Automotive Steering Systems Market Synopsis

Automotive Steering Systems Market Size is Valued at USD 36.94 Billion in 2023, and is Projected to Reach USD 44.31 Billion by 2032, Growing at a CAGR of 2.30% From 2024-2032.

Automotive Steering Systems Market refers to products associated with steering systems of automobiles such as passenger cars, Light Commercial Vehicles, and Heavy Commercial Vehicles. Due to the diverse types of this market, steering aimed at the following segments: based on type – hydraulic power steering, electric power steering, electro-hydraulic power steering; based on vehicles – passenger cars and commercial vehicles; based on components – steering wheels, columns, gears/boxes, pumps/motors, electronic control units, and sensors; based on sales – OEM and aftermarket. Another factor affecting the market is related to technology exploitation, especially having in mind the application of Advanced Driver Assistance Systems (ADAS). Regionally it is spread over North and South America, Europe, Asia Pacific, Latin America and the Middle East & Africa on account of the rising need for enhanced control over the vehicle, better safety features and comfort while driving.

• The key factor that has been instrumental in driving the Automotive Steering Systems Market forward is the growing requirement of comfortable and safety benefits. Customers are demanding refined driving dynamics and better handling which has resulted to shift to better and more efficient steering systems like EPS and EHPS. These systems offer enhanced control, save fuel, and are compatible with ADAS; they are inevitable in today’s vehicles. Also, government-imposed policies regarding safety features and better fuel economy are driving manufacturers to employ better efficient and safer steering solutions.
• The other major factor is the extremely accelerating growth of the automotive industry particularly in the developing countries. The higher levels of spending, growing population and per capita income, especially in Asia-Pacific countries like China, India and Brazil facilitate the consumer industries of passenger cars and commercial vehicles, which in turn boosts the demand for efficient steering systems. Moreover, the progress in the provision of market necessitates the transition to electric vehicles (EVs) since EPS systems require lesser power in terms of consumption than hydraulic systems. Thus, the following three trends are expected to drive the growth of the market in the years to come: The progressive evolution of the steering technology The society’s tendency to shift towards the use of self-driving cars.

Automotive Steering Systems Market Trend Analysis

The Road Ahead, Innovations in Automotive Steering Systems

• The growth of the Automotive Steering Systems Market is on the rise due to the rising incorporation of more developed technologies such as ADAS and EPS. Thus, with concerns for vehicle manufacturers to enhance fuel economy and lower emissions, not to mention the overall exposure of EPS systems as more fuel efficient and fewer emissions than hydraulic power steering systems, EPS systems have taken root within the vehicle industry. Also, level two features like lane-keeping assist or smart parking cause integrating hearing systems that can cooperate with those technologies, and this will again stimulate the growth of steering solutions’ demand.
• In addition, various factors such as an increase in the use of safety features and comforts in vehicles are also driving the market. Steer by wire system for automobile which has removed the mechanical linkage between the wheel and the steering mechanism is likely to be the key drivers of evolution in the market. Such systems provide a fine level of performance, and enhanced safety aspects to the car and this makes these systems appealing to the auto makers and the buyers. Taking into account the increasing demands for electric and self-driving cars, it is also possible to note the significant market prospects, dedicated to the create of highly accurate and efficient steering systems to ensure vehicles’ performance and safety.

Future of Mobility, Opportunities in the Automotive Steering Systems Market

• The global Automotive Steering Systems Market constitutes robust growth prospects due to the growing need for the advanced driver assistance systems and the growing trend for the electric and autonomous auto-mobiles. NEW technologies resulting from EPS are more preferred today because it has been noted that they are more fuel efficient, lighter and perform better than hydraulic systems. Lane-keeping assist, automated parking, adaptive cruise control, etc., all which are integrated into cars, demand accurate and proper steering systems, and hence increase the demand for enhanced steering solutions. Also, an increase in the number of electric vehicles requires EPS systems specially designed for electric car platforms, which opens more opportunities for the market players.
•  Region wise, Asia Pacific presents a huge opportunity for the growth of automotive steering systems market due to the flourishing automobile industry specifically China, India and Japan. It is seen that the automotive industries are coming up with the production of more vehicles and there is also a definite shift of buyers moving towards technologically equipped and fuel-efficient vehicles thereby enhancing the growth prospects of the market in the region. Similarly, governments’ policies on automotive safety standards and environmental requirements to reduce fuel emission are driving the automative companies to employ innovative steering systems. In addition, aftermarket prospects are equally promising because, with the need to achieve better performance and safety in existing cars, customers require new steering assemblies and their components to replace the outdated ones.

