Us Steering Consoles Market Size By Applications, By Type, By End-User, By Deployment & By Technology 2032
Steering Consoles Market was valued at USD 5.1 Billion in 2022 and is projected to reach USD 8.5 Billion by 2030, growing at a CAGR of 7.0% from 2024 to 2030.
The United States steering consoles market has been experiencing notable growth, driven by advancements in automotive technology and increasing consumer demand for enhanced driving experiences. As of 2023, the US automotive steering system market reached a valuation of approximately $8.3 billion, with projections indicating it will ascend to $11.0 billion by 2032, reflecting a compound annual growth rate (CAGR) of 3.10% during the forecast period.
Several key factors contribute to this upward trajectory:
Technological Advancements: The integration of electronic power steering (EPS) systems has become prevalent, offering improved fuel efficiency and vehicle handling. The shift from hydraulic to electric systems aligns with stringent environmental regulations and consumer preferences for responsive steering.
Autonomous Vehicle Development: The progression toward self-driving cars necessitates sophisticated steering consoles capable of interfacing with advanced driver assistance systems (ADAS). This evolution is propelling demand for innovative steering solutions.
Electric Vehicle (EV) Adoption: The surge in EV sales, with the market projected to reach $900.92 billion by 2028, underscores the need for compatible steering systems. EVs often require specialized steering consoles to accommodate unique design and performance characteristics.
From personal experience, the transition to vehicles equipped with EPS has markedly enhanced driving comfort and precision. The reduced effort required to maneuver the steering wheel, especially during low-speed operations, exemplifies the tangible benefits of modern steering technologies.
Market segmentation reveals that the passenger car segment dominates, accounting for over 75% of global vehicle production. Within EPS types, Column EPS (C-EPS) is widely adopted in compact and mid-size vehicles due to its space-efficient design. Conversely, Rack EPS (R-EPS) is gaining traction in larger vehicles, such as SUVs, attributed to its capability to handle greater steering loads.
Geographically, the Asia-Pacific region leads in automotive steering system production, contributing to over 60% of global output. However, North America maintains a significant share, with the US producing over 10 million vehicles in 2023. This robust manufacturing base, coupled with consumer demand for advanced vehicle features, sustains the growth of the steering consoles market in the region.
In the marine sector, the ship steering console market is also witnessing expansion. The global ship steering console market demonstrated steady growth in 2023, with the Asia-Pacific region leading, accounting for 40% of total market revenue. The increasing demand for shipbuilding and maritime operations drives this growth, reflecting a 6.5% CAGR in the region.
In summary, the US steering consoles market is poised for continued growth, driven by technological innovations, the rise of autonomous and electric vehicles, and a strong automotive manufacturing sector. These dynamics collectively shape a promising future for steering system advancements across both automotive and marine industries.
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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. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. 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 Steering Consoles Market
Hydraulic Steering Consoles
Electronic Steering Consoles
Mechanical Steering Consoles
Marine Vessels
Aerospace
Automotive
Industrial Equipment
Commercial Sector
Residential Sector
Government and Defense
Manual Steering Technology
Automated Steering Technology
Assistive Steering Technology
Control Modules
Steering Actuators
Feedback Sensors
Displays and User Interfaces
Global (United States, Global 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 Steering Consoles 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 Steering Consoles Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Steering Consoles Market, By Type
6. Global Steering Consoles Market, By Application
7. Global Steering Consoles Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Steering Consoles Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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