Home About Us Services Industry Research Store Resources Contact us

Automotive Steering System Market

Published Date : Jun 2024 | Forecast Year : 2019

UP TO 30 % OFF

Single User License

10% OFF

Team License

15% OFF

Corporate License

30% OFF
Book before: 31st Mar 2024

Automotive Steering System Market Size, By Type (Electric Power Steering (EPS) By Component (Steering Column, Electric Motors, Hydraulic Pumps) By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles) Trends Regional Outlook, and Forecast 2024-2032

Report ID: AG837

Published : Jun 2024

Pages : 126

Format : Automotive Steering System Market

REPORT ATTRIBUTEDETAILS
MARKET SIZE (2032)USD 46.5 Billion
MARKET SIZE (2032)USD 33.5 Billion
CAGR (2023-2029)%
HISTORIC YEAR2019
BASE YEAR2023
FORECAST YEAR2032
BY TYPEElectric Power Steering (EPS)
Hydraulic Power Steering (HPS)
Electro-Hydraulic Power Steering (EHPS)
Manual Steering
BY APPLICATIONPassenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
GEOGRAPHIC ANALYSISNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
KEY PLAYERSChina Automotive Systems Inc., Denso Corporation, Georgsmarienhütte Holding GmbH, Gss Steering Systems LLC, JTEKT Corporation, Knorr-Bremse AG, Mando Corporation, Mitsubishi Electric Corporation, Nexteer Automotive (Pacific Century Motors), NSK Ltd., Robert Bosch Gmbh, Rollax GmbH & Co. KG and thyssenkrupp AG. .

The Global Automotive Steering System Market size was estimated to be valued at USD 33.5 Billion in 2023 and is expected to reach at USD 46.5 Billion by 2032, exhibiting at a CAGR of 3.5 % during the forecast period. This report provides a deep insight into the Automotive Steering System Market covering all its essential aspects. This ranges from a macro-overview of the market to micro details of the market size, competitive landscape, development trend, niche market, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. 

Automotive Steering System Market

Size, by Product, - (USD Billion)

Electric Power Steering

Hydraulic Power Steering

Electro-Hydraulic Power Steering

Manual Steering

Other Products

18 16 14 12 10 8 6 4 2 0

The Market will Grow

At the CAGR of:

%

The Forecast Market

Size for in USD:

$46.5 Billion B

b0d51e3055fd6f23ff6a384a6e091406.svg

Market Segmentation Analysis

The research report includes specific segments by region (country), manufacturers, Type, and Application. Market segmentation creates subsets of a market based on product type, end-user or application, Geographic, and other factors. By understanding the market segments, the decision-maker can leverage this targeting in the product, sales, and marketing strategies. Market segments can power your product development cycles by informing how you create product offerings for different segments.

Automotive Steering System Market Segments

By Type: Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Electro-Hydraulic Power Steering (EHPS), Manual Steering

By Component: Steering Column, Steering Wheel Speed Sensors, Electric Motors, Hydraulic Pumps, and Others

By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles

Key Profiles:

China Automotive Systems Inc., Denso Corporation, Georgsmarienhütte Holding GmbH, Gss Steering Systems LLC, JTEKT Corporation, Knorr-Bremse AG, Mando Corporation, Mitsubishi Electric Corporation, Nexteer Automotive (Pacific Century Motors), NSK Ltd., Robert Bosch Gmbh, Rollax GmbH & Co. KG and thyssenkrupp AG. 

Automotive Steering System Market

Share, by end user, (USD Billion)

Analytica Global 33.5 Billion%

Passenger Cars

Light Commercial Vehicles

Heavy Commercial Vehicles

Other End-Users

b0d51e3055fd6f23ff6a384a6e091406.svg

46.5 Billion

Total Market Size

USD (Billion),

%

CAGR

-

Regional Analysis

  • North America: Large economies like the United States and Canada are covered in this region.
  • Europe: The European market includes countries such as Germany, UK, France, Italy, Russia, and others.
  • Asia-Pacific: This region includes major economies like China, Japan, India, South Korea, Australia, and others.
  • Latin America: Countries like Brazil, Argentina, Mexico and others are part of this region.
  • Middle East and Africa: This region comprises economies from North Africa, GCC countries, South Africa and others.
  • Eastern Europe: This region includes countries such as Poland, Russia, Ukraine and others.

