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Automotive Steering Systems Market Trends That Will Shape the Next Decade: Insights from Modular Steering Systems Revolutionize Automotive Steering Capabilities
Automotive Steering Systems Market
How Large Will the Automotive Steering Systems Market Size By 2025?
The market size of automotive steering systems has seen significant growth in the past few years. This market is expected to increase from $28.36 billion in 2024 to $30.23 billion in 2025, with a compound annual growth rate (CAGR) of 6.6%. The historic growth is due to key factors such as the increase in vehicle production, urbanization growth, the surge in demand for self-driving vehicles, the enhancement of automotive electrification, and a heightened emphasis on sustainable mobility solutions.
How Big Is the Automotive Steering Systems Market Size Expected to Grow by 2029?
In the coming years, the market size of automotive steering systems is projected to witness substantial growth, reaching a value of $38.44 billion by 2029, with a compound annual growth rate of 6.2%. This predicted growth during the forecast period is largely due to factors such as increased uptake of power steering systems in the automotive industry, expanding sales of electric vehicles, growth of disposable income, enhanced use of sensors, rising demand for electric and fuel-efficient vehicles. During this forecast period, key trends are expected to include technological improvements, cooperation with battery-changing stations, progress in sensor technology, the incorporation of sophisticated safety measures in cars, and adoption of AI technologies.
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Which Key Market Drivers Powering Automotive Steering Systems Market Expansion and Growth?
As the popularity of electric vehicles continues to rise, the automotive steering systems market is anticipated to experience significant growth. Electric vehicles, which utilize rechargeable batteries and produce no tailpipe emissions, provide a more environmentally friendly alternative to traditional gasoline-powered cars. Their increased demand springs from concerns over emissions, government initiatives that encourage the use of clean energy, and improvements in battery technology that enhance both driving range and performance. Automotive steering systems play a crucial role in these cars, ensuring effective and immediate control while maximizing handling and safety in line with electric propulsion technology. The International Energy Agency, a France-based intergovernmental body, noted in April 2024 that electric vehicle sales had seen an annual increase of 35%, with an additional 3.5 million sold in 2023 compared to 2022. Consequently, the heightened interest in electric vehicles is propelling the development of the automotive steering systems market.
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Which Fast-Growing Trends Are Poised to Disrupt the Automotive Steering Systems Market?
Leading firms in the automotive steering system market are concentrating on innovating with technologies like modular steering to accommodate a broad array of needs from original equipment manufacturers for advanced steering mechanisms in weightier vehicles, which include electric vehicles and light commercial ones. This system, with its changeable components, makes it easy to modify and adjust for a range of vehicles, providing both manufacturing and service flexibility and efficiency. For example, in April 2023, Nexteer Automotive, a technology enterprise based in the USA, introduced the Modular Rack-Assist Electric Power Steering System. This ground-breaking technology has the potential to revolutionize vehicle steering with its unique features. It incorporates a modular design that offers scalability and flexibility across various vehicle platforms, enabling automakers to adapt steering systems optimally to differing models and configurations. Additionally, it includes advanced electric power assistance, optimizing steering response, and delivering accurate control under diverse driving environments.
What Are the Emerging Segments 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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Who Are the Global Leaders in the Automotive Steering Systems Market?
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.
Which are the Top Profitable Regional Markets for the Automotive Steering Systems Industry?
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.
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