Japan SUV Steering System Market was valued at USD 1.8 Billion in 2022 and is projected to reach USD 3.0 Billion by 2030, growing at a CAGR of 7.4% from 2024 to 2030.
Japan's SUV Steering Systems: Navigating Industry Demands and Innovations
Japan's SUV steering system market is undergoing a significant transformation, driven by technological advancements and evolving industry requirements. In 2024, the market size reached USD 2.1 billion, with projections indicating growth to USD 3.6 billion by 2033, reflecting a compound annual growth rate (CAGR) of 6%. This surge is primarily attributed to the integration of advanced technologies and a focus on energy-efficient vehicles.
Key trends shaping the market include:
Adoption of Electric Power Steering (EPS): The shift from hydraulic to electric power steering systems enhances fuel efficiency and reduces emissions, aligning with stringent environmental regulations.
Emergence of Steer-by-Wire Technology: Innovations like Lexus's "One Motion Grip" system eliminate mechanical connections, offering precise control and improved driver experience.
Integration with Autonomous Vehicles: Advanced steering systems are crucial for autonomous driving, requiring responsive and adaptable mechanisms to handle complex maneuvers.
Leading industry players are pivotal in this evolution:
JTEKT Corporation: A prominent Japanese company specializing in automotive steering systems, contributing significantly to market advancements.
Nexteer Automotive: A U.S.-based leader in intuitive motion control, offering electric and hydraulic steering systems.
Robert Bosch GmbH: A German multinational engineering and technology company, providing innovative steering solutions.
These companies collectively hold over 58-60% of the market share, underscoring their influence in steering system advancements.
The industry's focus extends to electro-hydraulic power steering (EHPS) systems, combining hydraulic reliability with electric efficiency. In 2024, Japan's EHPS market was valued at USD 1.66 billion, with expectations to reach USD 2.67 billion by 2033, at a CAGR of 5.44%. This growth is driven by the rising preference for autonomous vehicles and luxury models, which demand precise and responsive steering systems.
Japan's commitment to technological innovation is further exemplified by collaborations like that of KYB and Nissan, developing a world-first direct adaptive steering system. Such partnerships highlight the industry's dedication to enhancing steering responsiveness and driver experience.
In conclusion, Japan's SUV steering system market is on an upward trajectory, fueled by technological advancements and evolving industry demands. The integration of electric and electro-hydraulic systems, coupled with innovations like steer-by-wire technology, positions Japan at the forefront of steering system evolution, catering to the dynamic requirements of modern SUVs.
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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. 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 Japan 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
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the Japan 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. Japan SUV Steering System Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Japan SUV Steering System Market, By Type
6. Japan SUV Steering System Market, By Application
7. Japan SUV Steering System Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. Japan SUV Steering System Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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