Automotive Steering Systems Market Report 2024

The automotive steering systems market size has grown strongly in recent years. It will grow from $26.7 billion in 2023 to $28.36 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth during the historic period can be attributed to several factors, increased vehicle production, urbanization growth, higher demand for autonomous vehicles, advancements in automotive electrification, and a greater emphasis on sustainable mobility solutions.

The automotive steering systems market size is expected to see strong growth in the next few years. It will grow to $36.24 billion in 2028 at a compound annual growth rate (CAGR) of 6.3%. The growth in the forecast period can be attributed to several factors, the increasing adoption of power steering systems in the automotive sector, growing sales of electric vehicles, rising disposable income, the increasing use of sensors, and the rising demand for both electric and fuel-efficient vehicles. Major trends expected during this period include technological advancements, integration with battery-swapping stations, improvements in sensor technology, incorporation of advanced safety features in automobiles, and the integration of AI technologies.

The growing demand for electric vehicles is expected to drive the expansion of the automotive steering systems market. Electric vehicles, powered by rechargeable batteries, produce zero tailpipe emissions and offer a sustainable alternative to traditional gasoline-powered cars. This rising demand for electric vehicles is due to environmental concerns about emissions, government incentives promoting clean energy adoption, and advancements in battery technology that improve driving range and performance. In electric vehicles, automotive steering systems ensure efficient and responsive control, optimizing handling and safety within the context of electric propulsion technology. For instance, the International Energy Agency, an intergovernmental organization based in France, reported that electric vehicle sales increased by 3.5 million in 2023 compared to 2022, marking a 35% annual rise. Hence, the increasing demand for electric vehicles is fueling the growth of the automotive steering systems market.

Leading companies in automotive steering systems are concentrating on developing technological advancements, such as modular steering. These advancements aim to meet a wide range of original equipment manufacturer requirements for advanced steering systems in heavier vehicles, including electric and light commercial vehicles. Modular steering systems have interchangeable components that allow for easy configuration and adaptation across various vehicles, offering flexibility and efficiency in both manufacturing and maintenance. For example, in April 2023, Nexteer Automotive, a US-based technology company, introduced the Modular Rack-Assist Electric Power Steering System. This innovative technology aims to revolutionize vehicle steering capabilities with several unique features. The system's modular design enhances flexibility and scalability across different vehicle platforms, enabling automakers to efficiently adapt steering systems to various models and configurations. It includes advanced electric power assistance, optimizing steering response and providing precise control under varying driving conditions.

In May 2021, Hebner GmbH, a German supplier for the mobility industry, acquired Vehicle Systems Engineering B.V. for an undisclosed amount. This acquisition aims to expand Hebner GmbH's capabilities in the field of automotive steering systems and help the company achieve a leading position in the market for sophisticated chassis solutions for commercial vehicles, buses, and railway vehicles. Vehicle Systems Engineering B.V., based in the Netherlands, manufactures electronically controlled steering and suspension systems for commercial vehicles.

Major companies operating in the automotive steering systems market are Robert Bosch GmbH, Hitachi Ltd., DENSO Corporation, ThyssenKrupp AG, ZF Friedrichshafen AG, Hyundai Mobis Co. Ltd., Eaton Corporation plc, Schaeffler AG, NSK Steering System Co. Ltd., Nexteer Automotive Corporation, Leopold Kostal GmbH & Co. KG, Kayaba Industry Co. Ltd., Showa Corporation, Kongsberg Automotive Holding ASA, Global Steering Systems LLC, China Automotive Systems Inc., Rane Holdings Limited, JTEKT Corporation, Pailton Engineering Ltd., ILJIN Corporation, Dalian Wanda Power Steering System Co. Ltd., Zhejiang Wanda Steering Gear Co. Ltd.

North America was the largest region in the automotive steering systems market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive steering systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the automotive steering systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Automotive steering systems are mechanisms that allow drivers to control a vehicle's direction. These systems convert the rotational motion of the steering wheel into the turning motion of the vehicle's wheels, ensuring precise maneuverability and responsiveness on the road. They are crucial for vehicle handling, safety, and driver control in different driving conditions.

The primary components of automotive steering systems include the hydraulic pump, steering column or rack, sensors, electric motor, and others. A hydraulic pump is a mechanical device that produces hydraulic power, transforming mechanical force into fluid pressure to aid in steering movement. It is vital in traditional hydraulic steering systems, supplying the necessary pressure for smooth steering operation. The various mechanisms include electronic power steering, hydraulic power steering, and electrically assisted hydraulic power steering, with different pinion types such as single and dual. These systems are distributed through original equipment manufacturers and the aftermarket and are utilized in various vehicles, including passenger cars, compact, mid-size, premium, sports utility vehicles, light commercial vehicles, and heavy commercial vehicles.

The automotive steering systems market research report is one of a series of new reports that provides automotive steering systems market statistics, including automotive steering systems industry global market size, regional shares, competitors with an automotive steering systems market share, detailed automotive steering systems market segments, market trends, and opportunities, and any further data you may need to thrive in the automotive steering systems industry. This automotive steering systems research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The automotive steering systems market consists of sales of steering wheels, power steering pumps, steering control modules, steering dampers, steering fluid, power steering systems, steering sensors, and control units. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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