Automotive Steering System Market Forecast Highlights 3.4% CAGR, USD 46.1 Billion Valuation by 2032

Automotive Steering System Industry Overview 2024-2032

Summary:

• The global automotive steering system market size reached USD 33.8 Billion in 2023.
• The market is expected to reach USD 46.1 Billion by 2032, exhibiting a growth rate (CAGR) of 3.4% during 2024-2032.
• Region-wise, the market has been divided into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.
• Based on the type, the market has been categorized into electric power steering (EPS), hydraulic power steering (HPS), electro-hydraulic power steering (EHPS), and manual steering.
• On the basis of the component, the market has been classified into steering column, steering wheel speed sensors, electric motors, hydraulic pumps, and others.
• Based on the vehicle type, the market has been segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles.
• The increasing demand for electric vehicles (EVs) is a primary driver of the automotive steering system market.
• The automotive steering system market growth and forecast highlight a significant rise due to technological advancements and the growing automotive sector.

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Industry Trends and Drivers:

• Rising Demand for Electric Vehicles (EVs):

The automotive steering system market trends indicate that with the automotive industry’s pivot to electrification, there is a growing need for steering systems designed to integrate with electric drivetrains. Additionally, advanced steering solutions, such as EPS and steer-by-wire, offer compatibility with EVs, aligning with their unique performance requirements. In EVs, electric steering systems reduce energy usage and eliminate the need for hydraulics, supporting overall vehicle efficiency and range. Moreover, the lightweight and flexible nature of these steering solutions aligns well with the compact designs of EV platforms, enabling improved vehicle dynamics and responsiveness. As governments worldwide incentivize EV adoption and impose stricter emissions regulations, manufacturers are prioritizing steering systems that enhance the driving experience while meeting efficiency standards, which is driving the automotive steering system market size.

• Technological Advancements:

The recent breakthroughs in steering technology, such as electric power steering (EPS) and steer-by-wire systems, are transforming vehicle performance, fuel efficiency, and comfort. Additionally, EPS replaces traditional hydraulic systems with electric motors, reducing energy consumption and emissions by only activating when steering input is required. This innovation improves fuel efficiency, making EPS attractive for conventional and electric vehicles. Moreover, steer-by-wire systems take it a step further by removing the mechanical connection between the steering wheel and wheels, allowing for greater flexibility in vehicle design and weight reduction, thus influencing the automotive steering system market share. These advancements enhance the driving experience by offering smoother, more precise control and by integrating well with advanced driver-assistance systems (ADAS). As these systems prove their value in performance and sustainability, manufacturers are increasingly adopting them across a wide range of models, underscoring a trend toward modernizing vehicle steering to meet evolving industry and consumer demands.

• Growing Automotive Industry:

Global vehicle production is increasing, particularly in emerging economies, where rising disposable incomes and shifting consumer preferences drive demand for personal vehicles. This growth in the automotive market is creating a robust demand for steering systems as consumers seek enhanced safety, performance, and comfort in their vehicles. Additionally, many consumers in these regions are opting for entry-level and mid-range cars, where advanced steering systems add significant value by improving handling and fuel economy, thus escalating the automotive steering system demand across the globe. As the automotive industry expands, particularly in Asia and Latin America, steering system manufacturers are scaling up production to meet market needs. Besides, urbanization and infrastructure development in these regions are encouraging personal vehicle ownership, further supporting growth in the automotive sector. This increased vehicle production, combined with evolving consumer expectations, is fueling demand for high-quality steering solutions, ensuring they remain an essential component of vehicle manufacturing and design.

Automotive Steering System Market Report Segmentation:

Breakup By Type:

• Electric Power Steering (EPS)
• Hydraulic Power Steering (HPS)
• Electro-Hydraulic Power Steering (EHPS)
• Manual Steering

Based on the type, the market has been categorized into electric power steering (EPS), hydraulic power steering (HPS), electro-hydraulic power steering (EHPS), and manual steering.

Breakup By Component:

• Steering Column
• Steering Wheel Speed Sensors
• Electric Motors
• Hydraulic Pumps
• Others

On the basis of the component, the market has been classified into steering column, steering wheel speed sensors, electric motors, hydraulic pumps, and others.

Breakup By Vehicle Type:

• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles

Based on the vehicle type, the market has been segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles.

Breakup By Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Region-wise, the market has been divided into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.

Top Automotive Steering System Market Leaders:

The automotive steering system market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:

• China Automotive Systems Inc.
• Denso Corporation
• Georgsmarienhütte Holding GmbH
• Gss Steering Systems LLC
• JTEKT Corporation
• Knorr-Bremse AG
• Mando Corporation
• Mitsubishi Electric Corporation
• Nexteer Automotive (Pacific Century Motors)
• NSK Ltd.
• Robert Bosch Gmbh
• Rollax GmbH & Co. KG
• thyssenkrupp AG.

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