Press release
Global Automotive Steering System Market Outlook 2025-2034: Trends, Innovations, And Future Outlook
Automotive Steering System
What Is the Automotive Steering System Market Size and Projected Growth Rate?
The automotive steering system market has experienced strong growth in recent years. It will grow from $29.25 billion in 2024 to $30.9 billion in 2025, with a CAGR of 5.6%. This growth is attributed to increased vehicle production, demand for fuel-efficient vehicles, and increased sales of commercial vehicles.
The automotive steering system market is expected to see strong growth, reaching $38.13 billion by 2029 at a CAGR of 5.4%. The growth is attributed to the increasing focus on vehicle electrification, vehicle automation, demand for premium vehicles, stricter emission norms, and the desire for comfort and convenience. Trends include the adoption of steer-by-wire technology, AI integration, advancements in steering system safety, and development of modular steering systems.
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What Are the Major 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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What Are The Driving Automotive Steering System Market Evolution?
The rising demand for fuel-efficient vehicles is expected to boost the automotive steering system market. These vehicles aim to maximize fuel efficiency, driven by technological advancements and environmental awareness. Automotive steering systems in fuel-efficient vehicles utilize lightweight materials and advanced technologies like electric power steering to improve aerodynamics and reduce energy consumption. In 2022, electric and hybrid vehicles accounted for 7% of total production, a rise from 4% in 2021, demonstrating the growing focus on fuel efficiency and driving the steering system market.
Which Firms Dominate The Automotive Steering System Market Segments?
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 Major Trends Shaping the Automotive Steering System Market?
Leading companies in the automotive steering system market are focusing on creating high-tech electric steering systems tailored for niche, low-volume vehicle manufacturers. These systems offer precise steering control, improve fuel efficiency, enhance driver safety with features like lane-keeping assistance, and reduce the vehicle's overall weight and complexity. For example, in September 2023, Titan Motorsport and Automotive Engineering, a UK-based company, introduced an advanced steer-by-wire system. This system is designed with an in-house electric motor and control system, offering scalability and optimization for various applications, along with customizable steering responses for enhanced performance.
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Which Is The Largest Region In 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Steering System Market?
2. What is the CAGR expected in the Automotive Steering System Market?
3. What Are the Key Innovations Transforming the Automotive Steering System Industry?
4. Which Region Is Leading the Automotive Steering System Market?
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