The global Steering Gear market is expected to witness a market value of US$ 31.3 Million in 2023 and is expected to accumulate a market value of US$ 39.3 Million by registering a CAGR of 2.3% in the forecast period 2023 to 2033. The Steering Gear market registered a CAGR of 2.0% in the historical period 2018 to 2022. Factors such as the rising need for waterborne transportation, the rising demand for recreational boat rentals, rising incomes, and the spread of metropolitan areas are expected to boost the market growth over the analysis period.
As per Future Market Insights - market research and competitive intelligence provider, the global market value for Steering Gear has been flourished. One of the key drivers of the Steering Gear Market is the increasing demand from the marine industry. The marine industry includes a variety of applications, including cargo and passenger ships, ferries, cruise ships, and military vessels. Steering gears are essential components of these vessels, providing the necessary directional control for safe navigation. As the marine industry continues to grow, the demand for steering gears is expected to increase, which in turn is expected to boost the growth of the steering gear market during the forecast period.
Another factor expected to accelerate the growth of the Steering Gear Market is advancements in steering gear technology. With the increasing demand for more efficient and reliable steering gears, manufacturers are investing in research and development to improve the technology. Advanced features, such as remote control and monitoring capabilities, and the use of lightweight materials, are anticipated to escalate the demand for advanced steering gears in the market.
Additionally, the Steering Gear Market is expected to experience significant growth in emerging economies, such as China, India, and Brazil. These countries are witnessing a rise in maritime trade, tourism, and military activities, which is likely to fuel the demand for advanced steering gears. In addition, increasing investments in marine infrastructure, such as ports and shipyards, are expected to further stimulate the growth of the market in these countries.
Furthermore, naval modernization programs, aimed at upgrading naval fleets and enhancing maritime security, are projected to augment the growth of the Steering Gear Market. Several countries, including the USA, China, and India, are investing in naval modernization programs, which require the installation of advanced and reliable steering gears in naval vessels. These factors are expected to drive the market growth in the forthcoming years.
Besides, government regulations mandating the installation of steering gears in vessels, such as the International Convention for the Safety of Life at Sea (SOLAS), are expected to boost the growth of the Steering Gear Market in the near future. These regulations ensure the safety of vessels and their passengers and crew, driving the demand for reliable and efficient steering gears.
On the regional end, the Steering Gear market in North America is expected to account for the maximum share during the analysis period, owing to the factors such as the growing demand from the marine industry, increasing investments in naval modernization programs, advancements in steering gear technology, government regulations, and the presence of key market players in the region.
On the other hand, the Steering Gear market in Europe is expected to account for the maximum share during the analysis period, attributed to the factors such as advancements in steering gear technology, the increase in shipbuilding activities, and the growing demand for eco-friendly solutions.
Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Steering Gear are expected to create lucrative opportunities for the market growth over the analysis period.
For instance, in February 2022, Metalcaucho launched steering gears in a launch with 374 new part numbers. In January the new family was inaugurated with 47 steering gears, and in this new launching we present 27 more part numbers, 18 mechanical and 9 hydraulic.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 31.3 Million |
| Projected Market Value in 2033 | US$ 39.3 Million |
| Growth Rate (2023 to 2033) | 2.3% CAGR |
Demand for Steering Gear will witness slow recovery in short-term, with optimistic growth outlook in the long-run. Growing demand from automotive industry will have boundless opportunities in near future and sales of steering gear in automotive sector will provide momentum.
Extensive demand, particularly in developing nations, is a major driver of the market's strong expansion. The largest market penetration is predicted to come from new product development, such as the development of electric power steering.
Furthermore, factors such as the desire of the middle-income group to purchase a vehicle and good company marketing contribute to market expansion. The industry is growing due to an increase in car loans due to cheap interest rates, which leads to increased vehicle sales and increased automotive production.
The growing demand for automobiles has directly fuelled the expansion of the automotive steering gear market. The use of construction machinery and hybrid loaders has raised the requirement for smooth driving, which is projected to drive the expansion of the market for commercial vehicles.
Along with the demand from OEM market the demand for steering gear also comes from the aftermarket (or replacement market). The rising vehicle parc (vehicle in use) across the globe will enhance the market, as any wear and tear in the steering gear of a vehicle will require a replacement of the product with the new product.
The COVID-19-induced slowdown has had an impact on automotive sales all across the world. This had a knock-on effect on sales of vehicle components and materials. Over the forecast period, the market is likely to rise due to rising demand for fuel-efficient automobiles with effective steering systems. The increased need for a smooth and comfortable driving experience is expected to drive up the market.
The increase in commercial vehicles is one of the primary factors driving the market growth. Because of its widespread use in commercial vehicles, the steering gear category is likely to rise strongly in the market throughout the projection period by which it is expected to drive market expansion.
Over the projection period, Asia is likely to lead the market. The expansion of the automotive steering gear market in this region is predicted to be fuelled by the increasing sales and production of automakers from developing countries. The increasing disposable income of customers in developing countries, as well as the desire for high-end luxury cars, are expected to drive market expansion in this area.
Furthermore, massive capacity expansion in China and India, rising per capita income, and the construction of the road network all contribute to the growth of the market.
Europe holds the second-largest proportion of the global market for vehicle steering systems. The expansion of the regional market is fuelled by factors such as the presence of a well-established automotive sector and automobile manufacturing businesses. Furthermore, rising consumer purchasing power and increased expenditure on luxury cars, as well as strong demand for lightweight and fuel-efficient automobiles in this region, are expected to drive significant market expansion.
Some of the leading manufacturers and supplier include
Many leading manufacturers prefer modern technology for accuracy which includes latest Computer Aided Design software’s and improved production facilities which provide great potential for development and design performance of steering gear.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Steering Gear Market
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