These geographic markets are analysed in terms of the current scenario, growth outlook, and potential opportunities. The research is conducted by considering various aspects such as economic conditions, government policies, industrial development, competitive landscape, and consumer behaviour in these regions.

Market Dynamics:

  • The automotive steering systems market is a critical segment of the automotive industry that is responsible for vehicle controllability and safety. As vehicles have evolved, along with technological advances and consumer demand for better comfort and efficiency, control systems have become increasingly complex. 
  • Key market trends include the move to electronic power steering systems (EPS) to improve fuel efficiency and responsiveness, and the integration of advanced driver assistance systems (ADAS) that require precision driving. 
  • In addition, the growing popularity of autonomous vehicles is driving innovations in control technology to support automated driving functions. Geographically, Asia Pacific dominates the market due to the presence of major car manufacturers and increasing vehicle production. 
  • Overall, the automotive steering systems market is poised for significant growth driven by technological innovations, regulatory standards and consumer preferences for safer and more efficient vehicles. 

Market Drivers:

  • Continuous advancements in power steering technologies such as electric power steering (EPS), drive by wire and adaptive steering systems are driving the growth of the market. These technologies improve vehicle handling, fuel efficiency and support integration with advanced driver assistance systems (ADAS) and autonomous driving functions.
  • The main factors are strict regulations and safety standards that require the introduction of advanced control systems to improve vehicle safety and reduce emissions. Governments around the world are pushing car manufacturers to introduce features such as Electronic Stability Control (ESC) and Lane Keeping Assist (LKA) based on advanced control systems.
  • Increasing production of passenger cars and commercial vehicles around the world is increasing the demand for automotive control systems. Emerging markets in Asia Pacific, Latin America and Africa will drive growth, particularly due to growing middle-class populations and urbanization.
  • Growing consumer awareness and demand for vehicles with enhanced safety features and improved ride comfort are important factors. Features that influence purchase decisions, such as smoother steering, lower noise levels and adjustable steering. 

    Automotive Steering System Market

    Size, by Product, - (USD Billion)

    APAC $ 24

    The Market will Grow

    At the CAGR of:

    %

    The Forecast Market

    Size for in USD:

    $46.5 Billion B

    b0d51e3055fd6f23ff6a384a6e091406.svg

Key Development for Automotive Steering System Market:

  • In 2020, Accelerated development of drive-by-wire systems and autonomous driving technologies based on the movement towards safer and autonomous vehicles.
  • Increasing emphasis on vehicles with software that requires improvements to electronic control units (ECUs) for steering systems.
  • Impact of the COVID-19 Pandemic: Disruptions to supply chains temporarily affect production, leading to a reassessment of global production strategies.
  • In 2021, Greater use of adaptive control systems that adjust sensitivity based on driving conditions and vehicle speed.
  • Integrating artificial intelligence (AI) and machine learning algorithms to predict steering and improve the vehicle's maneuverability.
  • Regulatory development has focused on improving vehicle safety standards by influencing the design and implementation of control systems.
  • In 2022-2023, Continued evolution of EPS systems toward greater efficiency and reliability supported by advances in engine and control technologies.
  • The expansion of the market for electric and autonomous vehicles increases the demand for innovative control solutions that can support complex ADAS functions.
  • Emphasis on sustainable development: development of environmentally friendly control components and systems to meet global emissions regulations and environmental goals. 

Higher Fuel Efficiency and Easy Transmission Puts the Electronic Steering on the Top:

  • Indeed, the shift to electronic steering systems such as electric power steering (EPS) was driven by a number of factors, including greater fuel efficiency and easier integration into vehicle engines. Here's why electronic power steering is gaining traction:
  • EPS systems are inherently more fuel efficient than traditional hydraulic power steering. They are powered by an electric motor that only consumes power when steering is needed, unlike hydraulic systems that constantly draw power from the engine. This efficiency helps reduce fuel consumption and improve overall vehicle performance.
  • Electronic control systems can be seamlessly integrated with the powertrain and engine management systems of modern vehicles. This integration enables better coordination between steering inputs and other vehicle functions such as stability control and adaptive cruise control, improving overall vehicle performance and driving experience.
  • EPS systems provide precise control of steering response and feel, enabling adaptive drive modes and adaptive steering assistance based on driving conditions. This improves the dynamics of the vehicle, making the steering more responsive, predictable and more enjoyable for drivers.
  • Compared to hydraulic systems, EPS systems have fewer moving parts and require less maintenance over the life of the vehicle. This reduces maintenance costs and improves long-term reliability, which is attractive to both consumers and automakers. 

