Global Automotive Power Steering Market Research Report 2024(Status and Outlook)
The global Automotive Power Steering market size was valued at US$ 12.78 billion in 2024 and is projected to reach US$ 16.54 billion by 2030, at a CAGR of 4.4% during the forecast period 2024-2030.
The United States Automotive Power Steering market size was valued at US$ 2.87 billion in 2024 and is projected to reach US$ 3.62 billion by 2030, at a CAGR of 4.0% during the forecast period 2024-2030.
Automotive Power Steering systems assist drivers in steering vehicles by using hydraulic or electric power to reduce steering effort, enhancing maneuverability and driver comfort.
The global Automotive Power Steering market is growing steadily, driven by increasing vehicle production and the rapid shift towards electric power steering (EPS) systems. In 2023, total production reached 95 million units, with passenger vehicles accounting for 75% of market value. The market saw a 25% increase in demand for EPS systems in 2023, driven by their improved efficiency and compatibility with advanced driver assistance systems (ADAS). Column-type EPS is growing at 6% annually, particularly in compact and mid-size vehicles. Asia Pacific dominates with a 45% market share due to high vehicle production volumes, while Europe shows the fastest growth at 5% CAGR, driven by stringent fuel efficiency regulations. The industry is focusing on developing next-generation steering systems for autonomous vehicles, with a 30% increase in R&D investments for steer-by-wire technologies. The trend towards electric vehicles is creating new challenges and opportunities, with EPS systems optimized for EV platforms growing at 10% annually.
Report Overview
In automobiles, power steering is a device that helps drivers steer by augmenting steering effort of the steering wheel.
This report provides a deep insight into the global Automotive Power Steering market covering all its essential aspects. This ranges from a macro overview of the market to micro details of the market size, competitive landscape, development trend, niche market, key market drivers and challenges, SWOT analysis, value chain analysis, etc.
The analysis helps the reader to shape the competition within the industries and strategies for the competitive environment to enhance the potential profit. Furthermore, it provides a simple framework for evaluating and accessing the position of the business organization. The report structure also focuses on the competitive landscape of the Global Automotive Power Steering Market, this report introduces in detail the market share, market performance, product situation, operation situation, etc. of the main players, which helps the readers in the industry to identify the main competitors and deeply understand the competition pattern of the market.
In a word, this report is a must-read for industry players, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the Automotive Power Steering market in any manner.
Global Automotive Power Steering Market: Market Segmentation Analysis
The research report includes specific segments by region (country), manufacturers, Type, and Application. Market segmentation creates subsets of a market based on product type, end-user or application, Geographic, and other factors. By understanding the market segments, the decision-maker can leverage this targeting in the product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.
Key Company
China Automotive Systems (China)
Dongfeng Motor Parts And Components Group (China)
Fawer Automotive Parts (China)
GAC Component (China)
Hitachi Automotive Systems (Japan)
Hyundai WIA (Korea)
JTEKT (Japan)
Bosch (Germany)
Nexteer (USA)
Thyssenkrupp (Germany)
Market Segmentation (by Type)
Hydraulic Power Steering
Electric Power Steering
Others
Market Segmentation (by Application)
Passenger Cars
Commercial Vehicles
Geographic Segmentation
North America (USA, Canada, Mexico)
Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
South America (Brazil, Argentina, Columbia, Rest of South America)
The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)
Key Benefits of This Market Research:
Industry drivers, restraints, and opportunities covered in the study
Neutral perspective on the market performance
Recent industry trends and developments
Competitive landscape & strategies of key players
Potential & niche segments and regions exhibiting promising growth covered
Historical, current, and projected market size, in terms of value
In-depth analysis of the Automotive Power Steering Market
Overview of the regional outlook of the Automotive Power Steering Market:
Key Reasons to Buy this Report:
Access to date statistics compiled by our researchers. These provide you with historical and forecast data, which is analyzed to tell you why your market is set to change
This enables you to anticipate market changes to remain ahead of your competitors
You will be able to copy data from the Excel spreadsheet straight into your marketing plans, business presentations, or other strategic documents
The concise analysis, clear graph, and table format will enable you to pinpoint the information you require quickly
Provision of market value (USD Billion) data for each segment and sub-segment
Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
The current as well as the future market outlook of the industry concerning recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
Includes in-depth analysis of the market from various perspectives through Porter
