Global Automotive Steering System Market Size, Share, Growth Analysis, By Vehicle Type(Passenger cars, light commercial vehicles), By Technology(Electronic Steering, Hydraulic steering) - Industry Forecast 2024-2031

Global Automotive Steering System Market size was valued at USD 31.04 billion in 2022 and is poised to grow from USD 32.44 billion in 2023 to USD 46.13 billion by 2031, growing at a CAGR of 4.5% during the forecast period (2024-2031).

The surge in global demand for automobiles is the primary driver of growth in the automotive steering system market, prompting companies to focus on producing more fuel-efficient cars for enhanced mobility. This expansion has led to the proliferation of businesses involved in the global automobile steering systems market, recognizing the crucial role of steering systems in providing direction, maneuverability, and safety. With the escalating worldwide demand for vehicles, manufacturers are poised for future growth opportunities. The anticipated rise in electric power steering system integration aligns with the growing preference for comfortable driving experiences globally. Major players are intensifying efforts to improve and diversify their product offerings to bolster sales and leverage competitive advantages in the market, further fueled by governments' increasing investments in advanced steering system technology. Additionally, the surging sales of electric vehicles worldwide contribute significantly to the market's expansion.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Automotive Steering System Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Automotive Steering System Market Segmental Analysis

The global automotive steering system market is segmented on the basis of vehicle type, technology, and region. Based on vehicle type, the automotive steering system market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. Based on technology, the automotive steering system market is segmented into electronic steering, hydraulic steering, manual steering, and electric-hydraulic steering. Based on region, the global automotive steering market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Automotive Steering System Market

The global implementation of stringent pollution regulations is anticipated to bolster the electric vehicle market, consequently fueling demand for automotive steering systems. Concurrently, the automotive steering system sector is witnessing growth propelled by a rising consumer inclination towards advanced drive aid technologies in vehicles.

Restraints in the Global Automotive Steering System Market

EPS systems have become increasingly dominant in passenger automobiles due to their superior fuel economy, although their limited load-bearing capacity has led to a surge in demand for passenger cars and a decline in demand for commercial vehicles. However, the anticipated growth of the car industry might face obstacles due to the high cost of power steering systems, alongside potential hindrances from the development of driverless vehicles and competitive pricing, which could impede further expansion of the automobile industry.

Market Trends of the Global Automotive Steering System Market

The automotive industry is experiencing significant growth driven by several key factors. One of the primary drivers is the global increase in demand for cars, alongside the widespread adoption of power steering systems, which offer enhanced vehicle control and are becoming increasingly prevalent. This trend is fueling market expansion, further propelled by the role of efficient steering systems in improving fuel economy, aligning with the rising preference for fuel-efficient vehicles worldwide. Moreover, the implementation of fleet-level regulations by various governments to reduce carbon emissions is contributing to market growth, alongside the escalating demand for electric power steering (EPS) systems, which enhance both safety and convenience for drivers. Additionally, the integration of sensors into car steering systems is playing a positive role in shaping the industry's trajectory.