Automotive Steering System Market

A vehicle's steering system is the mechanism that enables the driver to direct the vehicle in the desired direction. The size of the steering system is dependent on the size and classification of the vehicle. The steering system is made up of a steering wheel, a column or shaft that connects the steering wheel to the steering mechanism, and a steering mechanism that turns the steering wheel's rotation into the desired movement of the wheels.

Major automakers and suppliers of steering systems and components are the leading competitors in the automotive steering system market. Toyota, General Motors, and Volkswagen are examples of prominent automakers that manufacture vehicles with steering systems. Some companies that make and sell steering systems and parts are ZF Friedrichshafen, JTEKT Corporation, and Nexteer Automotive.

Rising vehicle demand, the development of new technologies like electric power steering and autonomous vehicles, and the need to adhere to safety and emissions regulations are some of the factors driving the market for automotive steering systems.

Price and complexity, as well as the possibility of recalls and lawsuits if a steering system fails, are two things that hurt the market for steering systems for cars.

The Asia-Pacific region is a substantial market for automotive steering systems, with countries such as China, India, and Japan being major vehicle manufacturers and consumers. Automotive steering systems are expected to be in high demand in the region because more people are buying cars and more attention is being paid to safety and gas mileage.