Automotive Steering Systems Market Size, Share, Trends, Growth Outlook

Automotive Steering Systems Market is estimated to increase at a growth rate of 4.3% CAGR over the forecast period from 2024 to 2030.

The global Automotive Steering Systems Market study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments including By Technology (Hydraulic Power Steering, Electrically Assisted Hydraulic Power Steering, Electric Power Steering), By Component (Sensors, Steering Column, Mechanical Rack and Pinion, Electric Motor, ECU, Hydraulic Pump), By Electric Motor (Brushless, Brushed), By Pinion, Single, Dual), By Application (Passenger Car, Light Commercial Vehicles, Heavy Commercial Vehicles), By Electric Vehicle (BEV, PHEV, FCEV).

An Introduction to Global Automotive Steering Systems Market, 2024

The automotive steering systems market in 2024 showcases dynamic growth, driven by technological advancements, safety regulations, and the pursuit of enhanced driving dynamics. Steering systems are critical components that enable vehicle control and maneuverability, allowing drivers to navigate safely on the road. With the evolution towards electric power steering (EPS), steer-by-wire systems, and advanced driver assistance features, automakers are innovating steering system designs to improve responsiveness, efficiency, and adaptability to various driving conditions. Additionally, the integration of autonomous driving technologies and vehicle connectivity is reshaping the automotive steering landscape, fostering collaboration among automotive manufacturers, suppliers, and technology providers to deliver safer, more intuitive steering solutions for next-generation vehicles.

Automotive Steering Systems Competitive Landscape

The global Automotive Steering Systems market is highly competitive with a large number of companies focusing on niche market segments. Amidst intense competitive conditions, Automotive Steering Systems Companies are investing in new product launches and strengthening distribution channels. Key companies operating in the Automotive Steering Systems Market Industry include- Hitachi Astemo Ltd, HYCET Technology Co. Ltd , Hyundai Mobis Co. Ltd, JTEKT Corp, KYB Corp, Mando Corp, Mitsubishi Electric Corp, Nexteer Automotive Group Ltd, NSK Ltd, Robert Bosch GmbH, thyssenkrupp AG, ZF Friedrichshafen AG.

Automotive Steering Systems Market Trend: Transition towards Electric Power Steering (EPS) Systems

The Automotive Steering Systems Market is experiencing a prominent trend marked by the widespread transition towards Electric Power Steering (EPS) systems in modern vehicles. As automotive manufacturers focus on improving fuel efficiency, vehicle performance, and driver comfort, there's a growing adoption of EPS technology over traditional hydraulic and electro-hydraulic steering systems. EPS systems utilize electric motors to assist steering efforts, providing variable assistance based on driving conditions and vehicle speed, thus enhancing responsiveness and maneuverability while reducing energy consumption. This trend is driven by the benefits of EPS, including lighter weight, simpler maintenance, and compatibility with advanced driver assistance systems (ADAS) and autonomous driving technologies, reflecting a paradigm shift towards more efficient and technologically advanced steering solutions in the automotive industry.

Automotive Steering Systems Market Driver: Demand for Enhanced Vehicle Safety and Stability

A key driver propelling the Automotive Steering Systems Market is the increasing demand for enhanced vehicle safety and stability features. With rising concerns about road safety and stringent regulatory requirements aimed at reducing accidents and fatalities, automakers prioritize the integration of advanced steering systems that improve vehicle handling, maneuverability, and crash avoidance capabilities. This driver is reinforced by consumer expectations for vehicles equipped with electronic stability control (ESC) systems and other active safety features that enhance driver confidence and mitigate the risk of accidents, thereby driving the adoption of EPS and other advanced steering technologies. Moreover, the proliferation of electric and autonomous vehicles further underscores the importance of precise and responsive steering systems in ensuring safe and reliable vehicle operation, thus fueling market growth.

