Next-Gen Steering Systems to Steer Global Automotive Market to a USD 37.6 billion by 2035

A new market report reveals the global automotive steering system market is poised for significant growth, with a projected compound annual growth rate (CAGR) of 3.8% between 2025 and 2035. The market, valued at an estimated USD 25.9 billion in 2025, is expected to surge to an impressive USD 37.6 billion by 2035, driven by the rapid adoption of electric vehicles (EVs), advancements in autonomous driving, and a rising demand for fuel-efficient and AI-integrated steering technologies.

The forecast highlights a transformative shift from traditional hydraulic power steering (HPS) to more sophisticated Electric Power Steering (EPS) and steer-by-wire (SBW) systems. These innovations are not just about driver comfort; they're critical for improving vehicle efficiency by reducing energy consumption and are essential components for modern advanced driver-assistance systems (ADAS).

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Market Drivers and Key Trends

The market's expansion is fueled by several key factors:
• Vehicle Electrification: As the world pivots toward EVs and hybrid vehicles, energy-efficient steering systems become paramount. EPS and SBW systems play a crucial role in extending battery range by eliminating the need for energy-draining hydraulic pumps.

• Autonomous Driving Technologies: The rise of autonomous and semi-autonomous vehicles is creating a new demand for sophisticated steering solutions. These systems must be able to integrate with AI, sensors, and real-time data to provide precise, predictive control, ensuring safety and performance without human input.

• Growing Demand for Fuel Efficiency: Even in internal combustion engine (ICE) vehicles, the shift to EPS helps reduce fuel consumption and lower carbon emissions, aligning with global environmental regulations and consumer demand.

• Lightweight Components: Manufacturers are increasingly using lightweight materials like aluminum, high-strength alloys, and composites to reduce overall vehicle weight, which in turn enhances fuel economy and extends the range of EVs.

Competitive Landscape

The global market for automotive steering systems is highly competitive, dominated by a few key players and a host of innovative challengers. These companies are investing heavily in research and development to create next-generation steering solutions that are more precise, energy-efficient, and capable of integrating with future mobility platforms.

Market Share Analysis by Company

• JTEKT Corporation: A market leader holding an estimated 20-25% share. Known for its comprehensive portfolio of EPS, HPS, and steer-by-wire systems, JTEKT is a key innovator in autonomous-ready steering solutions.

• Nexteer Automotive Group Ltd.: With a 15-20% market share, Nexteer is a leading innovator in advanced EPS and steer-by-wire systems, focusing on high-precision control and real-time driver assistance.

• Hitachi Automotive Systems: Securing a 10-15% share, Hitachi specializes in intelligent steering components designed for seamless integration with ADAS and autonomous driving platforms.

• ThyssenKrupp AG: Holds a 5-8% share, providing high-performance steering racks and mechanical solutions for diverse vehicle types.

• Hyundai Mobis: Capturing a 4-6% share, Hyundai Mobis is a significant player with its next-gen EPS and smart actuator technology.

Other notable players, including ZF Friedrichshafen AG, Bosch Mobility Solutions, and NSK Steering System Co., Ltd., collectively make up a substantial portion of the market, driving innovation and competition.

Regional Market Highlights

The report provides a deep dive into key regional markets, each with its own unique growth drivers.
• Asia-Pacific: This region is the fastest-growing market, propelled by major vehicle production hubs in China, Japan, and South Korea. Government incentives for EVs and a growing consumer focus on fuel efficiency are the primary drivers.

• North America: High consumer demand for EVs and significant investment in autonomous driving technology are driving the market. Safety regulations from bodies like the NHTSA also spur the adoption of advanced steering systems.

• Europe: Stringent EU CO2 emission targets and a strong focus on vehicle electrification are pushing automakers to adopt more energy-efficient and lightweight steering solutions.

• Middle East & Africa: The market here is experiencing moderate growth, fueled by rising vehicle sales and increasing investments in smart mobility solutions and high-end vehicles.

Challenges and Opportunities

Despite the positive forecast, the industry faces notable challenges. The high development costs for advanced steering technologies, particularly for smaller manufacturers, remain a significant hurdle. Furthermore, the increasing connectivity of these systems introduces cybersecurity risks, making robust security protocols and redundant systems crucial for preventing unauthorized access and ensuring fail-safe operation.

However, these challenges are outweighed by massive opportunities, particularly the expansion into electric and autonomous vehicle steering systems. The steer-by-wire technology, in particular, is positioned to become a new industry standard, paving the way for AI-driven, customizable steering feedback and real-time, self-learning algorithms. The report suggests that companies investing in these adaptive control systems will be at the forefront of the market's evolution.

The automotive steering system market is on a transformative journey, shifting from a mechanical necessity to a high-tech, integrated component of modern mobility. This evolution promises a future of safer, more efficient, and more intelligent vehicles for drivers and passengers worldwide.

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