Global Automotive Steering Market Overview, 2024-2029

The Global automotive steering market is witnessing robust growth, driven by factors such as increasing interest in vehicles with advanced features, rising safety consciousness among consumers, and the growing demand for comfortable and convenient driving experiences. Technological advancements, such as electric power steering (eps) systems and semi-autonomous driving capabilities, are gaining traction among consumers seeking enhanced functionality, safety, and fuel efficiency. Moreover, the proliferation of e-commerce platforms has revolutionized the distribution channel for automotive components, offering consumers a wide range of products with competitive pricing and convenience.

The market presents significant opportunities for manufacturers to expand their product portfolios, cater to niche segments, and leverage sustainability initiatives to appeal to environmentally-conscious consumers. With increasing participation in outdoor activities and ongoing advancements in materials and design, the future outlook for the automotive steering market remains promising, providing ample scope for growth and innovation. Key players in the Global automotive steering market include robert bosch, jtekt corporation, zf friedrichshafen, nexteer automotive, and mando corporation.

These companies are renowned for their high-performance steering systems, innovative designs, and commitment to safety, catering to the diverse needs of vehicle manufacturers and consumers worldwide. The Global automotive steering market is also being shaped by the growing demand for electric and hybrid vehicles, which require advanced steering systems like eps to optimize energy efficiency and integrate with driver-assistance technologies. As a result, manufacturers are focusing on research and development to create innovative and sustainable steering solutions that meet the evolving needs of the automotive industry.

In addition, regulatory dynamics, such as stringent safety and emissions standards, are driving the adoption of advanced steering systems in vehicles. This, in turn, is fostering a competitive market environment, with manufacturers continuously innovating to stay ahead of the curve. The integration of smart safety features, such as lane departure warning and steering assist, is further propelling the growth of the automotive steering market.

Manufacturers and stakeholders in the industry need to adapt to changing market trends and consumer demands to capitalize on emerging opportunities and maintain a competitive edge in the market. By focusing on sustainability, innovation, and catering to niche segments, companies can ensure their long-term success in the Global automotive steering market.

According to the research report, the market is anticipated to cross USD 45 billion by 2029, increasing from USD 34 billion in 2023. The market is expected to grow with 4.2% CAGR by 2024-29. The automotive steering industry is influenced by a myriad of factors, including cultural preferences, technological advancements, regulatory standards, and economic conditions.

Cultural factors play a significant role in the automotive steering market, as preferences for specific vehicle types and driving styles influence the demand for different steering systems. The perception of vehicles as both a mode of transportation and a reflection of personal style shapes consumer preferences for advanced steering features and capabilities.

Technological advancements continually shape the industry, with manufacturers incorporating features such as electric power steering (eps), semi-autonomous driving capabilities, and advanced driver-assistance systems (adas) to enhance safety, comfort, and fuel efficiency. Sustainability has emerged as a growing concern in the automotive steering market, prompting companies to adopt eco-friendly practices in production and material sourcing to appeal to environmentally-conscious consumers.

Regulatory standards also play a crucial role, as manufacturers must comply with safety and emissions regulations imposed by organizations like the national highway traffic safety administration (nhtsa), the European union (eu), and the united nations economic commission for Europe (unece). Compliance with these standards ensures the quality and effectiveness of steering systems, instilling trust and confidence among consumers.

Economic conditions and consumer spending habits also influence the automotive steering market, with factors such as disposable income levels, employment rates, and overall economic stability affecting purchasing power and demand for vehicles. Moreover, the growth of e-commerce platforms has transformed the distribution landscape for automotive components, offering consumers convenience and accessibility while presenting challenges for traditional brick-and-mortar retailers.

major drivers:

• Increasing vehicle production and sales worldwide: The rapid growth of the automotive industry, particularly in emerging markets, is boosting the demand for steering systems.
• Growing demand for advanced safety features and driver assistance systems: with the increasing focus on vehicle safety, there is a rising demand for advanced driver assistance systems (adas) and other safety features that require sophisticated steering systems.
• Rising consumer awareness about fuel efficiency and emissions: as consumers become more environmentally conscious, there is a growing demand for fuel-efficient vehicles with lower emissions.

major challenges:

• High cost of advanced steering systems: the expensive nature of advanced steering systems, such as those equipped with advanced driver assistance systems (adas) or steer-by-wire technology, makes the m less accessible in price-sensitive markets.
• Stringent safety and emission regulations: compliance with strict safety and emission standards requires substantial investments in research and development (r&d) to innovate and upgrade steering systems..
• Intense competition among players and new entrants: the Global automotive steering market is characterized by fierce competition between well-established players and new market entrants.

major trends:

• Integration of iot and connectivity features: The increasing demand for connected vehicles has led to the integration of iot and connectivity features in steering systems. This enables advanced functionalities such as remote diagnostics, predictive maintenance, and over-the -air updates, enhancing the overall driving experience and safety.

Based on product type segment market includes manual steering, power steering and others. Power steering product type is expected to grow the Global automotive steering market.

