The global automotive steering system market size is expected to reach USD 44.82 billion by 2032, according to a new study by Polaris Market Research. The report “Automotive Steering System Market Size, Share & Industry Analysis, by Technology (Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Manual, Electro-Hydraulic Power Steering (EHPS), by Application; by Component and Regional Forecasts, 2023-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
One of the primary driving factors of the automotive steering system market is the increasing demand for fuel-efficient vehicles. Consumers are becoming more conscious about fuel economy with the ever-rising fuel prices. Therefore, automotive manufacturers are developing and incorporating advanced steering systems to improve fuel efficiency. For instance, electric power steering (EPS) systems consume less power than hydraulic steering systems, improving fuel economy. Thus, the demand for EPS systems is expected to grow significantly in the coming years, driving the growth of the automotive steering system market.
Smooth driving is now more in demand due to the widespread use of construction equipment and hybrid loaders. Therefore, this aspect will support the market growth for automotive steering systems in commercial vehicles. The modern steering system uses other assistance systems to deliver a smoother ride and enhanced feedback. This effective steering system increases the fuel efficiency of the car. Additionally, growing customer demand for fuel-efficient vehicles will boost the automotive steering system market's revenue.
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The rapid spread of COVID-19 and the ensuing lockdowns in many countries have affected the global market for automotive steering systems. Producers of automotive steering systems are recovering losses due to worldwide production and manufacturing operations being stopped, supply chains being disrupted, and vehicle output declining. Following the successful recovery of businesses, manufacturers in the global automotive steering system market are expanding their presence worldwide. Major market players in the car steering system sector are investing in and expanding their operations to meet the rising demand from consumers.
Automotive Steering System Market Report Highlights
Polaris Market Research has segmented the Automotive Steering System Market report based on technology, application, component and region:
Automotive Steering System, Technology Outlook (Revenue - USD Billion, 2019 - 2032)
Automotive Steering System, Application Outlook (Revenue - USD Billion, 2019 - 2032)
Automotive Steering System, Component Outlook (Revenue - USD Billion, 2019 - 2032)
Automotive Steering System, Regional Outlook (Revenue - USD Billion, 2019 - 2032)