Global Automotive Steering System Market Insights Forecasts to 2033

• The Global Automotive Steering System Market Size was Valued at USD 33.15 Billion in 2023
• The Market Size is Growing at a CAGR of 3.32% from 2023 to 2033
• The Worldwide Automotive Steering System Market Size is Expected to Reach USD 45.94 Billion by 2033
• North America is Expected to Grow the fastest during the forecast period.

The Global Automotive Steering System Market Size is Anticipated to Exceed USD 45.94 Billion by 2033, Growing at a CAGR of 3.32% from 2023 to 2033.

Market Overview

An automotive steering system is a collection of components that regulate the direction of vehicle motion and assist the driver in manoeuvring the vehicle as required. The hand-operated steering wheel, steering column, universal joints, and rack-and-pinion mechanism contribute to the vehicle steering system component. The progress has resulted in the transition from manual to power-assist steering. The automotive steering system is regarded as irreplaceable and responsible for successful vehicle control, making it a critical component. The market for automotive steering systems is quite competitive because steering systems are required in cars. The growing demand for fuel-efficient vehicles with effective steering systems is drive market expansion over the forecast period. Strict government rules for vehicle fuel efficiency are also a major trend in the automotive steering system market. The growing preference for a smooth and comfortable driving experience is expected to drive up demand for the automotive steering system market. Aside from that, increased demand for high-tech automobile steering systems from developing nations such as India and China is expected to drive market expansion over the forecast period.

Report Coverage

This research report categorizes the market for the global automotive steering system market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global automotive steering system market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global automotive steering system market.

Driving Factors

A motor vehicle's steering system is made up of several basic components, including the steering wheel, steering shaft, column, and others. In today's world, when automated technology is sweeping throughout all industries, the automotive business is no exception. Investors and key manufacturers are investing heavily in the development of increasingly advanced autonomous vehicles to gain a competitive advantage. The increased demand for steering wheels is likely to drive the expansion of the automotive steering system market over the forecast period.

Restraining Factors

EPS systems have gained popularity in passenger vehicles due to their improved energy efficiency. There is not much debate that limited load-bearing capacity has contributed to an increase in demand for passenger automobiles while decreasing demand for commercial vehicles. The high expense of a power steering system is projected to hamper the growth of the automobile industry. In addition, the development of driverless vehicles and low pricing can limit the expansion of the automobile industry.

Market Segmentation

The global automotive steering system market share is classified into type, pinion, technology, and vehicle.

• The column-EPS segment is expected to hold the largest share of the global automotive steering system market during the forecast period.   

Based on the type, the global automotive steering system market is categorized into column-EPS, rack-EPS, and pinion-EPS. Among these, the column-EPS segment is expected to hold the largest share of the global automotive steering system market during the forecast period. The primary benefit of Collapsible EPS (CEPS) is the ability to collapse the steering column in the event of a frontal accident, therefore offering additional protection to the driver by minimizing the danger of chest and head injuries.

• The dual segment is expected to grow at the fastest CAGR during the forecast period.   

Based on the pinion, the global automotive steering system market is categorized into single and dual. Among these, the dual segment is expected to grow at the fastest CAGR during the forecast period. Since it provides superior fuel economy and steering. Dual pinion provides additional design freedom for locating the motor and controller, as well as assisting the mechanism on the other side of the driver, lowering the chance of leg injury in the event of a collision. Furthermore, the increased penetration of the C and D vehicle segments is likely to stimulate growth in the dual-pinion market.

• The electric power steering segment is expected to hold a significant share of the global automotive steering system market during the forecast period.

Based on the technology, the global automotive steering system market is categorized into electric power steering, electrically assisted hydraulic power steering, and hydraulic power steering. Among these, the electric power steering segment is expected to hold a significant share of the global automotive steering system market during the forecast period. They combine the advantages of hydraulic and electrical power. Electronic power steering systems combine fuel efficiency and usability. Most passenger vehicles and street cars feature electronic power steering. This system is powered by an electric motor that functions independently of the primary engine and only when needed. Hydraulic power steering systems are the simplest and most convenient type of steering system design.

• The passenger cars segment is predicted to dominate the global automotive steering system market during the forecast period.

Based on the vehicle, the global automotive steering system market is categorized into passenger cars, light commercial vehicles, and heavy commercial vehicles. Among these, the passenger cars segment is predicted to dominate the global automotive steering system market during the forecast period. The ease of access to credit and cash, as well as the growing number of tours and recreational activities throughout the world, are driving passenger car sales, increasing demand for automobile steering system parts. A further factor driving growth in the market is high demand for Special Utility Vehicles (SUVs), which are characterized by superior mobility, stylistic design, and low cost.

Regional Segment Analysis of the Global Automotive Steering System Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is projected to hold the largest share of the global automotive steering system market over the forecast period.

Asia Pacific is projected to hold the largest share of the global automotive steering system market over the forecast period. The increasing sales and production of automakers from developing nations will continue to drive the automotive steering system market in this area. The growing demand for high-end luxury vehicles, as well as rising disposable incomes in developing countries, are expected to drive market expansion in this area. The market's expansion has been attributed mostly to the increasing number of automobiles and the growing demand for driving-assist services among vehicle users. For example, it is expected that by 2025, over 70% of all new vehicles produced in China will include smart high-level driving assistance functions. Furthermore, growth in the regional automotive sector is driven by increased production of automotive components and parts, as well as an increasing preference among the populace to possess luxury vehicles, which are expected to expand the market size during the projection period.

North America is expected to grow at the fastest CAGR growth of the global automotive steering system market during the forecast period. Companies in the US can benefit from promising growth opportunities by focusing on increasing market share through alliances, mergers, and acquisitions. The vehicle steering system market in North America is being driven by increased consumer spending power. A surge in vehicle manufacturing across North America is also affecting the automobile steering system industry.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global automotive steering system market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Robert Bosch GmbH
• Federal-Mogul Corporation
• NSK Ltd.
• NSK-RHP Europe Ltd.
• JTEKT Corporation
• Nexteer Automotive Group Limited
• NSK Ltd.
• ThyssenKrupp AG
• ZF Friedrichshafen AG
• TRW Automotive
• China Automotive Systems Inc.
• Mitsubishi Electric Corporation
• Hyundai Mobis Co. Ltd.
• Mando Corporation
• Showa Corporation
• China Automotive Systems Inc.
• Federal-Mogul Corporation
• Robert Bosch Automotive Steering GmbH
• Others

Key Market Developments

• On February 2024, Arnold NextG introduces a new concept to tractors: a car-like steering experience. They modified the tractor's steering wheel by transforming mandatory vehicle functions like steering, throttle, and brake.

• In December 2023, Nexteer Automotive reached a global production milestone of 100 million electric power steering (EPS) systems, a critical technology that enables fuel savings, increased safety, and performance. Nexteer is a global EPS leader, serving over 60 customers throughout the world.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global automotive steering system market based on the below-mentioned segments: 

Global Automotive Steering System Market, By Type

• Column-EPS
• Rack-EPS
• Pinion-EPS

Global Automotive Steering System Market, By Pinion

• Single
• Dual

Global Automotive Steering System Market, By Technology

• Electric Power Steering
• Electrically Assisted Hydraulic Power Steering
• Hydraulic Power Steering

Global Automotive Steering System Market, By Vehicle

• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles

Global Automotive Steering System Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa