The global automotive steering system market is estimated to grow at a CAGR of 5.5% during the forecast period of 2021 to 2031. The steering system is an essential component since it maintains vehicle control and is not interchangeable. Due to their necessity, vehicle steering systems are in high demand. Rising demand for environmentally friendly and comfortable vehicles is driving the market growth. The vehicle steering market will top $25 billion by 2026. Redesigning car steering systems has helped expand the industry. Fuel efficiency is another aspect driving the market for auto steering systems.

Constant steering system advancements have led to major changes, such as the switch from manual to power-assisted steering. Rising vehicle demand has fueled the growth of the automotive steering system industry. Several manufacturers are developing innovative steering methods. Modern car steering systems integrate control technology with Steer by Wire (SbW). Steer-by-wire (SbW) technology improves vehicle performance and safety. SbW replaces the typical mechanical steering link with electronics, algorithms, and actuators. It also functions as a vibration restraint by shielding the driver from road vibrations. It also reduces vehicle weight, and maintenance costs, and makes autonomous vehicle design easier. Infiniti, a high-end sub-brand of Nissan, implements Steer by Wire (SbW) in their Q50 vehicle.

The expansion of the industry is mostly driven by rising consumer discretionary income. Increasing the use of power steering in cars also drives industry growth. The vehicle's steering system improves fuel efficiency. As the market for fuel-efficient automobiles grows, steering system demand rises. Consumers prefer easy driving and manoeuvrability in their cars. All vehicles are preferred for comfort. Driving comfort can be achieved with an efficient steering system, which has increased demand and grown this industry.

Several nations on different continents have strict auto emission and fuel economy rules. National Highway Traffic and Safety Administration (NHTSA) in the U.S., International Council on Clean Transportation (ICCT) in Europe, and other associations have implemented fleet-level rules. These regulations set a minimum emission threshold for automakers. Due to these requirements, automakers have improved their fuel-efficient steering systems, such as electronic power steering. Electrically assisted power steering systems are lighter and less sophisticated than traditional hydraulic systems. Because they don't utilise gasoline, they're easier to maintain. In ideal conditions, EPS systems can enhance fuel efficiency by 2% to 4%, cut fuel consumption by up to 6%, and reduce CO2 emissions by 8g/km, according to the U.S. Department of Energy (DOE). EPS systems have saved 3 billion gallons of gasoline since 1999. (Source: Nexteer Automotive). These systems don't use power unless the wheels are moving, unlike hydraulic systems, which continue to pump fluid even when the engine is off. This saves petrol. Electrically assisted power steering is most popular in Europe, North America, and Asia Oceania.

During the projected period, the automotive steering system market is expected to be driven by rising auto production in China and India. The ample availability of raw resources and cheap labour in emerging countries may help boost car manufacturers' production rates, which would increase demand for steering systems. Rising disposable incomes in rising economies like India and China should improve auto sales. This should boost the market for steering systems. The global market for automobile steering systems is expected to develop over the forecast period. In certain Asia-Pacific countries, electric cars are relatively new. Both domestic and foreign industries are considering producing electric vehicles. China and Japan are prominent automakers in APAC. A large population, higher income per person, and improved quality of life also contributed to market growth. Asia-Pacific consumers desire fuel-efficient, comfortable cars. Electric power steering (EPS) will likely replace hydraulic power steering in passenger cars. As a result, the vehicle steering systems industry is booming.

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Rising demand for fuel-efficient cars and efficient steering systems will drive market growth in the coming years. Government recommendations on fuel efficiency are a major trend in the vehicle steering system industry. Rising demand for a smooth, comfortable driving experience will boost the automotive steering system market. The growing demand for high-tech automobile steering systems in India and China is also fuelling market expansion throughout the predicted period. This demand will drive market growth. More cars use electro-hydraulic power steering Electro-hydraulic power steering is popular in the vehicle steering system industry because it combines hydraulic and electrical power. Electronic power steering is fuel-efficient and convenient. Modern passenger cars and city cars include electronic power steering. This system's motor is electric. This independent motor works as needed. Hydraulic power steering systems have the simplest design. The steering system helps the driver manoeuvre the vehicle by providing hydraulic assistance to the steering mechanism. Drivers need only apply moderate force to the steering wheel because the hydraulic system handles the rest. The industry is concerned about the huge amount of money needed for steering system R&D. This raises the cost of car steering systems. However, the high expense of power steering systems may limit the market for steering systems. Drive-by-wire is expected to be used in future cars, which will expand the market.

