Automotive Steering Systems Market Outlook: Key Players, Trends, and USD 24.33 Billion by {2029}
According to the TechSci Research report titled “ Automotive Steering Systems Market - Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F,” the global automotive steering systems market was valued at USD 24.33 billion in 2023 and is projected to reach USD 37.68 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.59% during the forecast period. The market's growth is driven by technological advancements, increasing emphasis on vehicle safety, and evolving consumer preferences. Key Automotive Steering Systems Market Drivers Technological Advancements in Steering Systems Electric Power Steering (EPS): EPS systems enhance fuel efficiency and reduce emissions. Automakers prefer EPS due to its ability to improve vehicle handling and reduce driver fatigue. Steer-by-Wire Technology: Replacing traditional mechanical linkages with electronic controls. Provides enhanced precision and supports autonomous driving functiona...