The automotive steering system is a crucial component that enables drivers to control the direction of their vehicles effectively. With the advent of advanced technology, the steering systems of modern vehicles have evolved significantly, contributing to better safety, comfort, and driving experience. This review highlights the current trends, market size, share, and forecasts for the automotive steering system market from 2025 to 2030.
For instance, Bosch has announced collaborations with various automotive manufacturers to improve their EPS systems with advanced functionalities, including lane-keeping assistance.
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Market Overview
The automotive steering system market has been experiencing substantial growth driven by increasing vehicle production, rising demand for advanced safety features, and technological advancements in steering technology. The market recorded a size of approximately USD 24 billion in 2023, with a projected growth rate of 6% to 8% during the forecast period from 2025 to 2030. This growth can be attributed to the rising popularity of electric and autonomous vehicles, which require efficient steering mechanisms to enhance vehicle handling and control.Market Size and Share Analysis
The automotive steering system market can be segmented based on product type, key players, process, application, end-use, and region. Each segment demonstrates unique dynamics contributing to the overall market growth.By Product Type
The market for automotive steering systems can be categorized into the following product types:- Manual Steering Systems
- Hydraulic Power Steering (HPS)
- Electro-Hydraulic Power Steering (EHPS)
- Electric Power Steering (EPS)
- Others
By Key Players
Several key players dominate the automotive steering system market:- ZF Friedrichshafen AG
- JTEKT Corporation
- NSK Ltd.
- Mando Corporation
- KYB Corporation
- SHOWA Corporation
- Nexteer Automotive
- ThyssenKrupp AG
- Bosch
- Hyundai MOBIS
- China Automotive Systems (CAAS)
- Yubei
- Zhejiang Shibao
- Anhui Defu
By Process
The processes involved in automotive steering systems include:- Type of Steering Mechanism
- Power Assisted Mechanisms
By Application
Automotive steering systems are primarily utilized in:- Passenger Vehicles
- Commercial Vehicles
By End-Use
The end-use segments include:- OEMs (Original Equipment Manufacturers)
- Aftermarket
By Region
The automotive steering system market can be divided into key regions:- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Market Trends and Insights
Several trends are shaping the automotive steering system market, including:- Rising Emphasis on Electric Vehicles: With the global shift towards sustainability, the demand for electric power steering systems is increasing as they are more energy-efficient and provide better feedback to drivers.
- Integration of Advanced Driver-Assistance Systems (ADAS): Steering systems are becoming integral to ADAS, enhancing safety and driving ease, contributing to the growth of the automotive steering systems market.
- Growing Demand for Autonomous Vehicles: The pursuit of fully autonomous vehicles demands advanced steering technologies like steer-by-wire systems, further propelling market growth.
Market News and Policies
The automotive industry is witnessing various policies and regulations aimed at improving vehicle safety and environmental impact. Initiatives and financial incentives for electric vehicle production have encouraged steering system manufacturers to innovate and adapt their products to meet these standards. Key companies are actively engaged in partnerships and collaborations to accelerate steering technology development.For instance, Bosch has announced collaborations with various automotive manufacturers to improve their EPS systems with advanced functionalities, including lane-keeping assistance.
Segment Forecasts: 2025 - 2030
Looking ahead, the automotive steering system market is expected to grow steadily, with various segments showing promising growth rates:- EPS Segment: Expected to grow at a rate of 8% to 10%, driven by ongoing innovations and demand from electric and hybrid vehicles.
- Passenger Vehicles: Anticipated growth of 7% to 9% as the market continues to rebound from the pandemic's impact, with increasing sales in both traditional and electric vehicles.
- Asia Pacific Region: Expected to maintain dominance with growth rates of 8% to 9% as emerging economies ramp up automotive production.
Conclusion
The automotive steering system market is positioned for robust growth driven by advancements in technology, the rise of electric and autonomous vehicles, and increasing consumer demand for high-performance steering solutions. Key players are likely to continue innovating and adapting to emerging trends, bolstered by favorable policies supporting the automotive industry. As the market shifts and evolves, stakeholders must stay informed to capitalize on emerging opportunities and navigate challenges effectively.This product will be delivered within 1-3 business days.
Table of Contents
Chapter 1 Executive SummaryChapter 2 Abbreviation and Acronyms
Chapter 3 Preface
Chapter 4 Market Landscape
Chapter 5 Market Trend Analysis
Chapter 6 Industry Chain Analysis
Chapter 7 Latest Market Dynamics
Chapter 8 Trading Analysis
Chapter 9 Historical and Forecast Automotive Steering System Market in North America (2020-2030)
Chapter 10 Historical and Forecast Automotive Steering System Market in South America (2020-2030)
Chapter 11 Historical and Forecast Automotive Steering System Market in Asia & Pacific (2020-2030)
Chapter 12 Historical and Forecast Automotive Steering System Market in Europe (2020-2030)
Chapter 13 Historical and Forecast Automotive Steering System Market in MEA (2020-2030)
Chapter 14 Summary For Global Automotive Steering System Market (2020-2025)
Chapter 15 Global Automotive Steering System Market Forecast (2025-2030)
Chapter 16 Analysis of Global Key Vendors
List of Tables and Figures
Companies Mentioned
- ZF Friedrichshafen AG
- JTEKT
- NSK
- Mando
- KYB Corporation
- SHOWA
- Nexteer Automotive
- ThyssenKrupp
- Bosch
- Hyundai MOBIS
- China Automotive Systems (CAAS)
- Yubei
- Zhejiang Shibao
- Anhui Defu
