Automotive Steering System Market Overview
Automotive Steering System Market Size is expected to reach USD 41.70 Billion by 2033. The Automotive Steering System industry size accounted for USD 18.33 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 4.94% from 2023 to 2033. The automotive steering system market encompasses the production and distribution of steering mechanisms used in vehicles. These systems are essential for vehicle control and direction, incorporating components like the steering wheel, column, rack, and pinion, and often integrating advanced technologies such as electric power steering (EPS) and steer-by-wire systems. Market growth is driven by increasing vehicle production, rising demand for advanced driver-assistance systems (ADAS), and the trend towards electric and autonomous vehicles. Key players include major automotive component manufacturers and technology firms innovating in steering technologies.
Global Automotive Steering System Market Synopsis
The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the automotive steering system market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers to adopt various strategies to stabilize the company.
Global Automotive Steering System Market Dynamics
The major factors that have impacted the growth of Automotive Steering System are as follows:
Drivers:
⮚     Technological Advancements
Innovations in steering technologies, such as Electric Power Steering (EPS) and Steer-by-Wire (SbW), enhance vehicle performance, safety, and fuel efficiency. These advanced systems reduce the vehicle’s overall weight and improve steering precision, attracting both manufacturers and consumers.
Restraint:
- High Development and Production Costs
Advanced steering systems like Electric Power Steering (EPS) and Steer-by-Wire (SbW) involve significant research, development, and manufacturing expenses. These high costs can deter smaller manufacturers from entering the market and may lead to higher prices for consumers, potentially limiting widespread adoption.
 Opportunity:
⮚     Innovations in Materials and Manufacturing Technologies
Advances in materials science and manufacturing technologies enable the production of lighter, stronger, and more durable steering components. These innovations can lead to cost reductions and performance improvements, providing a competitive edge to manufacturers who invest in cutting-edge materials and production techniques.
Automotive Steering System Market Segment Overview
By Type
Based on the Type, the market is segmented based on Column-Eps (C-Eps), Pinion-Eps (P-Eps), Rack-Eps (R-Eps). The automotive steering system market is dominated by the Column-EPS (C-EPS) segment, which holds around 50-55% of the market share due to its widespread adoption across various vehicle types. Rack-EPS (R-EPS) is estimated to be the fastest-growing segment, driven by the increasing installation rate of EPS in commercial vehicles.
By Component
Based on Component, the market has been divided into Hydraulic Pump, Steering Column, Steering Wheel Speed Sensor, Electric Motor. The automotive steering system market is dominated by the Electric Motor component, which holds around 55-60% of the market share due to the growing adoption of Electric Power Steering (EPS) technology. These motors offer precise control and are more efficient than hydraulic pumps used in older systems
By Technology
Based on the Technology, the market has been divided into Electric Power Steering (EPS), Electrically Assisted Hydraulic Power Steering (EHPS), Hydraulic Power Steering (HPS). The automotive steering system market is dominated by Electric Power Steering (EPS) technology, which is expected to continue its growth due to its increasing adoption across various vehicle types and the need for fuel-efficient and responsive steering solutions.
By Vehicle Type
Based on Vehicle Type, the market has been divided into Passenger Car(PC), Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV). The light commercial vehicle (LCV) segment is expected to be the fastest-growing, driven by the increasing urbanization, expansion of e-commerce, and the need for maneuverable and efficient vehicles for last-mile delivery services.
Global Automotive Steering System Market Regional Analysis
Based on region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The area of North America is anticipated to dominate the market for the usage of Automotive Steering System, followed by those in Asia-Pacific and Europe.
Automotive Steering System North America Market
The North American region holds a dominant position in the Automotive Steering System market. This market will be dominated by the Automotive Steering System market area in North America. The region’s well-established automotive sector is supported by a robust manufacturing base and technical breakthroughs. Because they increase vehicle handling and fuel efficiency, modern steering systems like steer-by-wire and electric power steering (EPS) are becoming more and more popular in North America.
