Automotive Steering System Market Size, Share & Industry Analysis, by Technology (Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Manual, Electro-Hydraulic Power Steering (EHPS), by Application; by Component and Regional Forecasts, 2024-2032
- Published Date:Jan-2024
- Pages: 118
- Format: PDF
- Report ID: PM3238
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global automotive steering system market was valued at USD 36.33 billion in 2023 and is expected to grow at a CAGR of 2.4% during the forecast period. The development of the automotive steering system market has been directly attributed to the rising demand for automobiles on a global scale. Many makers are developing cutting-edge steering system technologies. Automobile steering mechanism uses several technologies, including Steer by Wire (SbW) and control technology.
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The technique known as steer by wire (SbW) has many advantages for the vehicle's performance and safety. The SbW technology uses electronics, algorithms, and actuators to substitute the mechanical steering connection between the wheel in the driver's hands and the wheel on the road. In addition to providing an accurate and quicker steering reaction, and serves as a vibration dampener by shielding the driver from road vibrations. Additionally, it reduces weight, lowers maintenance expenses, and improves the design of autonomous cars easier. For instance, the premium car manufacturer Infiniti, a division of Nissan, has implemented Steer by Wire (SbW) technology in their Q50 model variant.
Due to the widespread use of building equipment and hybrid loaders, smooth driving is now more in demand. This factor is therefore anticipated to fuel the development of the automotive steering system market for commercial vehicles. The modern steering system uses several other assistance systems to provide a better ride and improved feedback. This efficient steering mechanism improves the vehicle's fuel efficiency. In addition, rising consumer demand for fuel-efficient cars is anticipated to propel the automotive steering system market's revenue. The power assist steering system has significantly replaced the manual steering system as a result of the steering system's ongoing evolution.
The steering system helps the driver maneuver the car easily in confined spaces and is used to regulate the direction of the vehicle's motion. Components of the steering system include the steering column, rack and pinion, universal joints, and steering wheel. The steering system is an essential part of the car because it is a non-replaceable part responsible for the vehicle's efficient control. The innovative steering system's price increase also raises the value of the entire vehicle. Therefore, this aspect might restrain the market's expansion for automotive steering systems.
The worldwide market for automotive steering systems has been negatively impacted by the COVID-19 quick spread throughout the world and the lockdowns imposed in many nations. Automotive steering system producers are recouping losses brought on by disrupted supply chains, declining vehicle output, and stopping production and manufacturing operations globally. Manufacturers in the global automotive steering system market are establishing their footprint on a global scale following the successful recovery of businesses. Major market participants in the car steering system industry are investing and growing their businesses to meet consumers' increasing demand.
Automotive steering systems have undergone technological advancements that help market participants remain competitive. The growth of the global market is driven by increased investments made by market participants to develop effective steering systems—continuous R&D efforts in the car steering system aid in the market's exponential growth.
Industry Dynamics
Growth Drivers
The automotive steering system market is a crucial component of the automotive industry. It involves the production and distribution of steering systems, which enable drivers to control the direction of their vehicles. Various factors drive the market, including technological advancements, increasing demand for fuel-efficient vehicles, and rising safety concerns.
One of the primary driving factors of the automotive steering system market is the increasing demand for fuel-efficient vehicles. Consumers are becoming more conscious about fuel economy with the ever-rising fuel prices. Therefore, automotive manufacturers are developing and incorporating advanced steering systems to improve fuel efficiency. For instance, electric power steering (EPS) systems consume less power than hydraulic steering systems, improving fuel economy. Thus, the demand for EPS systems is expected to grow significantly in the coming years, driving the growth of the automotive steering system market.
Another significant driving factor is the increasing focus on safety. With the rise in road accidents, governments and automotive manufacturers are taking initiatives to enhance vehicle safety. Advanced steering systems such as lane departure warning systems, adaptive cruise control, and automatic emergency braking systems are being incorporated in modern vehicles to ensure passenger safety.
Report Segmentation
The market is primarily segmented based on technology, application, component, and region.
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By Technology |
By Application |
By Component |
By Region |
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In 2022, the EPS Segment Dominated the Automotive Steering System Market
The electric power steering segment is expected to dominate the market in 2022 due to automakers' growing adoption of electric power steering across all vehicle models. This market segment is expected to expand due to electric power steering and steer-by-wire technology developments.
Due to its widespread use in commercial vehicles, the hydraulic power steering sector is anticipated to experience strong market development during the forecast period. Due to its low load-bearing capability, electric power steering does not function in commercial vehicles. Additionally, road vibrations can be absorbed by hydraulic power steering.
The Passenger Car Segment will Dominate the Market During Forecast Period
Due to rising sales and production developing nations, the passenger car segment is anticipated to dominate the market during the upcoming era. This market segment is expected to grow as a result of the increasing use of electric power steering systems in passenger cars.
The market is predicted to experience fantastic development for the segment of light commercial vehicles as well. “Power steering” is a term that is mostly applied to vehicles. The expansion of this market sector is also likely to be fueled by the rising demand for logistics services for commercial activities.
The Demand in North America is Expected to Witness Significant Growth During Forecast Period
The North American region is one of the major markets for the automotive steering system. The market is expected to witness significant growth due to several driving factors.
One of the key growth factors for the North American automotive steering system market is the increasing demand for electric vehicles. The region has seen a significant increase in the production and sales of electric vehicles in recent years, and this trend is expected to continue. Electric vehicles require advanced steering systems that are more complex and sophisticated than traditional hydraulic steering systems. It is expected to drive the region's demand for electric power steering systems.
Another important growth factor is the increasing emphasis on vehicle safety. The North American region has strict safety regulations and standards, and automakers are investing in advanced safety features such as advanced driver assistance systems (ADAS). The steering system is an important component of ADAS, and automakers are focusing on developing advanced steering systems that can enhance vehicle safety. It is expected to drive the region's demand for advanced steering systems.
Competitive Insight
Some of the major players operating in the global market include TEKT Corp., Mando Corp., Nexteer Automotive, NSK Ltd., ThyssenKrupp Presta AG, TRW Automotive, and ZF Lenksysteme.
Recent Developments
- In January 2022, the cloud-based platform the “Arachnys” launched by Oracle, to strengthen and integrate it with “Oracle's Financial Services Financial Crime and Compliance Management” solution suite.
Automotive steering system Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 37.14 billion |
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Revenue forecast in 2032 |
USD 44.82 billion |
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CAGR |
2.4% from 2024 - 2032 |
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Base year |
2023 |
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Historical data |
2019 - 2022 |
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Forecast period |
2024 - 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Technology, By Application, By Component, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
TEKT Corp., Mando Corp., Nexteer Automotive, NSK Ltd., ThyssenKrupp Presta AG, TRW Automotive, and ZF Lenksysteme. |
FAQ's
The automotive steering system market report covering key segments are technology, application, component and region.
The global automotive steering system market size is expected to reach USD 44.82 billion by 2032.
The global automotive steering system market expected to grow at a CAGR of 2.4% during the forecast period.
North America is leading the global market.
key driving factors in automotive steering system market are increasing demand of automotive and adoption of power steering system.
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