PUBLISHER: The Business Research Company | PRODUCT CODE: 1702872
PUBLISHER: The Business Research Company | PRODUCT CODE: 1702872
An automotive steering system is a critical component of a vehicle that enables the driver to control the direction of the vehicle's wheels, facilitating maneuverability and directional control. This system is composed of several interconnected parts, including the steering wheel, steering column, rack and pinion or steering gearbox, and various linkages and joints that connect to the wheels. Its primary function is to provide the driver with precise control over the vehicle's direction.
The main types of automotive steering systems include electric power steering (EPS), hydraulic power steering (HPS), electro-hydraulic power steering (EHPS), and manual steering. Electric power steering (EPS) utilizes an electric motor to assist in steering the vehicle, enhancing control and efficiency. Its components typically include sensors, a steering column, a mechanical rack and pinion, an electric motor, an electronic control unit (ECU), and a hydraulic pump. These components are distributed through original equipment manufacturers (OEMs) and aftermarket channels and are utilized in various applications such as passenger cars (PCs), light commercial vehicles (LCVs), heavy commercial vehicles (HCVs), and other automotive vehicles.
The automotive steering system research report is one of a series of new reports from The Business Research Company that provides automotive steering system market statistics, including the automotive steering system industry's global market size, regional shares, competitors with an automotive steering system market share, detailed automotive steering system market segments, market trends and opportunities, and any further data you may need to thrive in the automotive steering system industry. This automotive steering system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The automotive steering system market size has grown strongly in recent years. It will grow from $29.25 billion in 2024 to $30.9 billion in 2025 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to increased vehicle production, rise in demand for fuel-efficient vehicles, growth in urbanization, rise in disposable income, increased commercial vehicle sales.
The automotive steering system market size is expected to see strong growth in the next few years. It will grow to $38.13 billion in 2029 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to a rising focus on vehicle electrification, the growing trend of vehicle automation, rise in demand for premium vehicles, stringent emission norms, demand for comfort and convenience. Major trends in the forecast period include the adoption of steer-by-wire technology, integration of artificial intelligence (AI) in steering systems, increased focus on steering system safety features, advancements in steering sensor technologies, and development of modular steering systems.
The automotive steering system market is poised for growth due to the increasing demand for fuel-efficient vehicles. These vehicles are designed to maximize mileage per unit of fuel, achieved through technological advancements and engineering innovations aimed at reducing fuel consumption. There's a rising awareness of the environmental impact of vehicle emissions, especially greenhouse gases such as carbon dioxide, which contribute to climate change. Fuel-efficient vehicles emit fewer emissions per mile, making them environmentally friendly. Automotive steering systems play a role in meeting the demand for fuel-efficient vehicles by incorporating lightweight materials, advanced control algorithms, optimizing tire alignment, enhancing vehicle aerodynamics, and reducing energy consumption through technologies such as electric power steering (EPS). For instance, data from the Environmental Protection Agency in December 2023 showed that electric vehicles (EVs), plug-in hybrid vehicles (PHEVs), and fuel cell electric vehicles (FCVs) constituted 4% of production in 2021, rising to 7% in 2022, with a projected increase to 12% in 2023, indicating the growing demand for fuel-efficient vehicles and its impact on the automotive steering system market.
Leading companies in the automotive steering system market are developing advanced electric steering systems tailored for specific low-volume vehicle manufacturers. These systems offer precise and responsive steering control, improve fuel efficiency, enhance driver safety with features such as lane-keeping assistance, and reduce overall weight and complexity. For instance, in September 2023, Titan Motorsport and Automotive Engineering launched an advanced steer-by-wire system featuring a bespoke electric motor and control system, scalability for various applications, and high tuneability for precise steering responses, representing significant advancements in electric steering technology.
In March 2024, ZF Rane Automotive India Private Limited acquired TRW Sun Steering Wheels Pvt. Ltd., strengthening its position as a comprehensive solutions provider in the automotive steering system market. This acquisition enhances market share, competitiveness, and drives innovation in steering system solutions.
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, Georgsmarienhutte Holding GmbH
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.
The countries covered in the automotive steering system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The automotive steering system market consists of sales of steering gears, steering linkages, power steering hoses, steering knuckles, power steering fluid, and intermediate shafts. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Automotive Steering System Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive steering system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive steering system ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive steering system market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.