Press release
Rising Demand for Vehicle Safety and Handling to Drive Automotive Steering System Market Toward USD 33.8 Billion by 2031 | Persistence Market Research
Automotive Steering System Market
A key driver of market expansion is the increasing adoption of electric power steering (EPS) systems, which provide greater fuel efficiency and support sustainability goals for automakers. In addition, the demand for luxury and premium vehicles, equipped with advanced driver-assistance systems (ADAS), is further stimulating the need for next-generation steering solutions. Among all segments, EPS is expected to dominate due to its cost efficiency and compatibility with electric and hybrid vehicles. Geographically, Asia Pacific stands out as the leading region, supported by strong automotive production bases in China, India, and Japan, along with rising disposable incomes that fuel demand for personal mobility solutions.
Explore a wide range of in-depth market insights and detailed reports available on our website for further information and analysis: https://www.persistencemarketresearch.com/market-research/automotive-steering-system-market.asp
Key Highlights from the Report
➤ The automotive steering system market is projected to grow from USD 24.6 billion in 2024 to USD 33.8 billion by 2031.
➤ The industry will register a healthy CAGR of 4.6% during the forecast period.
➤ Electric power steering (EPS) continues to dominate product type adoption globally.
➤ Asia Pacific leads the global market, driven by high automotive production and sales.
➤ Demand for ADAS-equipped vehicles is a significant driver for steering system innovations.
➤ Growing preference for lightweight, fuel-efficient vehicles is shaping steering system design.
Market Segmentation
The automotive steering system market can be segmented by product type, with electric power steering (EPS), hydraulic power steering (HPS), electro-hydraulic power steering (EHPS), and manual steering representing the key categories. EPS has gained remarkable traction, emerging as the leading segment owing to its compatibility with hybrid and electric vehicles, fuel efficiency, and reduced maintenance requirements. Hydraulic steering systems, once dominant, are witnessing a decline as OEMs shift toward electrification and efficiency-driven solutions. Manual steering, though limited in scope, still finds relevance in low-cost vehicles in emerging markets.
From an end-user perspective, the market can be divided into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Passenger vehicles account for the majority share, with the integration of advanced steering technologies such as steer-by-wire, adaptive steering, and ADAS compatibility gaining attention. Light commercial vehicles follow closely, especially as demand for urban logistics and e-commerce expands globally. Heavy commercial vehicles continue to adopt hydraulic and electro-hydraulic steering systems due to higher load requirements, but innovations are slowly shifting these categories toward advanced solutions.
Regional Insights
The Asia Pacific region is expected to remain the most lucrative market for automotive steering systems through 2031. Countries like China, India, and Japan play pivotal roles due to their robust automobile manufacturing bases and rapidly growing consumer demand. Rising urbanization, government incentives for electric vehicle adoption, and significant investment in automotive technology make the region dominant.
North America and Europe also represent strong growth opportunities, primarily due to stringent fuel efficiency and emission standards. Both regions are accelerating the adoption of advanced steering solutions to support electric and autonomous vehicles. Meanwhile, markets in the Middle East, Africa, and Latin America are growing steadily, supported by increasing vehicle ownership and gradual integration of premium features in mainstream vehicle categories.
Market Drivers
A major driver for the automotive steering system market is the increasing shift toward vehicle electrification. Electric power steering systems are preferred over hydraulic alternatives as they reduce energy loss, improve fuel efficiency, and are essential for integration with advanced driver-assistance systems (ADAS). Additionally, the rising consumer demand for safety and comfort features in vehicles is accelerating adoption rates. Global regulatory pressures to reduce emissions and improve sustainability also push automakers to invest in lightweight, efficient, and electronically integrated steering solutions.
Another driver is the growing popularity of luxury and premium cars. These vehicles increasingly integrate advanced steering technologies like steer-by-wire, lane-keeping assist, and adaptive steering, creating significant opportunities for steering system manufacturers. Moreover, the rise of shared mobility, ride-hailing services, and autonomous vehicles highlights the critical role of reliable and adaptive steering systems in the evolving automotive ecosystem.
Market Restraints
Despite strong growth, the automotive steering system market faces certain restraints that limit its pace of expansion. High costs associated with the integration of advanced steering technologies, such as steer-by-wire and ADAS-enabled systems, act as a barrier, particularly in price-sensitive markets. Manufacturers must balance innovation with affordability to cater to a wider consumer base.
Additionally, the complexity of electronic steering systems increases the risk of malfunctions, requiring continuous upgrades and sophisticated diagnostic tools. The reliance on semiconductors and electronic components also exposes the market to supply chain disruptions, as seen during the global chip shortage. Furthermore, heavy commercial vehicles still rely heavily on hydraulic steering systems, delaying the transition to electric alternatives in this segment.
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Market Opportunities
The automotive steering system market offers significant opportunities, particularly with the rising adoption of autonomous vehicles. As autonomous driving technologies progress, steer-by-wire and advanced electric systems will become indispensable. This opens up new avenues for manufacturers to develop solutions that seamlessly integrate with ADAS and autonomous control platforms.
Emerging markets present another substantial opportunity. Rising disposable incomes, rapid urbanization, and government incentives for electric vehicles in regions such as Asia Pacific, Latin America, and parts of Africa are driving demand for innovative steering technologies. The integration of IoT and AI-based predictive maintenance features within steering systems also represents a promising frontier, ensuring safety and efficiency while reducing downtime.
Frequently Asked Questions (FAQs)
➤ How big is the automotive steering system market in 2024, and what is the forecast for 2031?
➤ Who are the key players in the global automotive steering system market?
➤ What is the projected growth rate (CAGR) of the automotive steering system market?
➤ What is the market forecast for the automotive steering system industry by 2032?
➤ Which region is estimated to dominate the automotive steering system industry during the forecast period?
Company Insights
The automotive steering system market features a competitive landscape with several global players investing in innovation and technology integration. Leading companies include:
• T Robert Bosch GmbH
• JTEKT Corporation
• ZF Friedrichshafen AG
• Nexteer Automotive
• NSK Ltd.
• Thyssenkrupp AG
• Mando Corporation
• Showa Corporation
• Hyundai Mobis Co., Ltd.
• Hitachi Automotive Systems, Ltd.
Recent Developments
Major players have accelerated investment in steer-by-wire technologies to support autonomous vehicle integration.
Collaborations between steering system suppliers and automakers are increasing to co-develop advanced electric steering solutions for electric and hybrid vehicles.
Explore more related market insights and reports by visiting our website.
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Recreational Boating Market Growth: https://www.persistencemarketresearch.com/market-research/recreational-boating-market.asp
Auto Parts Manufacturing Market Growth: https://www.persistencemarketresearch.com/market-research/auto-parts-manufacturing-market.asp
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About Persistence Market Research:
At Persistence Market Research, we specialize in creating research studies that serve as strategic tools for driving business growth. Established as a proprietary firm in 2012, we have evolved into a registered company in England and Wales in 2023 under the name Persistence Research & Consultancy Services Ltd. With a solid foundation, we have completed over 3600 custom and syndicate market research projects, and delivered more than 2700 projects for other leading market research companies' clients.
Our approach combines traditional market research methods with modern tools to offer comprehensive research solutions. With a decade of experience, we pride ourselves on deriving actionable insights from data to help businesses stay ahead of the competition. Our client base spans multinational corporations, leading consulting firms, investment funds, and government departments. A significant portion of our sales comes from repeat clients, a testament to the value and trust we've built over the years.
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