The Automotive Steering Systems Market Overview 2025 report reveals that the market size has grown significantly over the past few years, with projections indicating further expansion.
What are the Historical Growth Trends in the Automotive Steering Systems Market?
The market size for automotive steering systems has seen a robust increase in the past few years. Its size is projected to expand from $28.36 billion in 2024 to $30.23 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 6.6%. The historic growth trend in the Automotive Steering Systems market has been one of steady expansion.
What are the 2025 Market Projections: Forecasted Size & Growth Rate for the Automotive Steering Systems Industry?
The Automotive Steering Systems market is forecasted to reach a size of $38.44 billion in 2029, growing at a compound annual growth rate (CAGR) of 6.2%.
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What are the Key Growth Drivers Fueling the Automotive Steering Systems Market?
The drivers in the automotive steering systems market are:
• Increased vehicle production
• Growth in urbanization
• Rising demand for autonomous vehicles
• Increased focus on automotive electrification and sustainable mobility solutions.
Global Market Segmentation: Identifying Major Automotive Steering Systems Industry Segments
The automotive steering systems market covered in this report is segmented –
1) By Component: Hydraulic Pump, Steering Or Column Or Rack, Sensors, Electric Motor, Other Components
2) By Mechanism: Electronic Power Steering, Hydraulic Power Steering, Electrically Assisted Hydraulic Power Steering
3) By Pinion Type: Single, Dual
4) By Sales Channel: Original Equipment Manufacturer, After Market
5) By Vehicle: Passenger Cars, Compact, Mid-Size, Premium, Sports Utility Vehicle, Light Commercial Vehicles, Heavy Commercial Vehicles
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What are the emerging Trends Shaping the Future of the Automotive Steering Systems Market?
The trends in the automotive steering systems market are:
• The adoption of power steering systems in the automotive sector is a distinct trend.
• There is a growing demand for electric vehicles and fuel-efficient vehicles, influencing market trends.
• Advancements in sensor technology and their integration in automotive systems are becoming more prevalent.
• The integration of AI technologies and advanced safety features in automobiles is a major emerging trend.
Who Are the Top Competitors & Leading Players in the Automotive Steering Systems Market?
The major players in the automotive steering systems market are:
• Robert Bosch GmbH
• Hitachi Ltd
Regional Dominance: Which Area Leads the Global Automotive Steering Systems Market 2025: In-Depth Analysis of Size, Share & Forecast Market?
North America was the largest region in the automotive steering systems market in 2024
