Automotive Power Steering Systems Market Share Evolution and Market Growth Trends 2024 - 2031

The Global Automotive Power Steering Systems market is expected to grow annually by 12.4% (CAGR 2024 - 2031). The Global Market Overview of "Automotive Power Steering Systems Market" provides a special perspective on the major patterns influencing the market in the biggest markets as well as globally from 2024 to 2031 year.

Introduction to Automotive Power Steering Systems Market Insights

The future of gathering Automotive Power Steering Systems market insights lies in the utilization of advanced technologies such as artificial intelligence, big data analytics, and machine learning. By leveraging these tools, businesses can derive real-time and accurate market intelligence to make informed decisions. This approach can help in predicting future market trends, identifying key market drivers, and understanding consumer behavior.

With the Automotive Power Steering Systems Market expected to grow at a CAGR of % during the forecasted period, these insights play a crucial role in shaping the future landscape of the market. Businesses can use this data to develop innovative products, improve customer experience, and stay ahead of the competition. Overall, the futuristic approach to gathering market insights can have a significant impact on driving growth and success in the Automotive Power Steering Systems industry.

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Market Trends Shaping the Automotive Power Steering Systems Market Dynamics

1. Electro-hydraulic power steering: The trend towards more advanced and efficient power steering systems, such as electro-hydraulic systems, is redefining the automotive power steering market. These systems combine the benefits of both electric and hydraulic steering, offering improved fuel efficiency and performance.

2. Integration of driver assistance features: Automotive power steering systems are increasingly being integrated with driver assistance features, such as lane keep assist and adaptive cruise control. This trend is driven by the growing demand for advanced safety and convenience features in vehicles.

3. Shift towards electric power steering: Electric power steering systems are gaining popularity due to their lighter weight, improved fuel efficiency, and easier integration with other vehicle systems. This trend is reshaping the automotive power steering market as more manufacturers adopt electric steering technology.

4. Development of steer-by-wire systems: Steer-by-wire systems, which eliminate the need for a mechanical connection between the steering wheel and wheels, are being developed to enhance vehicle maneuverability and control. This trend is revolutionizing the automotive power steering market by offering new possibilities for vehicle design and performance.

Market Segmentation:

This Automotive Power Steering Systems Market is further classified into Overview, Deployment, Application, and Region. 

In terms of Components, Automotive Power Steering Systems Market is segmented into:

• Robert Bosch Automotive Steering GmbH
• Mitsubishi Electric Corporation
• JTEKT Corporation
• ThyssenKrupp Presta AG
• Autoliv
• Daimler AG

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The Automotive Power Steering Systems Market Analysis by types is segmented into:

• Electronic Power Steering (EPS)
• Hydraulic Power Steering (HPS)
• Electronic & Hydraulic Power Steering (EHPS)

The Automotive Power Steering Systems market consists of three main types: Electronic Power Steering (EPS), Hydraulic Power Steering (HPS), and Electronic & Hydraulic Power Steering (EHPS). EPS uses electric motors to assist steering, providing improved fuel efficiency and responsiveness. HPS uses hydraulic fluid to assist steering, offering a simpler design but may be less efficient. EHPS combines the benefits of both EPS and HPS, providing a balance between fuel efficiency and performance. These systems cater to different needs and preferences in the automotive industry.

The Automotive Power Steering Systems Market Industry Research by Application is segmented into:

• Original Equipment Manufacturers (OEMS)
• Aftermarket

Automotive Power Steering Systems Market application includes Original Equipment Manufacturers (OEMs) who integrate power steering systems into new vehicles during production. Aftermarket market involves companies selling power steering systems as replacement parts or upgrades for existing vehicles. OEMs focus on supplying car manufacturers with high-quality and reliable systems, while aftermarket companies cater to consumers looking to repair or enhance their vehicles' steering capabilities. Both segments play a crucial role in meeting the demand for efficient and responsive power steering solutions in the automotive industry.

In terms of Region, the Automotive Power Steering Systems Market Players available by Region are:

North America:

• United States


• Canada

Europe:

• Germany


• France


• U.K.


• Italy


• Russia

Asia-Pacific:

• China


• Japan


• South Korea


• India


• Australia


• China Taiwan


• Indonesia


• Thailand


• Malaysia

Latin America:

• Mexico


• Brazil


• Argentina Korea


• Colombia

Middle East & Africa:

• Turkey


• Saudi


• Arabia


• UAE


• Korea

The automotive power steering systems market is expected to witness significant growth in regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America and Europe are expected to dominate the market with a combined market share of over 50%. The market in Asia-Pacific is also expected to witness rapid growth due to increasing vehicle production and growing awareness about safety features. China and Japan are expected to be the key players in this region with a significant market share. Latin America and Middle East & Africa are also expected to contribute to the growth of the market.

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Automotive Power Steering Systems Market Expansion Tactics and Growth Forecasts

Innovative Automotive Power Steering Systems manufacturers are increasingly utilizing cross-industry collaborations to expand their market presence. Collaborations between automotive manufacturers and technology companies can lead to the development of advanced steering systems that incorporate cutting-edge artificial intelligence and sensor technology.

Ecosystem partnerships with suppliers, distributors, and other stakeholders can also help in streamlining the production and distribution processes, leading to cost efficiencies and improved customer reach. Additionally, disruptive product launches, such as steer-by-wire systems or autonomous steering solutions, can create new market opportunities and drive demand for next-generation power steering systems.

Industry trends suggest that the automotive power steering systems market is set for significant growth in the coming years, driven by increasing vehicle production, rising demand for driver-assist technologies, and the integration of advanced steering systems in electric and autonomous vehicles. With the adoption of strategic expansion tactics and innovative product offerings, the market is forecasted to expand at a steady pace, catering to the evolving needs of the automotive industry.

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Competitive Landscape

Robert Bosch Automotive Steering GmbH is a leading player in the automotive power steering systems market. The company has a rich history dating back to 1897 and has since then grown to become a global leader in automotive technology. With a strong focus on innovation and quality, Bosch Automotive Steering GmbH has continued to expand its market presence and offerings.

Mitsubishi Electric Corporation is another key player in the automotive power steering systems market. The company has a long-standing reputation for its high-quality products and has a significant market share in the industry. Mitsubishi Electric Corporation has a strong global presence and has continuously invested in research and development to stay ahead in the market.

Daimler AG is a well-known name in the automotive industry, with a strong presence in the power steering systems market. The company has a diverse portfolio of automotive products and has a significant market share in the power steering systems segment. Daimler AG has shown consistent growth over the years and continues to be a key player in the market.

Sales revenue for companies like Robert Bosch Automotive Steering GmbH, Mitsubishi Electric Corporation, and Daimler AG are in the billions of dollars, reflecting their strong market position and revenue generation in the automotive power steering systems market. These companies continue to innovate and expand their product offerings to meet the growing demand in the industry.

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