EPS systems are increasingly used in passenger cars because they improve fuel efficiency and manoeuvrability. Due to their low load-bearing capacity, they are rapidly being replaced with HPS systems in commercial vehicles. Conventional electric steering systems, such as P-EPS, can aid 10 kN (kilo-Newtons) of steering rack force on average. Heavy commercial trucks need 15 kN or more of steering rack force. Several companies are developing electric power steering systems that can resist high steering rack forces. Nexteer Automotive devised a dual-pinion electric pinion system capable of 12.5 kN of steering rack force and a 12-Volt rack assist electric power steering system for big commercial vehicles. Both are 12 volts.

Passenger cars and light commercial vehicles are driving up demand for automotive steering systems. Advances in technology make it possible to include IoT into automobile steering systems. Electric power systems may be able to carry more weight and be integrated into commercial vehicles. Access to finance and the need for safety, especially during the epidemic, further boosted sales of vehicle steering systems. SUVs' greater manoeuvrability and aesthetically pleasant features have led to a plethora of steering systems. Rising demand for fuel-efficient cars and more comfortable vehicles should boost industry sales. Rising sales and manufacturing of passenger automobiles and commercial vehicles would further raise demand for steering system parts. This will drive future demand. Car makers must invest much in safety and electrical systems to keep up with the trend of integrating electronics in cars. Many automakers will likely invest in steering wheel technology.

The steering column sensor measures torque (steering effort) and steering wheel speed and position. Such systems use three types of sensors. The torque, steering wheel, and position sensors are these sensors. These steering system sensors transmit inputs to an ECU, which sends the necessary output to the steering system. Torque sensors are usually contactless. The sensor monitors the driver's steering wheel force to fine-tune the electric steering assistance. It uses non-contact magnetic measuring. Magnet, flux tube, and sensor units are included. The torque sensor has two coiled wires. If the turn is to the right, one coil determines the direction, while the other coil determines the left turn. The electric power steering (EPS) module sends a signal to the coil, which helps the driver steer. The car industry invests much in R&D to generate more advanced and dependable sensor devices. During the predicted period, automakers will adopt more advanced EPS sensor products. This is likely to continue as these commodities gain popularity.

Electric power steering led the automotive steering system market in 2021. The move toward driving comfort will undoubtedly increase demand for electric power steering systems. Electrifying a vehicle reduces its need for fuels for auxiliary power, improving fuel efficiency. This is a major cause for the surge in demand for power-assisted steering in passenger cars, especially electric-assisted systems (EPS). EPS is being adopted to make automobiles lighter and more energy efficient. EPS contains fewer components than comparable systems, making its installation easier. By 2025, 4% of new car sales and 7% of the global automotive fleet will be electric. With growing electric vehicle sales, lightweight steering systems (such as electric power steering) may be in demand during the projection period. EPS reduces emissions and environmental dangers because there are no leaks. All of these considerations boost electric power steering sales. Electric power steering systems would expand at about 5.7% CAGR during the predicted period. Within EPS, R-EPS is expected to have the highest CAGR from 2021 to 2031. R-EPS can manoeuvre small cars and large trucks. Consumer inclinations away from passenger cars and toward compact SUVs and higher-end vehicles may further boost the R-EPS market. R-EPS may be easily incorporated into a variety of vehicle platforms and frees up engine compartment space. Nexteer Automotive Group Limited, a leading North American steering system producer, says R-EPS has a 90% market share in full-size trucks. High demand for strong LCVs in the US will certainly enhance R-EPS growth. Hydraulic power steering represented a large revenue share of the market in 2021. It's expected to grow greatly during the analysed time. Due to its widespread use in commercial vehicles, the hydraulic power steering market is expected to grow during the forecast period. Commercial cars' poor load-bearing capacity makes electric power steering ineffective. The hydraulic power steering also absorbs road shocks.

