Rockville, MD, Oct. 24, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global steering shaft market is estimated to be valued at US$ 5.7 Billion in 2023 and is expected to expand at a CAGR of 3.3% during the forecast period.
With the implementation of stricter safety regulations and standards, automakers are now required to install advanced safety features in their vehicles, including the steering system. This has led to an increased demand for high-quality steering shafts that can meet these new safety standards. In addition, the implementation of new safety regulations and standards has also led to increased competition among manufacturers, which has led to innovation and the development of new technologies.
On the back of continuous technological innovations coupled with rising awareness about environmental safety, rising consumer inclination towards electrical vehicles is observed over recent years. As the penetration of EVs continues to grow, the demand for these specialized steering shafts is expected to increase, subsequently creating numerous growth opportunities for players in the steering shaft market over the forecast period.
By region, Asia Pacific is expected to witness significant growth in the steering shaft market, due to increasing demand for commercial and passenger vehicles in countries such as China and India. The region is also home to some of the leading automotive component manufacturers, which has further fuelled the growth of the steering shaft market.
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Key Takeaways from Market Study
- The global steering shaft market is projected to expand at a CAGR of 3% and be valued at US$ 7.9 Billion by 2033.
- The market sales declined at -3.5% CAGR for the historic period of 2018-2022.
- China is expected to dominate the market share in East Asia by likely accounting for 2% of its market share in 2023.
- Electronic Power Steering (EPS) by mechanism is likely to represent 6% market share in 2023.
- Splined steering shaft by steering shaft style is predicted to dominate the market and is estimated to be valued at US$ 7 Billion in 2023.
- Sales of steering shaft through OEMs is predicted to have a market valuation of US$ 7.4 Billion in 2023.
“Nearly 95% of Passenger Vehicles are Equipped with Electric Power Steering Systems leading to Higher Market Growth” says a Fact.MR analyst.
Leading Players Driving Innovation in the Steering Shaft Market:
Key industry participants like Changshu City Jinhua Machinery Co., Ltd, China Automotive Systems, Inc., Faw Koyo Steering Systems Co., Ltd., Global Steering Systems, JTEKT Corporation, KLM Performance, Nexteer Automotive, NSK Ltd., Pailton Engineering, Robert Bosch GmbH, Steering Shaft Factory and Zhejiang Shibao Co., Ltd., etc. are driving the steering shaft industry.
Market Development
- The steering shaft manufacturers are investing in the research and development of new technologies that can enhance the performance and durability of their products. They are looking for ways to improve the design and manufacturing processes to make the steering shafts more lightweight, durable, and efficient.
- For instance, in January 2023, Pailton Engineering, a steering system manufacturer announced that the company will design and build a new steering column for lightweight delivery vehicles. The development of the new steering column is attributed to the industry demand for lightweight vehicles, as manufacturers are attempting to reduce the load on delivery vehicles, especially electric vans made for last-mile deliveries.
Steering Shaft Industry News:
- For example, in October 2021, Nexteer Automotive expanded its Electric Power Steering (EPS) portfolio with the introduction of the Modular Column-Assist EPS System (mCEPS). This new system features a cost-effective, modular platform design that offers scalability for Nexteer and the flexibility to accommodate the needs of various OEMs.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global steering shaft market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights based on steering shaft style (splined, double D, smooth), mechanism (HPS -hydraulic power steering, EPS- electronic power steering, EPHS - electric power hydraulic steering), material (steel (polish stainless steel, stainless steel, steel), aluminium), sales channel (OEM, aftermarket), vehicle category (passenger vehicle (compact, mid-size, luxury SUVs), commercial vehicle (LCV, HCV, coaches & buses)) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
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