Press release
Comprehensive Automotive Steering System Market Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034
Automotive Steering System Market share
The market size of the automotive steering system has seen substantial growth in the last few years. An increase from $29.25 billion in 2024 to $30.9 billion in 2025, with a compound annual growth rate (CAGR) of 5.6%, is anticipated. The historic growth can be credited to increased vehicle manufacturing, a surge in the demand for fuel-efficient automobiles, urbanization growth, rise in disposable income, and a boost in commercial vehicle sales.
The market for automotive steering systems is projected to experience robust growth in the upcoming years, expanding to $38.13 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 5.4%. This growth during the forecast period is due mainly to factors like increasing emphasis on vehicle electrification, the rising trend of vehicle automation, heightened demand for luxury vehicles, strict emission regulations, and the desire for comfort and convenience. Significant forecast period trends include the incorporation of steer-by-wire technology, integration of artificial intelligence (AI) in steering systems, heightened attention to safety features in steering systems, advancements in steering sensor technologies, and the creation of modular steering systems.
What Are the Forces Behind the Rapid Growth of the Automotive Steering System Market?
The growth of the automotive steering system market is anticipated to be fueled by the rising demand for fuel-efficient cars. These vehicles, engineered for maximum fuel efficiency, aim to increase the mileage per unit of fuel consumed. This is executed through advanced technology and innovative engineering that curbs fuel usage. There's a rising consciousness about the detrimental environmental effects of vehicle emissions, like greenhouse gases such as carbon dioxide, a major player in climate change. Fuel-efficient vehicles emit less on a per-mile basis, rendering them more eco-friendly. Lightweight materials and state-of-the-art control systems integrated into automotive steering systems amplify the demand for fuel-efficient cars by improving aerodynamics and optimizing tire alignment. In addition, overall energy consumption is reduced via electric power steering (EPS) techniques. To illustrate, the Environmental Protection Agency, a U.S federal government entity, revealed in December 2023 that the cumulative category of EVs, PHEVs, and FCVs rose from 4% of production in 2021 to 7% in 2022, with a predicted increase to 12% in 2023. Consequently, the growing demand for fuel-efficient cars is propelling the automotive steering system market forward.
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Which Key Market Leaders Are Driving Automotive Steering System Industry Growth?
Major companies operating in the automotive steering system market are Robert Bosch GmbH, ZF Friedrichshafen AG, Denso Corporation, Thyssenkrupp AG, Hyundai Mobis Co. Ltd., Mitsubishi Electric Corporation, Schaeffler Group Automotive, Nidec Corporation, TRW Automotive, Infineon Technologies AG, Hitachi Astemo Ltd., JTEKT Corporation, NSK Ltd., Knorr-Bremse AG, HL Mando Corporation, GKN Automotive AG, Nexteer Automotive Group Ltd., China Automotive Systems Inc., Global Steering Systems, Georgsmarienhütte Holding GmbH
What Are the Emerging Trends in the Automotive Steering System Industry?
Leading firms in the automotive steering system market are progressing with the production of cutting-edge electric steering systems tailored specifically for specialised low-volume automobile manufacturers. The advantages of these advanced electric steering systems include accurate and immediate steering control, improved gas efficiency, heightened driver security via progressive features like lane-keeping aid, and the reduction of the overall vehicle steering system's weight and complexity. For example, Titan Motorsport and Automotive Engineering, a British engineering and technology firm, introduced an innovative steer-by-wire system in September 2023. This advanced system has a bespoke electric motor and control system, both created internally by Titan, modifiable for different applications with optimal packaging, and offers high customisability for exact steering reactions. This indicates substantial progress in electric steering technology, promising top-tier performance and personalisation.
What Are the Main Segments in the Automotive Steering System Market?
The automotive steering system market covered in this report is segmented -
1) By Type: Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Electro-Hydraulic Power Steering (EHPS), Manual Steering
2) By Component: Sensors, Steering Column, Mechanical Rack And Pinion, Electric Motor, Electronic Control Unit (ECU), Hydraulic Pump
3) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
4) By Application: Passenger Cars (PCs), Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs)
Subsegments:
1) By Electric Power Steering (Eps): Column-Assisted Electric Power Steering (C-Eps), Pinion-Assisted Electric Power Steering (P-Eps), Rack-Assisted Electric Power Steering (R-Eps), Fully Electric Steering (Fes), Electric Steering For Electric Vehicles (Evs)
2) By Hydraulic Power Steering (Hps): Recirculating Ball Steering System, Rack And Pinion Hydraulic Power Steering, Integral Hydraulic Power Steering, Hydraulic Steering Pumps And Motors
3) By Electro-Hydraulic Power Steering (Ehps): Electro-Hydraulic Steering For Light Commercial Vehicles, Integrated Electro-Hydraulic Systems, Ehps For Heavy Duty Vehicles, Variable Assistance Electro-Hydraulic Steering, Ehps For Autonomous Vehicles
4) By Manual Steering: Recirculating Ball Manual Steering System, Rack And Pinion Manual Steering System, Worm And Sector Manual Steering System, Manual Steering For Off-Road Vehicles, Manual Steering For Classic Or Vintage Cars
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Which Geographic Area Leads the Automotive Steering System Market?
North America was the largest region in the automotive steering system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive steering system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Automotive Steering System Global Market Report?
- Market Size Analysis: Analyze the Automotive Steering System Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Automotive Steering System Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Automotive Steering System Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Automotive Steering System Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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