The significant growth anticipated in the Global commercial vehicles market, encompassing trucks and buses, can be attributed to a multitude of factors reflecting both economic and technological considerations. Firstly, commercial vehicles play a crucial role in supporting Global trade, logistics, and public transportation, thereby becoming an indispensable component of infrastructure development and economic growth. As businesses and governments increasingly invest in transportation infrastructure, there is a growing demand for reliable and efficient commercial vehicles. The evolution of the transportation industry has contributed to the rising popularity of commercial vehicles.

With increasing globalization and urbanization, the demand for goods and services has surged, necessitating the expansion of logistics and supply chain networks. This shift has fueled a demand for commercial vehicles that not only deliver robust performance but also offer enhanced fuel efficiency and lower emissions. Manufacturers are introducing innovative commercial vehicle designs and technologies, catering to diverse applications such as long-haul transportation, construction, and public transit. Technological advancements in materials, powertrains, and connectivity features have revolutionized the commercial vehicle market, driving its growth.

Modern commercial vehicles utilize cutting-edge materials to reduce weight and improve durability, while advanced engine technologies and alternative fuel options enhance efficiency and sustainability. The growth of the commercial vehicles segment in the Global market can be attributed to a combination of factors including economic growth, infrastructure development, technological advancements, and the diversification of applications. As businesses and governments continue to seek transportation solutions that offer optimal performance, efficiency, and sustainability, the demand for innovative and specialized commercial vehicles is expected to surge, driving further growth and evolution in this segment of the market.

This Global trend is evident across regions such as North America, Europe, Asia-Pacific, and the Middle East & Africa. In North America and Europe, stringent emissions regulations and the growing adoption of electric and alternative fuel commercial vehicles are driving market growth. Meanwhile, the Asia-Pacific region, led by rapid industrialization and infrastructure development in countries like China and India, is emerging as a significant growth hub for the commercial vehicles market. The Middle East & Africa, though not as mature, are witnessing increasing investments in public transportation and logistics infrastructure, contributing to the market's expansion.

Based on vehicle type segment market includes passenger vehicles, commercial vehicles and off-road vehicles. Commercial vehicle type is expected to grow the Global automotive steering market

The significant growth anticipated in the Global steering sensor market can be attributed to a multitude of factors reflecting both practical and technology-driven considerations. Firstly, steering sensors play a crucial role in ensuring vehicle safety, stability, and overall performance, thereby becoming an indispensable component of modern automotive systems. As drivers increasingly prioritize safety and driving assistance features, there is a growing demand for advanced steering sensors that offer superior performance without compromising on reliability or durability. The evolution of automotive culture has contributed to the rising popularity of steering sensors.

With the increasing adoption of advanced driver assistance systems (adas) and semi-autonomous driving technologies, steering sensors have become essential for ensuring seamless vehicle operation and enhanced safety. This cultural shift has fueled a demand for steering sensors that not only perform well but also integrate effectively with other vehicle systems. Manufacturers are introducing innovative steering sensor designs and technologies, catering to diverse vehicle types and applications. This includes sensors for electric power steering (eps) systems, lane departure warning systems, and steer-by-wire technologies.

Technological advancements in materials and manufacturing techniques have revolutionized the steering sensor market, driving its growth. Modern steering sensors utilize cutting-edge materials and electronics to enhance precision, durability, and responsiveness while maintaining compact dimensions and energy efficiency. The growth of the steering sensor segment in the Global automotive market can be attributed to a combination of factors including safety considerations, technological advancements, and the diversification of vehicle types.

As drivers continue to seek vehicles that offer optimal safety, performance, and connectivity, the demand for innovative and specialized steering sensors is expected to surge, driving further growth and evolution in this segment of the market. This Global trend is evident across regions such as North America, Europe, Asia-Pacific, and the Middle East & Africa. In North America and Europe, stringent safety regulations and the growing adoption of electric and autonomous vehicles are driving the demand for advanced steering sensors.

Meanwhile, the Asia-Pacific region, led by rapid industrialization and increasing vehicle production in countries like China and India, is emerging as a significant growth hub for the steering sensor market. The Middle East & Africa, though not as mature, are witnessing growing vehicle sales and infrastructure development, contributing to the market's expansion.

Based on component type segment market, steering sensor type is expected to grow the Global automotive steering market

Steering sensors are essential for ensuring precise and responsive steering control, enhancing vehicle safety, and improving overall driving experience. As awareness of vehicle safety continues to rise among consumers, there is a growing recognition of the critical role steering sensors play in preventing accidents and improving handling, leading to increased demand for high-quality sensors. Technological advancements in steering sensors, such as the development of more accurate and reliable sensing mechanisms, integration with advanced driver-assistance systems (adas), and compatibility with autonomous driving technologies, are further driving market growth by offering enhanced functionality and reliability.

The projected growth of steering sensors reflects evolving preferences and requirements among vehicle manufacturers and consumers. Steering sensors are vital for providing real-time data on steering angle, torque, and position, which are crucial for the operation of electronic stability control systems, lane-keeping assist, and other safety features. With an increasing number of vehicles being equipped with adas and autonomous driving capabilities, there is a growing need for sophisticated and durable steering sensors that can offer both precision and longevity.