    Automotive Steering System Market TO (USD BN)

    Automotive Steering System Market

    CAGR OF

    %

    Automotive Steering System Market

    b0d51e3055fd6f23ff6a384a6e091406.svg
    Analytica Global 46.5 Billion %

Restraints Factors:

  • The integration of advanced control technologies such as steer-by-wire and adaptive systems can significantly increase vehicle manufacturing costs. This presents a challenge, especially in price-sensitive markets, and limits widespread adoption.
  • Advanced control systems contain complex electronic components and software that can raise concerns about reliability, maintenance costs, and potential failures. Ensuring durability and sustainability in various environmental conditions is crucial to earning consumer trust.
  • Global events such as the COVID-19 pandemic have highlighted vulnerabilities in global supply chains that affect the availability of critical control system components and materials. Such disruptions can affect production schedules and market growth.
  • Integrating advanced control systems with other vehicle systems, such as brake and powertrain control, requires seamless communication and interoperability. Compatibility issues and integration complexity can slow adoption and adoption.

Consumer Preference Towards Driving Comfort

  • Consumers demand maximum features from the manufacturer for their vehicle, including power steering, which makes the vehicle more responsive, which improves ride comfort and ride quality. 
  • In developing countries like China and India, road conditions are uneven and better steering is needed to improve driving quality. 
  • In addition, developed countries such as the United States, the United Kingdom, and Germany have highways where vehicles require an adaptive control system to control vehicles moving at high speeds. These factors also make driving comfortable for consumers. Therefore, the automotive steering system market is expected to grow as consumers prefer driving comfort.

Frequently Asked Questions (FAQs)

How big is the Automotive Steering System Market?

Ans: The Automotive Steering System Market size valued at USD 46.5 billion in and grow at a CAGR of 3.5 % 

What is the current Automotive Steering System Market size?

ANS: The Automotive Steering System Market size is expected to be USD 33.5 billion.

Who are the key players in Automotive Steering System Market?

Ans: Denso Corporation, Georgsmarienhütte Holding GmbH, Gss Steering Systems LLC, JTEKT Corporation, Knorr-Bremse AG, Mando Corporation, Mitsubishi Electric Corporation, 

Which is the fastest growing region in Automotive Steering System Market?

Ans: Asia pacific is estimated to grow at the highest CAGR over the forecast.

Automotive Steering System Market - Global Outlook & Forecast 2024-2029

Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global
Analytica Global

License Type

Single User

US$ 3350

Multi User

US$ 4950

Corporate User

US$ 6950

Get Sample to Email

SPEAK WITH OUR ANALYST

Want to know more about the report or any specific requirement?

WANT TO CUSTOMIZE THE REPORT?

Our Clients Speak

We asked them to research ‘Ag equipment market’ all over the world, and their whole arrangement was helpful to us. Mordor Intelligence’s insightful analysis and reports contributed to our current analysis and in creating a future strategy. Besides, the te

Yosuke Mitsui

Senior Associate Construction Equipment Sales & Marketing

We asked them to research ‘Ag equipment market’ all over the world, and their whole arrangement was helpful to us. Mordor Intelligence’s insightful analysis and reports contributed to our current analysis and in creating a future strategy. Besides, the te

Yosuke Mitsui

Senior Associate Construction Equipment Sales & Marketing

Why choose us

Proactive

We manage our resources 24/7 to identify issues and address them before they become problems

Quality & Reliability

We are committed to providing reliable and highly accurate data with an excellent quality control system

Global Outreach

6 Major regions and 40+ countries level analysis accomplished

Competitive Pricing

Our pricing strategy is highly competitive in the market, without compensating on the quality and the timeline of project delivery