United States Automotive Steering System Market Overview 2024-2032
The latest report by IMARC Group, titled “United States Automotive Steering System Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032“, offers a comprehensive analysis of the industry, which comprises insights on the United States automotive steering system market growth. The market size is projected to exhibit a growth rate (CAGR) of 3.10% during 2024-2032.
An automotive steering system is a critical component of a vehicle that enables the driver to control the direction of travel. It consists of various mechanical and electronic parts working together and allows for smooth and precise maneuvering, enhancing safety and driving experience. Additionally, the modern automotive steering system is the steering wheel, which is connected to a steering column. Moreover, tie rods, control arms, and other linkages connect the steering system to the wheels, ensuring proper alignment and coordination of movement. Nowadays, automotive steering systems vary in design and complexity depending on the type of vehicle and its intended use, such as manual setups in older cars to sophisticated electronic systems found in modern luxury vehicles and advanced driver-assistance systems (ADAS).
United States Automotive Steering System Market Trends and Drivers:
The United States automotive steering system market is primarily driven by technological advancements, such as the development of electric power steering (EPS) systems and steer-by-wire technology. These innovations enhance vehicle maneuverability, efficiency, and safety, thereby attracting consumers seeking modern features in their vehicles. Moreover, the growing focus on vehicle safety led to the introduction of advanced steering systems, such as electronic stability control (ESC) and lane-keeping assist, to enhance vehicle safety by providing stability and assisting drivers in maintaining control during challenging driving conditions, representing another major growth-inducing factor. Besides this, the growing concerns about environmental sustainability and fuel efficiency, are increasing the demand for vehicles equipped with fuel-efficient steering systems. For instance, electric power steering (EPS) systems require less engine power compared to traditional hydraulic systems, resulting in improved fuel economy which is propelling the expansion of the automotive steering system market. Furthermore, stricter regulatory standards and safety requirements imposed by government agencies, such as the national highway traffic safety administration (NHTSA), are compelling automotive manufacturers to incorporate advanced steering systems into their vehicles, thus creating a positive market outlook.
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United States Automotive Steering System Market 2024-2032 Analysis and Segmentation:
The report segmented the market on the basis of region, type, component, and vehicle type.
Type Insights:
- Electric Power Steering (EPS)
- Hydraulic Power Steering (HPS)
- Electro-Hydraulic Power Steering (EHPS)
- Manual Steering
Component Insights:
- Steering Column
- Steering Wheel Speed Sensors
- Electric Motors
- Hydraulic Pumps
- Others
Vehicle Type Insights:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Regional Insights:
- Northeast
- Midwest
- South
- West
Key highlights of the report:
- Market Performance (2018-2023)
- Market Outlook (2024- 2032)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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