Insight by Abdul Wasay, Chief Operating Officer at The Business Research Company
In response to fluctuating tariffs and geopolitical trade developments, the Automotive Steering System Market Outlook 2025 analyses how businesses are adapting through supply chain diversification and strategic sourcing.
How Will the Automotive Steering System Market Grow Between 2024 and 2025?
The global automotive steering system market has experienced a consistent growth pattern in the past years. The market increased from a worth of $29.25 billion in 2024 to an estimated value of $30.46 billion in 2025, and this represented a compound annual growth rate (CAGR) of 4.1%.
How Much Will the Automotive Steering System Market Be Worth in 2029?
The Automotive Steering System Global Market is projected to reach a market size of $36.43 billion in 2029, growing at a compound annual growth rate (CAGR) of 4.6%.
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Which Automotive Steering System Market Drivers Are Linked to Revenue Growth?
The key drivers in the automotive steering system market are:
• Rising focus on vehicle electrification
• Growing trend of vehicle automation
• Increase in demand for premium vehicles
• Stricter emission norms and demand for comfort and convenience
Which Segments Are Expected to Grow 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), After market
4) By Application: Passenger Cars (PCs), Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs)
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What Are The Key Trends Impacting Growth In The Global Automotive Steering System Market?
The key trends in the automotive steering system market are:
• The adoption of steer-by-wire technology is a notable emerging trend.
• The integration of artificial intelligence in steering systems is greatly influencing the market.
• Increased emphasis on steering system safety features is a growing trend.
• Advancements in steering sensor technologies and the development of modular steering systems are also shaping the future of the market.
Who Are the Key Competitors in the Global Automotive Steering System Market?
Major players 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
Where Is the Automotive Steering System Market Growing Fastest Between 2025 and 2029?
North America was the largest region in the automotive steering system market in 2024
