 35.3 Billion in 2022 to USD 39.5 Billion by 2027, at a CAGR of 2.3% over the forecast period. Growing adoption of EVs, penetration of passenger cars, and an overall increase in vehicle production would fuel the demand for steering systems, especially EPS systems, in the coming years. Also, advancements in autonomous vehicles is expected to drive the demand for Steer-by-Wire Systems.

Agricultural Tractors to have significant share in HPS adoption in off highway segment 

The agricultural tractor market is expected to grow at CAGR of ~5% in the coming years. This growth is especially driven by subsidies and grants provided by governments in the Asia Pacific region to boost the agrarian economy. These grants make tractors more affordable for farmers so that they can buy advanced tractors such as tractors with Hydraulic Power Steering (HPS) which provides better steering and overall comfort in handling the equipment. Manual steering in Agricultural tractors is likely to be phased out in the next decade and HPS will dominate the agricultural tractors market. Manual steering is still used in low power tractors where the steering effort required is low. HPS becomes imperative for higher HP tractors that allows for efficient movement of the vehicle.

Request Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=940

Due to strict safety standards and regulations collapsible EPS will dominate EPS mechanism type.

The steering column consists of a collapsible housing containing a collapsible rotating shaft. As a safety measure, the steering column is designed to collapse in the event of a front-end collision. The usage of fixed, non-adjustable steering columns is uncommon. The ability to adjust the steering wheel for height and reach is today a standard comfort requirement. Therefore, rigid steering columns have been largely replaced by electrically or mechanically adjustable steering columns. As global auto OEMs continue expanding into growing and emerging markets, the demand for collapsible steering columns is expected to increase. Western regions have introduced stricter safety regulations that has got the OEMs to adopt collapsible EPS to protect the driver in case of an accident.

Europe is the second largest market for the automotive steering system market  

Europe holds the second largest market share in vehicle production at 17.1% after Asia Pacific. Luxury vehicles and SUVs are in high demand in this region. The SUV market is expected to grow by CAGR of 4.7% in the region. Amongst vehicle segments, Multi-purpose Vehicles (MPVs) are in higher share in this region than other regions, with ~9% growth expected for this vehicle segment. Luxury vehicles in the region are expected to have growth rates ranging from 8% to 14%. This increase in demand for luxury vehicles will drive the demand for EPS and advanced features such as ADAS-integrated EPS. Commercial vehicle OEMs such as Scania, Volvo, and MAN have introduced Electrically assisted Hydraulic Power Steering (EHPS) in heavy trucks and buses. These OEMs are also, to course, to launch hybrid and all-electric trucks and buses, for example, the Volvo FH, FM, and FMX series, with which the demand for EPS in the commercial vehicle segment will increase. The European market has reached saturation for EPS adoption in the passenger cars segment. The region has moved to adopt EPS in LCVs and HCVs, which will further boost the demand for advanced steering systems in the region.

Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=940

Key Market Players

The Automotive Steering System Market is consolidated, with the presence of five major players JTEKT Corporation (Japan), Nexteer (US), Robert Bosch (Germany), Hyundai Mobis (South Korea), and NSK Ltd. (Japan).

Related Reports:

Robotaxi MarketGlobal Forecast to 2030

Electric Commercial Vehicle MarketGlobal Forecast to 2030

EV Cables MarketGlobal Forecast to 2028

Share this post:

Related Posts

Comments are closed.