SUV Steering System Market Revenue was valued at USD 15.4 Billion in 2024 and is estimated to reach USD 23.1 Billion by 2033, growing at a CAGR of 5% from 2026 to 2033.
The global SUV steering system market was valued at approximately USD 10.25 billion in 2022 and is expected to witness a compound annual growth rate (CAGR) of around 7.5% from 2023 to 2030. The market is driven by the increasing demand for advanced steering technologies and rising consumer preference for SUVs. The integration of electric power steering systems and the growing trend of autonomous driving technologies are further contributing to market growth. The increasing production and sales of SUVs, coupled with the expansion of electric and hybrid SUV models, are also significantly influencing the markets expansion globally.
Regionally, North America held the largest market share in 2022, accounting for over 30% of the global SUV steering system market. The regions dominance is attributed to the strong automotive manufacturing sector, the growing demand for SUVs, and the adoption of advanced steering technologies in the automotive industry. The European market is expected to witness substantial growth, driven by the increasing adoption of electric vehicles (EVs) and rising consumer interest in premium SUVs. The Asia Pacific region, particularly China and India, is anticipated to experience rapid market expansion due to the surge in SUV production and rising disposable incomes, contributing to the overall growth of the SUV steering system market.
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JTEKT
Bosch
NSK
Nexteer
ZF
Mobis
Showa
Thyssenkrupp
Mando
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global SUV Steering System Market
Hydraulic Steering System
Electric Steering System
Electromechanical Steering System
Dual-mode Steering System
Compact SUVs
Midsize SUVs
Full-size SUVs
Luxury SUVs
Steering Column
Steering Gearbox
Power Steering Pump
Electronic Control Unit
Steering Wheel
OEM (Original Equipment Manufacturer)
Aftermarket
Conventional Steering Systems
Advanced Driver Assistance Systems (ADAS)
Autonomous Steering Systems
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global SUV Steering System Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global SUV Steering System Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global SUV Steering System Market, By Type
6. Global SUV Steering System Market, By Application
7. Global SUV Steering System Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global SUV Steering System Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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