Automotive Steering Systems Market Opportunity: Integration with Autonomous Driving Systems

An opportunity within the Automotive Steering Systems Market lies in the integration of steering systems with autonomous driving technologies to enable higher levels of automation and vehicle autonomy. By incorporating EPS and steer-by-wire technologies into autonomous vehicle platforms, automakers can offer seamless integration with sensor-based navigation, vehicle control, and artificial intelligence algorithms, enabling precise and adaptive steering inputs to support autonomous driving functions. This opportunity is particularly relevant as the automotive industry progresses towards higher levels of automation, such as Level 4 and Level 5 autonomy, where steering systems play a critical role in ensuring safe and reliable vehicle operation without human intervention. Moreover, partnerships with technology providers and collaboration with industry stakeholders enable steering system manufacturers to capitalize on the growing demand for autonomous driving solutions and establish themselves as key enablers of the future mobility ecosystem.

Automotive Steering Systems Market Segmentation

By Technology
Hydraulic Power Steering
Electrically Assisted Hydraulic Power Steering
Electric Power Steering
By Component
Sensors
Steering Column
Mechanical Rack and Pinion
Electric Motor
ECU
Hydraulic Pump
By Electric Motor
Brushless
Brushed
By Pinion
Single
Dual
By Application
Passenger Car
Light Commercial Vehicles
Heavy Commercial Vehicles
By Electric Vehicle
BEV
PHEV
FCEVGeographical Analysis
North America (United States, Canada, Mexico)
Europe (Germany, France, United Kingdom, Spain, Italy, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa

Automotive Steering Systems Companies

Hitachi Astemo Ltd
HYCET Technology Co. Ltd
Hyundai Mobis Co. Ltd
JTEKT Corp
KYB Corp
Mando Corp
Mitsubishi Electric Corp
Nexteer Automotive Group Ltd
NSK Ltd
Robert Bosch GmbH
thyssenkrupp AG
ZF Friedrichshafen AG
*- List not Exhaustive

TABLE OF CONTENTS

1 Introduction to 2024 Automotive Steering Systems Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Analyzed
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain

2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations

3 Executive Summary
3.1 Global Automotive Steering Systems Market Size Outlook, $ Million, 2021 to 2030
3.2 Automotive Steering Systems Market Outlook by Type, $ Million, 2021 to 2030
3.3 Automotive Steering Systems Market Outlook by Product, $ Million, 2021 to 2030
3.4 Automotive Steering Systems Market Outlook by Application, $ Million, 2021 to 2030
3.5 Automotive Steering Systems Market Outlook by Key Countries, $ Million, 2021 to 2030

4 Market Dynamics
4.1 Key Driving Forces of Automotive Steering Systems Industry
4.2 Key Market Trends in Automotive Steering Systems Industry
4.3 Potential Opportunities in Automotive Steering Systems Industry
4.4 Key Challenges in Automotive Steering Systems Industry

5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Automotive Steering Systems Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook

6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts

7 Global Automotive Steering Systems Market Outlook by Segments
7.1 Automotive Steering Systems Market Outlook by Segments, $ Million, 2021- 2030
By Technology
Hydraulic Power Steering
Electrically Assisted Hydraulic Power Steering
Electric Power Steering
By Component
Sensors
Steering Column
Mechanical Rack and Pinion
Electric Motor
ECU
Hydraulic Pump
By Electric Motor
Brushless
Brushed
By Pinion
Single
Dual
By Application
Passenger Car
Light Commercial Vehicles
Heavy Commercial Vehicles
By Electric Vehicle
BEV
PHEV
FCEV

8 North America Automotive Steering Systems Market Analysis and Outlook To 2030
8.1 Introduction to North America Automotive Steering Systems Markets in 2024
8.2 North America Automotive Steering Systems Market Size Outlook by Country, 2021-2030
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Automotive Steering Systems Market size Outlook by Segments, 2021-2030
By Technology
Hydraulic Power Steering
Electrically Assisted Hydraulic Power Steering
Electric Power Steering
By Component
Sensors
Steering Column
Mechanical Rack and Pinion
Electric Motor
ECU
Hydraulic Pump
By Electric Motor
Brushless
Brushed
By Pinion
Single
Dual
By Application
Passenger Car
Light Commercial Vehicles
Heavy Commercial Vehicles
By Electric Vehicle
BEV
PHEV
FCEV

