The global automotive steering system market is poised for substantial growth, with a forecasted expansion at a robust Compound Annual Growth Rate (CAGR) of 4.8%. This growth trajectory anticipates a noteworthy increase in market valuation, catapulting from the anticipated US$23.4 billion in 2023 to a projected US$32.5 billion by the conclusion of 2030.
The automotive steering system market encompasses a wide range of technologies and solutions aimed at providing efficient and precise control over vehicle direction. Traditional hydraulic power steering systems have gradually given way to electric power steering (EPS) systems, offering improved fuel efficiency and integration with advanced driver assistance systems (ADAS). Additionally, steer-by-wire technologies are emerging, eliminating the mechanical link between the steering wheel and wheels, presenting futuristic possibilities for vehicle design.
This forecast underscores the dynamic nature of the automotive sector, highlighting the escalating demand for advanced steering technologies and the industry’s continuous evolution. The projected rise signifies not only a numerical increase but also reflects the market’s responsiveness to technological advancements, changing consumer preferences, and the overall dynamism in the automotive landscape.