Automotive Steering System Market Global Share, Trend, Segmentation and Forecast
Automotive Steering System Market Snapshot: Playing a pivotal role in directing a vehicle, the automotive steering system has transformed from hydraulic systems to electric power steering (EPS) and steer-by-wire technologies. Influential factors include trends in vehicle production, consumer preferences, and regulatory obligations. 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. Market Dynamics: Market Drivers: Technological Advancements: Integration of advanced technologies, such as steer-by-wire and lane-keeping assist, is driving market growth. Safety Regulations: Stringent safety norms and regulations globally are increasing the adoption of advanced steering systems to enhance