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Global Automotive Steering Systems Market Analysis 2025-2030: Growth Drivers, Challenges, And Opportunities
Automotive Steering Systems Market
How Big Is the Automotive Steering Systems Market Size Expected to Be by 2034?
The automotive steering systems market has seen strong growth in recent years. It will rise from $28.36 billion in 2024 to $30.23 billion in 2025, at a CAGR of 6.6%. The market is growing due to higher vehicle production, urbanization, and the rise in demand for autonomous vehicles and electric vehicles.
The automotive steering systems market is anticipated to grow, reaching $38.44 billion by 2029 with a CAGR of 6.2%. The growth is driven by the increasing adoption of power steering systems, growing sales of electric vehicles, rising disposable income, and increased demand for fuel-efficient vehicles. Major trends include advancements in sensor technology, integration of AI, and the addition of advanced safety features in automobiles.
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What Are the Emerging Segments Within 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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What Long-Term Drivers Are Shaping Automotive Steering Systems Market Trends?
The increasing demand for electric vehicles is expected to propel the growth of the automotive steering systems market. EVs, which use electric motors and rechargeable batteries, offer a more sustainable alternative to traditional vehicles. The rise in EV demand, due to environmental concerns, government incentives, and improved battery technology, is expected to increase the need for advanced steering systems that ensure efficient control and handling. In 2023, electric vehicle sales rose by 35% compared to the previous year, driving growth in the automotive steering systems market.
Who Are the Top Competitors in Key Automotive Steering Systems Market Segments?
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.
What Are the Latest Developing Trends in the Automotive Steering Systems Market?
Prominent automotive steering system companies are working on advancements like modular steering systems that cater to the needs of original equipment manufacturers (OEMs) for heavier vehicles, such as electric vehicles and light commercial vehicles. These modular systems feature interchangeable components for easy configuration and adaptation, offering flexibility in manufacturing and maintenance. For example, in April 2023, Nexteer Automotive, a US-based company, launched the Modular Rack-Assist Electric Power Steering System, which integrates advanced electric power assistance and a modular design, improving flexibility and scalability across different vehicle platforms.
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Which Regions Are Becoming Hubs for Automotive Steering Systems Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Steering Systems Market?
2. What is the CAGR expected in the Automotive Steering Systems Market?
3. What Are the Key Innovations Transforming the Automotive Steering Systems Industry?
4. Which Region Is Leading the Automotive Steering Systems Market?
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