Automotive Steering System Asia Pacific Market
The Asia-Pacific region is witnessing rapid growth and emerging as a significant market for the Automotive Steering System industry. From 2024 to 2032, the Asia-Pacific Automotive Steering System Market is anticipated to expand at a quick compound annual growth rate (CAGR). These nations’ growing urbanization, rising disposable income, and increased car ownership fuel demand for automobiles, which in turn propels the market for automotive steering systems. Furthermore, the Automotive Steering System Market in China commanded the most market share, while the Automotive Steering System Market in India grew at the fastest rate in the Asia-Pacific area.
Competitive Landscape
The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as JTEKT Corporation, Robert Bosch, Nexteer Automotive Group Limited, China Automotive Systems Inc., and Mando Corporation are some of the leading players in the global Automotive Steering System Industry. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.
Key Market Players:
- JTEKT Corporation
- Robert Bosch
- Nexteer Automotive Group Limited
- China Automotive Systems Inc.
- Mando Corporation
- ThyssenKrupp Presta
- Showa Corporation
- Hyundai Mobis Co. Ltd
- Sona Koyo Steering Systems Ltd.
- NSK Ltd
Key Development:
In September 2022, Hyundai Mobis Co. Ltd developed a next-generation high-tech steering wheel with a large display, integrating advanced digital features and enhanced user experience functionalities.
Scope of the Report
Global Automotive Steering System Market, by Type
- Column-EPS (C-Eps)
- Pinion-EPS (P-Eps)
- Rack-EPS (R-Eps)
 Global Automotive Steering System Market, by Component
- Hydraulic pump
- Steering column
- Steering wheel speed sensor
- Electric motor
 Global Automotive Steering System Market, by Technology
- Electric power steering (EPS)
- Electrically assisted hydraulic power steering (EHPS)
- Hydraulic power steering (HPS)
 Global Automotive Steering System Market, by Vehicle Type
- Passenger car (PC)
- Light commercial vehicle (LCV)
- Heavy commercial vehicle (HCV)
 Global Automotive Steering System Market, by Region
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Benelux
- Nordic
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Indonesia
- Austalia
- Malaysia
- India
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of Middle East & Africa
Parameters | Indicators |
---|---|
Market Size | 2033: $41.70 Billion |
CAGR | 4.94% CAGR (2023-2033) |
Base year | 2022 |
Forecast Period | 2023-2033 |
Historical Data | 2021 |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Key Segmentations | Type, Component, Technology, Vehicle Type |
Geographies Covered | North America, Europe, Asia-Pacific, Latin America, Middle East, Africa |
Key Vendors | JTEKT Corporation, Robert Bosch, Nexteer Automotive Group Limited, China Automotive Systems Inc., Mando Corporation, ThyssenKrupp Presta, Showa Corporation, Hyundai Mobis Co. Ltd, Sona Koyo Steering Systems Ltd., NSK Ltd |
Key Market Opportunities | The rise of environmentally friendly autos has lower carbon impact |
Key Market Drivers | The establishment of automobile electronic power steering penetrates the market |
REPORT CONTENT BRIEF:
- High-level analysis of the current and future Automotive Steering System Industry trends and opportunities
- Detailed analysis of current market drivers, restraining factors, and opportunities analysis in the future
- Historical market size for the year 2021, and forecast from 2023 to 2033
- Automotive Steering System market share analysis for each segment
- Competitor analysis with a comprehensive insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted by the key players including new product development, mergers and acquisitions, joint ventures, collaborations, and partnerships.
- To identify and understand the various factors involved in the global Automotive Steering System market affected by the pandemic
- To provide year-on-year growth from 2022 to 2033
- To provide short-term, long-term, and overall CAGR comparison from 2022 to 2033.
- Provide Total Addressable Market (TAM) for the Global Automotive Steering System Market.