Automotive Steering Systems Market Set to Reach $38.44 Billion by 2029 with 6.2% Yearly Growth

What Is the Estimated Market Size and Growth Rate for the Automotive Steering Systems Market?
The market size of automotive steering systems has seen robust growth in the past few years. It is anticipated to rise from $28.36 billion in 2024 to $30.23 billion in 2025, progressing at a compound annual growth rate (CAGR) of 6.6%. Factors such as enhanced vehicle production, urbanization growth, soaring demand for self-driving vehicles, increased automotive electrification, and greater emphasis on eco-friendly mobility solutions have contributed to the growth in the historical period.

The market size of automotive steering systems is predicted to experience robust expansion in the coming years, with an estimated valuation of $38.44 billion by 2029, representing a compound annual growth rate (CAGR) of 6.2%. This substantial increase in the near future is due to the rising popularity of power steering systems in the auto industry, increased sales volumes of electric vehicles, growth in disposable income, enhanced use of sensors, surging demand for electric and fuel-efficient vehicles. Key trends in the forecast period are likely to be breakthroughs in technology, collaboration with battery-swapping stations, advancements in sensor technology, incorporation of advanced safety mechanisms in cars, and the inclusion of AI technologies.

What Are the Main Catalysts for Growth in the Automotive Steering Systems Market?
The escalating need for electric cars is projected to boost the expansion of the automotive steering systems market. Electric cars, which are vehicles powered by rechargeable batteries, produce no tailpipe emissions, offering a viable alternative to conventional vehicles that run on gasoline. The surge in demand for electric vehicles is driven by aspects like worries about emission's effect on the environment, governmental incentives encouraging the adoption of green energy, and breakthroughs in battery technology enhancing vehicle range and performance. Automobile steering systems in electric cars guarantee efficient and fast-reacting control, ensuring safe handling in line with electric propulsion technology. For example, data from the International Energy Agency, a France-based intergovernmental organization, showed a rise in electric vehicle sales by 3.5 million in 2023 compared to 2022, corresponding to a yearly increase of 35%. Thus, the rising demand for electric vehicles is propelling the expansion of the automotive steering systems market.

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Who Are the Dominant Companies Influencing Automotive Steering Systems Market Trends?
Major companies operating in the automotive steering systems market are Robert Bosch GmbH, Hitachi Ltd., DENSO Corporation, ThyssenKrupp AG, ZF Friedrichshafen AG, Hyundai Mobis Co. Ltd., Eaton Corporation plc, Schaeffler AG, NSK Steering System Co. Ltd., Nexteer Automotive Corporation, Leopold Kostal GmbH & Co. KG, Kayaba Industry Co. Ltd., Showa Corporation, Kongsberg Automotive Holding ASA, Global Steering Systems LLC, China Automotive Systems Inc., Rane Holdings Limited, JTEKT Corporation, Pailton Engineering Ltd., ILJIN Corporation, Dalian Wanda Power Steering System Co. Ltd., Zhejiang Wanda Steering Gear Co. Ltd.

How Is the Automotive Steering Systems Market Evolving?
Leading automotive steering systems manufacturers are prioritizing the creation of innovative technology like modular steering which is designed to cater to a broad spectrum of original equipment manufacturer needs for advanced steering systems in larger vehicles such as electric and light commercial vehicles. These modular steering systems come with interchangeable parts that enable convenient configuration and adaptation across different vehicle types, thereby boosting flexibility and efficiency in both production and maintenance processes. For example, Nexteer Automotive, an American tech firm, unveiled the Modular Rack-Assist Electric Power Steering System in April 2023. This revolutionary technology is set to transform vehicle steering abilities with its plethora of exclusive features. The system employs a modular design which boosts flexibility and scalability across diverse vehicle platforms, enabling car manufacturers to effectively adjust steering systems to an array of models and configurations. It also incorporates sophisticated electric power assistance which enhances steering response and ensures accurate control across diverse driving scenarios.

What Are the Different Segmentations in the Automotive Steering Systems Market?
The automotive steering systems market covered in this report is segmented -

1) By Component: Hydraulic Pump, Steering Or Column Or Rack, Sensors, Electric Motor, Other Components
2) By Mechanism: Electronic Power Steering, Hydraulic Power Steering, Electrically Assisted Hydraulic Power Steering
3) By Pinion Type: Single, Dual
4) By Sales Channel: Original Equipment Manufacturer, After Market
5) By Vehicle: Passenger Cars, Compact, Mid-Size, Premium, Sports Utility Vehicle, Light Commercial Vehicles, Heavy Commercial Vehicles

Subsegments:
1) By Hydraulic Pump: Power Steering Pumps (Hydraulic), Electric Hydraulic Pumps, Variable Displacement Hydraulic Pumps, Pump Assemblies For Electric Power Steering (EPS) Systems, Hydraulic Pumps For Heavy-Duty Applications
2) By Steering Or Column Or Rack: Steering Columns (Manual And Power-Assisted), Rack And Pinion Systems, Electric Steering Racks (EPS), Steering Columns With Adjustable Features (Tilt, Telescopic), Electronic Steering Columns For Autonomous Vehicles
3) By Sensors: Torque Sensors For Steering Feedback, Angle Sensors For Steering Angle Measurement, Position Sensors For Steering Column And Rack, Steering Wheel Sensors For Airbag Deployment And Driver Assistance, Pressure Sensors For Hydraulic Steering Systems, Steering Feedback Sensors For Autonomous Driving
4) By Electric Motor: Electric Motors For Electric Power Steering (EPS), Brushless Dc Motors For Steering Systems, Motor Drives For Active Steering, Electric Motors For Steer-By-Wire Systems, Motors For Automated Steering Control In Autonomous Vehicles

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Which Region Is at the Forefront of the Automotive Steering Systems Market?
North America was the largest region in the automotive steering systems market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive steering systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Automotive Steering Systems Global Market Report?

- Market Size Analysis: Analyze the Automotive Steering Systems Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Automotive Steering Systems 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 Systems Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Automotive Steering Systems Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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