How Has the Automotive Steering System Market Evolved Historically and What is its Current Size?
The automotive steering system market has seen considerable growth due to a variety of factors.
• The automotive steering system market has grown robustly in recent years. It will rise from $29.25 billion in 2024 to $30.9 billion in 2025, at a CAGR of 5.6%.
This growth is attributed to higher vehicle production, increased demand for fuel-efficient vehicles, urbanization, higher disposable income, and increased commercial vehicle sales.
What is the Forecasted Market Size and CAGR for the Automotive Steering System Market?
The automotive steering system market is expected to maintain its strong growth trajectory in upcoming years.
• The automotive steering system market is expected to grow to $38.13 billion by 2029 with a CAGR of 5.4%.
This growth is driven by increased focus on vehicle electrification, the growing trend of vehicle automation, rising demand for premium vehicles, stricter emission standards, and the demand for comfort and convenience. Key trends include the adoption of steer-by-wire technology, AI integration in steering systems, a greater emphasis on safety features, advancements in steering sensor technologies, and the development of modular steering systems.
What Key Factors and Trends Are Driving The Growth Automotive Steering System Market?
The rise in demand for fuel-efficient vehicles is expected to boost the automotive steering system market. Fuel-efficient vehicles are designed to reduce fuel consumption, which helps mitigate the environmental impact of emissions. Advanced steering systems, incorporating lightweight materials and electric power steering, contribute to the energy efficiency of these vehicles. In December 2023, the Environmental Protection Agency reported that electric vehicles, plug-in hybrid vehicles, and fuel cell electric vehicles made up 7% of production in 2022, with a projected increase to 12% in 2023. As fuel-efficient vehicles become more popular, the automotive steering system market is expected to grow.
What Are The Market Segments 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), Aftermarket
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
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What Emerging Trends Are Influencing The Growth Of The Automotive Steering System Market?
Companies in the automotive steering system market are focusing on high-tech electric steering systems designed for low-volume vehicle manufacturers. These systems improve steering control, fuel efficiency, and driver safety. In September 2023, Titan Motorsport and Automotive Engineering introduced an advanced steer-by-wire system, offering scalability, customization, and precise steering responses for various applications. The system integrates an electric motor and control system, enhancing performance and customization options.
Who Are the Key Players In The Automotive Steering System Market?
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
What Are The Regional Insights Into 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.
