United States Automotive Steering Market was valued at USD 7.8 Billion in 2022 and is projected to reach USD 11.5 Billion by 2030, growing at a CAGR of 6.2% from 2024 to 2030.
The US Automotive Steering Market has been a key component in the evolution of the automotive industry, driven by technological advancements and the increasing demand for enhanced driving experiences. The market is highly competitive, and its growth is influenced by a variety of factors such as the rising adoption of electric vehicles, autonomous driving systems, and more stringent government regulations regarding vehicle safety and fuel efficiency. Understanding the different types of automotive steering systems and the specific requirements of industries can provide valuable insights into the future of this market.
There are several types of automotive steering systems currently prevalent in the market. These include traditional hydraulic power steering (HPS), electric power steering (EPS), and steer-by-wire (SBW) technologies. Each of these systems offers unique benefits in terms of performance, energy efficiency, and cost-effectiveness. Hydraulic power steering remains popular due to its reliability, but with the advent of electric vehicles (EVs), EPS systems have gained considerable traction. EPS is more energy-efficient, lightweight, and integrates easily with modern vehicle control systems, making it highly attractive for automakers. Furthermore, steer-by-wire technology, although still emerging, is expected to redefine the steering experience by replacing mechanical linkages with electronic controls, offering more freedom in vehicle design and driving comfort.
Industries driving the demand for automotive steering systems are vast, with the major sectors including OEMs (Original Equipment Manufacturers), suppliers of automotive components, and the growing EV market. OEMs require steering systems that not only provide safety and reliability but also meet sustainability goals. With the shift toward EVs and autonomous vehicles, there is an increasing demand for advanced steering systems that can integrate with AI-driven technologies. Additionally, consumer expectations for comfort, ease of use, and customization continue to push for innovative steering solutions.
As the automotive steering market grows, industries must consider several factors when selecting steering systems, such as cost efficiency, compatibility with vehicle platforms, ease of maintenance, and scalability. The rise in the production of electric and hybrid vehicles further emphasizes the need for steering systems that are lightweight and energy-efficient, responding to the increasing regulatory focus on fuel economy and carbon emissions. Overall, the automotive steering market is poised for significant growth as technology continues to evolve, offering new opportunities and challenges for industries worldwide.
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ThyssenKrupp
HUAYU Automotive Systems
Eaton
JTEKT
Hitachi Automotive Systems
American Axle & Manufacturing Holdings
CIE Automotive
KYB
SHOWA
Dongfeng Motor Parts And Components Group
Wanxiang Qianchao
Beijing Hainachuan Automotive Parts
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 US Automotive Steering Market
Electric Steering
Hydraulic Steering
Electro-Hydraulic Steering
Steering Wheel
Steering Column
Power Steering Pump
Steering Gearbox
Passenger Vehicles
Commercial Vehicles
Electric Vehicles
Heavy-Duty Vehicles
Steer-by-wire
Autonomous Steering
Advanced Driver Assistance Systems (ADAS)
OEM (Original Equipment Manufacturer)
Aftermarket
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 US Automotive Steering 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. US Automotive Steering Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. US Automotive Steering Market, By Type
6. US Automotive Steering Market, By Application
7. US Automotive Steering Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. US Automotive Steering Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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