9 Europe Automotive Steering Systems Market Analysis and Outlook To 2030
9.1 Introduction to Europe Automotive Steering Systems Markets in 2024
9.2 Europe Automotive Steering Systems Market Size Outlook by Country, 2021-2030
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Automotive Steering Systems Market Size Outlook by Segments, 2021-2030
By Technology
Hydraulic Power Steering
Electrically Assisted Hydraulic Power Steering
Electric Power Steering
By Component
Sensors
Steering Column
Mechanical Rack and Pinion
Electric Motor
ECU
Hydraulic Pump
By Electric Motor
Brushless
Brushed
By Pinion
Single
Dual
By Application
Passenger Car
Light Commercial Vehicles
Heavy Commercial Vehicles
By Electric Vehicle
BEV
PHEV
FCEV

10 Asia Pacific Automotive Steering Systems Market Analysis and Outlook To 2030
10.1 Introduction to Asia Pacific Automotive Steering Systems Markets in 2024
10.2 Asia Pacific Automotive Steering Systems Market Size Outlook by Country, 2021-2030
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Automotive Steering Systems Market size Outlook by Segments, 2021-2030
By Technology
Hydraulic Power Steering
Electrically Assisted Hydraulic Power Steering
Electric Power Steering
By Component
Sensors
Steering Column
Mechanical Rack and Pinion
Electric Motor
ECU
Hydraulic Pump
By Electric Motor
Brushless
Brushed
By Pinion
Single
Dual
By Application
Passenger Car
Light Commercial Vehicles
Heavy Commercial Vehicles
By Electric Vehicle
BEV
PHEV
FCEV

11 South America Automotive Steering Systems Market Analysis and Outlook To 2030
11.1 Introduction to South America Automotive Steering Systems Markets in 2024
11.2 South America Automotive Steering Systems Market Size Outlook by Country, 2021-2030
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Automotive Steering Systems Market size Outlook by Segments, 2021-2030
By Technology
Hydraulic Power Steering
Electrically Assisted Hydraulic Power Steering
Electric Power Steering
By Component
Sensors
Steering Column
Mechanical Rack and Pinion
Electric Motor
ECU
Hydraulic Pump
By Electric Motor
Brushless
Brushed
By Pinion
Single
Dual
By Application
Passenger Car
Light Commercial Vehicles
Heavy Commercial Vehicles
By Electric Vehicle
BEV
PHEV
FCEV

12 Middle East and Africa Automotive Steering Systems Market Analysis and Outlook To 2030
12.1 Introduction to Middle East and Africa Automotive Steering Systems Markets in 2024
12.2 Middle East and Africa Automotive Steering Systems Market Size Outlook by Country, 2021-2030
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Automotive Steering Systems Market size Outlook by Segments, 2021-2030
By Technology
Hydraulic Power Steering
Electrically Assisted Hydraulic Power Steering
Electric Power Steering
By Component
Sensors
Steering Column
Mechanical Rack and Pinion
Electric Motor
ECU
Hydraulic Pump
By Electric Motor
Brushless
Brushed
By Pinion
Single
Dual
By Application
Passenger Car
Light Commercial Vehicles
Heavy Commercial Vehicles
By Electric Vehicle
BEV
PHEV
FCEV

13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
List of Companies
Hitachi Astemo Ltd
HYCET Technology Co. Ltd
Hyundai Mobis Co. Ltd
JTEKT Corp
KYB Corp
Mando Corp
Mitsubishi Electric Corp
Nexteer Automotive Group Ltd
NSK Ltd
Robert Bosch GmbH
thyssenkrupp AG
ZF Friedrichshafen AG

14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise

By Technology
Hydraulic Power Steering
Electrically Assisted Hydraulic Power Steering
Electric Power Steering
By Component
Sensors
Steering Column
Mechanical Rack and Pinion
Electric Motor
ECU
Hydraulic Pump
By Electric Motor
Brushless
Brushed
By Pinion
Single
Dual
By Application
Passenger Car
Light Commercial Vehicles
Heavy Commercial Vehicles
By Electric Vehicle
BEV
PHEV
FCEV