Press release
Global Automotive Steering System Market Expansion at 4.6% CAGR, Valued at $36.43 Billion by 2029
Automotive Steering System
What Are the Automotive Steering System Market Size Forecast for 2025?
The market size of the automotive steering system has witnessed continuous growth in the past few years. The market, which is valued at $29.25 billion in 2024, is projected to reach $30.46 billion in 2025, reflecting a compound annual growth rate (CAGR) of 4.1%. Factors contributing to this growth during the historical period include a surge in vehicle production, a growing preference for fuel-efficient automobiles, urbanization, an increase in disposable income, and a rise in commercial vehicle sales.
What Is the Market Size Outlook for Automotive Steering System Until 2029?
In the coming years, the automotive steering system market size is anticipated to witness consistent growth, reaching a value of $36.43 billion in 2029 at a Compound Annual Growth Rate (CAGR) of 4.6%. The predicted growth during the forecast period is primarily due to the increased emphasis on vehicle electrification, the rise of vehicle automation trends, growing demand for luxury vehicles, strict emission regulations, and the pursuit of comfort and convenience. Significant trends in the forecast period comprise the use of steer-by-wire technology, the incorporation of artificial intelligence (AI) into the steering systems, enhanced attention to steering system safety features, improvements in steering sensor technologies, and the creation of modular steering systems.
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What Are the Major Factors Driving Demand in the Automotive Steering System Market?
The automotive steering system market is expected to be propelled by the rising demand for fuel-efficient vehicles. These vehicles, designed to optimize the mileage obtained per unit of fuel, have become increasingly popular due to persistent innovations to reduce fuel usage. As awareness increases regarding the environmental ramifications of vehicular emissions, particularly climate change-contributing gases like carbon dioxide, the appeal of these vehicles, which emit fewer pollutants per mile, has grown. Automotive steering systems are contributing to this rising demand by incorporating lighter materials and sophisticated controls, improving vehicle aerodynamics and tire alignment, and minimizing energy consumption through technologies such as electric power steering (EPS). Data from the US-based government agency Environmental Protection Agency from December 2023 shows that the combined production proportion of electric vehicles (EVs), plug-in hybrid vehicles (PHEVs), and fuel cell electric vehicles (FCVs) saw an increase from 4% in 2021 to 7% in 2022, projecting a further growth to 12% in 2023. Consequently, the rising popularity of fuel-efficient vehicles is driving the automotive steering system market's growth.
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How Are End-Use Segments Shaping the Automotive Steering System Market Outlook?
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), After market
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
What Are the Strategic Trends Transforming the Automotive Steering System Market Landscape?
Major automotive steering system market players are creating advanced electric steering systems tailor-made for niche, low-volume car manufacturers. These innovative steering systems enable accurate steering control, enhance fuel economy, incorporate additional driver safety features like lane-assist, and simplify the vehicle's overall steering mechanism by reducing its weight and complexity. For instance, Titan Motorsport and Automotive Engineering, a UK-based tech and engineering firm, introduced a state-of-the-art steer-by-wire system in September 2023. This particular system, designed and built in-house by Titan, features a unique electric motor and control system, offers scalability and optimized packaging for diverse applications, and includes high tuneability and customization delivering precise steering reactions. Such advancements in electric steering technologies symbolize a significant leap forward in performance and customization.
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Who Are the Prominent Companies in the Automotive Steering System Market by ?
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
Which Region Is Expected to See the Highest CAGR 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.
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