Manufacturers are responding to this demand by introducing innovative sensor designs and materials, including non-contact sensing technologies, advanced algorithms, and enhanced durability to withstand harsh automotive environments. Within the sector of electric and hybrid vehicles, the expected growth of steering sensors can be attributed to several factors.

Electric and hybrid vehicles require precise and efficient steering systems to maximize their performance and energy efficiency. As the popularity of electric vehicles (evs) continues to rise due to environmental concerns and regulatory pressures, there is an increasing demand for steering sensors that can support the unique requirements of these vehicles, such as integration with electric power steering (eps) systems and compatibility with regenerative braking systems. Steering sensors in evs typically feature high precision, low power consumption, and robust construction to ensure optimal performance, making the m increasingly sought after by ev manufacturers

Based on end-user type segment market, after market is expected to grow the Global automotive steering market

A diverse automotive landscape, featuring a mix of old and new vehicles, creates a consistent demand for steering components and services, addressing both basic maintenance needs and advanced steering technologies found in modern vehicles. Infrastructure development and the growth of the logistics sector globally have led to increased usage of commercial vehicles. These vehicles experience significant wear and tear on their steering systems due to heavy use, thus driving up the demand for aftermarket steering components and services. Additionally, growing awareness among consumers worldwide regarding vehicle safety and performance contributes to the expansion of the steering aftermarket.

As vehicle owners become more knowledgeable about the importance of steering system maintenance, they are increasingly likely to invest in high-quality replacement parts and services to ensure optimal performance and safety. The rising popularity of online shopping platforms and retailers globally simplifies the process of price comparison and purchasing steering components and accessories. This convenience boosts aftermarket sales and encourages competition among suppliers, resulting in improved pricing and availability for consumers. The Global trend towards vehicle customization and modification creates opportunities for aftermarket steering components, such as performance-enhancing steering systems and customized steering wheels.

These appeals to vehicle owners who seek to personalize their vehicles and enhance their driving experiences. Governments around the world are implementing stricter vehicle safety regulations, emphasizing the importance of proper steering system maintenance and replacement. This regulatory focus on safety is expected to drive demand for aftermarket steering components and services. As these regulations become more stringent, vehicle owners and fleet operators are likely to prioritize the maintenance and replacement of steering components to comply with safety standards.

Based on report market includes five major regions North America, Europe, asia-pacific, South America and middle east & africa. North America region is expected to grow at fastest rate in Global automotive steering market during the forecast period

The anticipated growth of the automotive steering market in North America reflects a confluence of factors driving the region’s automotive industry forward. One pivotal factor is the steady rise in vehicle ownership across North America, spurred by urbanization, economic development, and enhancements in transportation infrastructure. As more individuals opt for cars as a convenient mode of transportation, the demand for advanced steering systems, ranging from electric power steering (eps) to steer-by-wire systems, is expected to witness a significant uptick. Concurrently, there’s a heightened emphasis on road safety, with regulations mandating the inclusion of advanced driver assistance systems (adas) and other safety features.

This increased awareness of safety standards among North American drivers fuels the demand for high-quality steering systems that provide precise control and enhanced safety without compromising performance. Manufacturers and retailers in the region are strategically diversifying their product offerings to cater to the diverse needs and preferences of vehicle owners. Whether it’s advanced steering for electric vehicles, robust systems for trucks and suvs, or precision control for luxury cars, companies are tailoring their products to reflect the varied driving landscape in North America. The rapid advancement in technology also plays a crucial role in the market’s growth.

The integration of sensors, electronic control units (ecus), and connectivity solutions has transformed traditional steering systems into sophisticated control mechanisms that enhance vehicle performance and safety. North America, with its leading position in automotive innovation, is at the forefront of adopting these advanced technologies. The region’s strong r&d capabilities and the presence of major automotive manufacturers and suppliers drive the continuous development and implementation of cutting-edge steering solutions.

Years considered in this report:

• Historic year: 2018
• Base year: 2023
• Estimated year: 2024
• Forecast year: 2029

Aspects covered in the report:

• Automotive Steering market Outlook with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendations

By Type of Steering System:

• Manual Steering
• Power Steering (Hydraulic Power Steering, Electric Power Steering)
• Others(Variable Gear Ratio Steering,Rack and Pinion Steering, Recirculating Ball Steering)

By Vehicle Type:

• Passenger Vehicles (Cars, SUVs, Vans)
• Commercial Vehicles (Trucks, Buses)
• Off-road Vehicles (ATVs, UTVs, Dirt Bikes)

By Component:

• Steering Column
• Steering Wheel
• Steering Gear
• Steering Pump
• Steering Sensor
• Others

By End Use:

• OEMs (Original Equipment Manufacturers)
• Aftermarket

The approach of the report:

This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, and government-generated reports and databases.

After gathering the data from secondary sources, primary research was conducted by conducting telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. After this, the analysts made primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once they acquired the primary data, they started verifying the details obtained from secondary sources.

Intended audience:

This report can be useful to industry consultants, manufacturers, suppliers, associations, and organizations related to the automotive steering industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.