Passenger vehicles dominated the global steering system market in 2021. Vehicle type determined this. A rise in global passenger vehicle sales should further boost the market. A rise in worldwide consumer spending power is expected to boost vehicle sales, which will fuel the global market for automotive steering systems. The passenger car submarket of the automotive steering system market is expected to be the largest by vehicle type from 2021 to 2031. Increasing vacations and leisure activities around the world, along with easy access to money and credit, drive up the demand for car steering system parts, which boosts passenger vehicle sales. High demand for SUVs, with their increased agility, stylish look, and low cost, is also driving market expansion. Light commercial vehicles are also expected to grow rapidly during the forecast period. Light commercial vehicles typically use hydraulic power steering. The rising need for commercial logistics operations is expected to boost this market segment. Due to lower commercial vehicle sales and production compared to passenger cars, the heavy commercial vehicle segment should grow in the near future.

China, India, and Japan are among the world's major automakers. Hitachi Car Systems, Hyundai Mobis, and Infineon Technologies in China, JTEKT Corporation and NSK steering systems, and Hitachi Astemo, Bawai Plant, and Bosch Huayu are expanding the automotive steering systems business in the region. Both regions might account for a third of global consumption. Population growth, per-capita income, and living standards have all contributed to the region's automotive industry's growth over the last decade. Growing demand for fuel-efficient vehicles and comfort amenities is expected to drive the installation of electric power steering (EPS) over hydraulic power steering, especially in passenger cars. Fuel-efficient vehicles and comfort amenities will drive this change. Reduced vehicle weight and improved energy efficiency are driving EPS adoption. North American firms pursue growth opportunities through partnerships, joint ventures, and mergers and acquisitions. Growing purchasing power and easy credit access in North America boost demand for automobile steering systems. Increasing vehicle production across North America affects demand for automobile steering systems. North America's CAGR from 2021 to 2031 is 4%. During this projected period, Europe is expected to grow significantly and become the second-largest market. In this part of the world, rigorous fuel efficiency laws have led to more individuals buying fuel-efficient vehicles with efficient steering systems. In 2018, electric car sales in Europe jumped 37% from 2017. Different countries have created legislation, incentives, and programmes to promote electric automobiles.

The market remains fragmented with the presence of a significant amount of market players. Robert Bosch GmbH, ZF Friedrichshafen AG, JTEKT Corporation, Nexteer Automotive Corporation, NSK Ltd, Showa Corporation and Other Notable Players dominate the automotive steering market. These companies are expanding using new technology to get a competitive edge. These top-tier enterprises have a wider geographic footprint and conduct R&D continuously, resulting in regulatory clearances. OEMs' demand for steering wheels is linked to car production. In the coming years, several automakers will sign long-term contracts with OEMs. Some manufacturers may acquire OEMs or form joint ventures to make high-quality auto parts. Leading firms in the global automotive steering system market are forming new partnerships, joint ventures, and mergers and acquisitions to expand their market share. Automotive steering system manufacturers prioritise comfort and safety. Also, corporations integrate new technologies to reduce vehicle failures. Hyundai Mobis developed ADAS-based brainwaves in July 2021. This gadget measures brainwaves to prevent mishaps. Leading companies in the automotive steering system market are releasing cutting-edge products to meet customer demand. Some global firms want to expand by acquiring small or medium-sized local power steering system manufacturers. They want a market advantage from their acquisitions. Japanese manufacturer IMUZAK introduced a 3D floating display for driverless cars at CES 2023. It can display driver alerts from the steering wheel. The unique technology uses a microlens system to produce free-standing messages that alert drivers of roadway features, distances, and difficulties.