Middle East and Africa Automotive Steering System Market – Growth & Forecast (2024

Middle East and Africa Automotive Steering System Market - Size

Study Period

2018 - 2030

Base Year For Estimation

2023

Forecast Data Period

2024-2030

Historical Data Period

2018-2021

CAGR

7 %

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

Steering is the essential component in moving the automotive in the proper direction. Steering column, steering wheel, rack & pinion mechanism and universal joints are the general automotive components present in the steering. Evolution of the automotive steering marks from the manual model to the power steering model, obeying to the advancements in the automotive technology. Power steering has increased the standards of the passenger cars around the globe. Growing demand for power steering systems is boosting the market growth.

The Middle East & Africa Automotive Steering System Market Size & Growth:

The Middle East & Africa Automotive steering system market is poised to reach a value of $39.55 billion in 2024 from $19.15 billion in 2018, growing with the CAGR of 6.08%. Key points like rising consumer preference and growing vehicle production, stringent fuel efficiency norms to drive the demand for steering systems, adoption of steer-by-wire technology and use of EPS in commercial vehicles are accelerating this market growth. Automotive steering system market has opportunities like rising potential applications and increased usage of smart systems. Factors like High costs are assisted with power steering systems, restricted ball bearing capacity of EPS systems, increasing number of on-demand taxi operators, maintaining a balance between smart steering and high cost are restricting the market growth.

The Middle East & Africa Automotive Steering System Market Share:

Steering type, vehicle type, pivot alignment and geographical regions are the segments present in the automotive steering system. There

Middle East and Africa Automotive Steering System Market - Growth

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

are sub-segments like electric power steering system, hydraulic power steering system, recirculating ball & nut steering system, worm & roller steering system, and rack & pinion steering system are present by steering type. Steering is developed with the incorporation of the functions like traffic jam assistance, lane-keeping, and hand-on-wheel detection. Demand for electronic-based steering is increased with increase in the usage of electronic automotive. However, the power steering is ruling the automotive steering market by steering type. Passenger vehicles, heavy commercial vehicles, and light commercial vehicles are the sub-segments which are presently based on the vehicle type. Commercial vehicles segment is fastest growing in the emerging markets, and the passenger vehicles segment has the largest share with an increase in the number of units sold. To increase the safety of the vehicles, steering columns are incorporated. Pivot tilt steering columns and telescope steering columns are used in adding rigidity to the heavy commercial vehicles. Recirculating and nut steering systems are replaced by the rack and pinion in the newer vehicles, and this is the fastest growing segment based on the pivot alignment, and tilt steering system marks the largest share. Geographical classification of automotive steering system market includes middle east and African regions. New advancements in the technology have paved the way for the implementation of drive-by-wire technology to increase the efficiency of the steering and reduce the lag.

The Middle East & Africa Automotive Steering System Market

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Middle East and Africa Automotive Steering System Market - Porter's Five Force Analysis

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

Trends:

Kobelt Acquires Accu – steer which deals with high-quality hydraulic steering actuators for reliable guiding and controlling motion
ZF in Dubai has launched trade for developing the automotive aftermarket, in Africa and middle east region to raise the automotive components.

The Middle East & Africa Automotive

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