Automotive Steering System Market Size, Share, and Growth Analysis, By Technology, By Vehicle Type, By Equipment Type, By Component, By Region - Industry Forecast 2025-2032

Automotive Steering System Market size was valued at USD 34.2 billion in 2023 and is poised to grow from USD 36.12 billion in 2024 to USD 55.85 billion by 2032, growing at a CAGR of 5.6% during the forecast period (2025-2032).

The global automotive steering system market is experiencing robust growth driven by the surging demand for vehicles worldwide. As manufacturers pivot towards producing more fuel-efficient and electric vehicles, the importance of advanced steering systems becomes even more pronounced, enhancing vehicle navigation and safety. This trend is paving the way for increased integration of electric power steering technologies, reflecting a growing consumer preference for comfort in driving. To capitalize on these opportunities, key players are focusing on diversifying and improving their product offerings. Additionally, government investments in innovative steering system technologies and the rising sales of electric vehicles further accelerate market expansion. Overall, the automotive steering system market is poised for significant growth, fueled by evolving consumer demands and technological advancements.

Top-down and bottom-up approaches were used to estimate and validate the size of the 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.

Automotive Steering System Market Segments Analysis

Global Automotive Steering System Market is segmented by Technology, Vehicle Type, Equipment Type, Component, Type, Electric Vehicle Type, Electric Motor Type, Mechanism, Pinion Type and region. Based on Technology, the market is segmented into Hydraulic Power Steering (HPS), Electrically Assisted Hydraulic Power Steering (EHPS) and Electric Power Steering (EPS). Based on Vehicle Type, the market is segmented into Passenger Cars, Light Commercial Vehicles (LCVS) and Heavy Commercial Vehicles (HCVS). Based on Equipment Type, the market is segmented into Agricultural Tractors and Construction Equipment. Based on Component, the market is segmented into Hydraulic Pumps, Steering Columns and Electric Motors. Based on Type, the market is segmented into Column-EPS (C-EPS), Pinion-EPS (P-EPS) and Rack-EPS (R-EPS). Based on Electric Vehicle Type, the market is segmented into Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV) and Fuel Cell Electric Vehicle (FCEV). Based on Electric Motor Type, the market is segmented into Brushed DC Motor and Brushless DC Motor. Based on Mechanism, the market is segmented into Collapsible EPS and Rigid EPS. Based on Pinion Type, the market is segmented into Single Pinion and Dual Pinion. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Automotive Steering System Market

The global push for stringent pollution regulations is anticipated to significantly boost the electric vehicle market, consequently driving up the demand for automotive steering systems. Additionally, the automotive steering system market is experiencing growth fueled by a growing consumer preference for advanced driver assistance systems in vehicles. As electric vehicles proliferate and technologies aimed at enhancing driving experiences continue to evolve, the automotive steering system market is well-positioned for expansion in response to these emerging trends. Enhanced safety and improved vehicle performance are crucial elements contributing to this upward trajectory in market demand.

Restraints in the Automotive Steering System Market

The automotive steering system market faces several challenges that may hinder its growth. The dominance of Electric Power Steering (EPS) systems in passenger vehicles, primarily due to their efficiency and superior fuel economy, has shifted consumer preferences, resulting in an increased demand for passenger cars while diminishing the demand for commercial vehicles. Furthermore, the high cost associated with power steering systems is likely to obstruct the overall expansion of the automotive sector. Additionally, the advancement of autonomous vehicles, along with competitive pricing, could further impede the growth prospects of the automotive industry, presenting significant market constraints.

Market Trends of the Automotive Steering System Market

The Automotive Steering System market is experiencing significant growth, driven by the escalating global demand for vehicles and an increasing reliance on advanced power steering systems that enhance vehicle control and fuel efficiency. The shift towards fuel-efficient cars is propelling the market further, bolstered by governmental regulations aimed at reducing carbon emissions across fleets. Additionally, the rising adoption of Electric Power Steering (EPS) systems emphasizes a focus on improving driving safety and convenience. The integration of sensors in steering systems is also shaping the market positively, reflecting the broader trend towards enhanced technology and innovation in the automotive sector.