Global Automotive Power Steering Gears Market Growth, Share, Size, Trends and Forecast (2024 - 2030)

By Technology;

Hydraulic Power Steering, Electrically Assisted Hydraulic, and Power Steering.

By Application;

Medium & Heavy Commercial Vehicles (M&HCVs), Light Commercial Vehicle (LCVs), and Passenger Car.

By Geography;

North America, Europe, Asia Pacific, Middle East and Africa and Latin America - Report Timeline (2020 - 2030).
Report ID: Rn505787217 Published Date: May, 2024 Updated Date: June, 2024

Introduction

Global Automotive Power Steering Gears Market (USD Million), 2020 - 2030

In the year 2023, the Global Automotive Power Steering Gears Market was valued at USD xx.x million. The size of this market is expected to increase to USD xx.x million by the year 2030, while growing at a Compounded Annual Growth Rate (CAGR) of x.x%.

The global automotive power steering gears market is a pivotal segment within the automotive industry, playing a crucial role in enhancing vehicle maneuverability and driver comfort. Power steering gears are integral components of modern vehicles, enabling smooth and effortless steering control by amplifying the force applied by the driver. As automotive manufacturers strive to improve vehicle handling, safety, and overall driving experience, the demand for advanced power steering gear systems continues to grow, driving innovation and expansion in the global market.

One of the key drivers of the global automotive power steering gears market is the increasing consumer preference for vehicles equipped with power steering systems. Power steering gears enhance driver comfort and reduce fatigue by minimizing the effort required to steer the vehicle, particularly at low speeds and during parking maneuvers. This feature has become a standard expectation among consumers, leading automotive manufacturers to incorporate power steering gears into their vehicle designs across various segments, from passenger cars to commercial vehicles.

Stringent safety regulations and standards set by government authorities worldwide have further propelled the adoption of power steering gears in vehicles. Power steering systems improve vehicle stability and maneuverability, especially in emergency situations or adverse driving conditions, enhancing overall safety for drivers and passengers. Automotive manufacturers prioritize compliance with safety standards and regulations, driving the integration of advanced power steering gear technologies that offer optimal performance, reliability, and safety features. As a result, the global automotive power steering gears market continues to expand, driven by the imperative for safer and more comfortable driving experiences for vehicle occupants.

  1. Introduction
    1. Research Objectives and Assumptions
    2. Research Methodology
    3. Abbreviations
  2. Market Definition & Study Scope
  3. Executive Summary
    1. Market Snapshot, By Technology
    2. Market Snapshot, By Application
    3. Market Snapshot, By Region
  4. Global Automotive Power Steering Gears Market Dynamics
    1. Drivers, Restraints and Opportunities
      1. Drivers
        1. Vehicle Safety
        2. Fuel Efficiency
        3. Growing Vehicle Production
        4. Adoption of Electric Power Steering (EPS)
      2. Restraints
        1. Cost Constraints
        2. Complexity of Integration
        3. Reliability Concerns
        4. Maintenance Requirements
      3. Opportunities
        1. Electric and Autonomous Vehicles
        2. Emerging Markets Expansion
        3. Technological Innovation
        4. Lightweight Materials
    2. PEST Analysis
      1. Political Analysis
      2. Economic Analysis
      3. Social Analysis
      4. Technological Analysis
    3. Porter's Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitutes
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Segmentation
    1. Global Automotive Power Steering Gears Market, By Technology, 2020 - 2030 (USD Million)
      1. Hydraulic Power Steering
      2. Electrically Assisted Hydraulic
      3. Power Steering
    2. Global Automotive Power Steering Gears Market, By Application, 2020 - 2030 (USD Million)
      1. Medium & Heavy Commercial Vehicles (M&HCVs)
      2. Light Commercial Vehicle (LCVs)
      3. Passenger Car
    3. Global Automotive Power Steering Gears Market, By Geography, 2020 - 2030 (USD Million)
      1. North America
        1. United States
        2. Canada
      2. Europe
        1. Germany
        2. United Kingdom
        3. France
        4. Italy
        5. Spain
        6. Nordic
        7. Benelux
        8. Rest of Europe
      3. Asia Pacific
        1. Japan
        2. China
        3. India
        4. Australia & New Zealand
        5. South Korea
        6. ASEAN (Association of South East Asian Countries)
        7. Rest of Asia Pacific
      4. Middle East & Africa
        1. GCC
        2. Israel
        3. South Africa
        4. Rest of Middle East & Africa
      5. Latin America
        1. Brazil
        2. Mexico
        3. Argentina
        4. Rest of Latin America
  6. Competitive Landscape
    1. Company Profiles
      1. China Automotive Systems
      2. Denso Corporation
      3. Georgs Holding GmbH
      4. Gss Steering Systems LLC
      5. JTEKT Corporation
      6. Knorr-Bremse AG
      7. Mando Corporation
      8. Mitsubishi Electric Corporation
  7. Analyst Views
  8. Future Outlook of the Market