Market Size of Automotive Steering Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 5.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Steering System Market Analysis
Currently, the Automotive Steering Market is valued at USD 27 billion and is expected to reach USD 38 billion over the next five years, growing at a CAGR of more than 5.5% during the forecast period.
COVID-19 has harmed the automotive industry, particularly the steering market. As a result of government rules and regulations for the pandemic, lockdowns have resulted in the closure of manufacturing plants, resulting in a significant drop in the production of vehicles and automotive components. The pandemic has impacted many business areas, including travel bans, logistics, and a disrupted supply chain that has halted raw material shipments worldwide. In addition, many companies have relocated their operational plants to other countries, causing the market to contract.
Over the long term, the increasing use of steering-mounted electronics, which makes it more intuitive, is one of the main factors driving the growth of the automotive steering market. Over the last two decades, steering has been used to control various automobile dashboard-based functions. Among these features are radio and music, cruise control, climate control, and a number of extras such as call answering.
Moreover, owing to cutting-edge steering-assisted safety technology, steering is becoming more balanced and suitable for driving in a variety of settings and speeds. Steering-assist technologies such as ASR and DSR change the steering feel based on vehicle speed and driving conditions by minimizing lateral and yaw motions.
Among regions, Europe holds the largest share of the steering market. The Europe automotive steering market is primarily driven by growing vehicle production and sales, increasing demand for electric vehicles, and strengthening emission norms, which, in turn, have been increasing the demand for luxury vehicles.
Further, Yano Research Institute Ltd. has released its investigation report on "the global electric power steering (EPS) market." It anticipates that the number of vehicles equipped with an EPS will more than double to approximately 98.65 million by 2035. The market in emerging countries will grow, and the "popularization of steer-by-wire systems for introducing self-driving technology" will be important. The global ESP market will grow, particularly in emerging markets such as India, ASEAN, and Africa. The transition from traditional hydraulic systems to EPS will be accelerated.