Automotive Steering Systems Market Segment Analysis:

Automotive Steering Systems Market Segmented on the basis of type, Technology, and Vehicle type.

By Type, Hydraulic Power Steering (HPS) segment is expected to dominate the market during the forecast period

• The Automotive Steering Systems Market is categorized into four main types: The types are Hydraulic Power Steering (HPS), Electric Power Steering (EPS), Electro-hydraulic Power Steering (EHPS), and Manual Steering. HPS uses hydraulic pressure supplied by a pump, which is run by the engine, the assistance it offers for steering effort secures you a rigid and reliable steering feel though it is less efficient in fuel consumption. All the same, EPS utilize an electric motor to support the driver; has better efficiency, less weight and better accuracy compared to other systems commonly used in the recent models of cars. EHPS incorporates some features of hydraulic system and acts also as an electrical system where the hydraulic pump is driven by an electrical motor and this makes it powerful as well as efficient. Manual Steering is one where the driver has to turn the steering wheel with his hands and power assistance is not given, this form of steering is common in old models or small cars which give the driver a raw feel of the car but are tiresome to use.

By Technology, ADAS segment held the largest share in 2024

• The Automotive Steering Systems Market based on technology is classified into Conventional Steering Systems and Advanced Driver Assistance System (ADAS) Integrated Steering Systems. Conventional Steering Systems include traditional mechanical and hydraulic which are systems that directly control the steering by mechanical and hydraulic connections Common for standard vehicle layouts. ADAS Integrated Steering Systems combine features such as a sensing module, an actuator, and ECUs to improve on safety and automations in car systems. Such systems entail elements like lane keeping assist, adaptive cruise control, and automatic parking thereby increasing the stability and sensitivity of the steering while at the same time providing semi-autonomous methods in order to meet the needs of advanced generations car markets.

Automotive Steering Systems Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

• The Asia Pacific automotive steering systems market is highly growing with increasing vehicle production and increasing technology in the steering systems field. Ranking countries like China, Japan, India, South Korea amongst others, the Asian region plays a huge role in the Automotive industry internationally. Higher demand for passenger as well as commercial vehicles along with an enhance in the consumer purchasing capacity is driving the market ahead. Further, the contemporary automotive markets worldwide, particularly the electric and hybrid car market in China, increases the utilization of EPS & EHPS for enhanced car handling.
• Thus, the localisation of key automotive manufacturers and their suppliers contributes to market competition and development. Another global trend in regulation efforts is pushing market dynamics towards better steering solutions, including connecting them to ADAS. Therefore, it reveals that the Asia Pacific automotive steering systems market has a strong growth potential due to the growth in the automobile technology and automotive production trends in the Asia Pacific countries.

Active Key Players in the Automotive Steering Systems Market

• JTEKT Corporation (Japan)
• Nexteer Automotive Group Ltd. (United States)
• Showa Corp. (Japan)
• ThyssenKrupp AG (Germany)
• Hitachi Automotive Systems Ltd. (Japan)
• Robert Bosch GmbH (Germany)
• NSK Steering Systems Co. Ltd. (Japan)
• Mando Corp. (South Korea)
• ZF Friedrichshafen AG (Germany)
• Others

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: Automotive Steering Systems Market by Type
 4.1 Automotive Steering Systems Market Snapshot and Growth Engine
 4.2 Automotive Steering Systems Market Overview
 4.3 Electric Power Steering (EPS)
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Electric Power Steering (EPS): Geographic Segmentation Analysis
 4.4 Electro-hydraulic Power Steering (EHPS)
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 Electro-hydraulic Power Steering (EHPS): Geographic Segmentation Analysis
 4.5 Manual Steering)
  4.5.1 Introduction and Market Overview
  4.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.5.3 Key Market Trends, Growth Factors and Opportunities
  4.5.4 Manual Steering): Geographic Segmentation Analysis

Chapter 5: Automotive Steering Systems Market by Technology
 5.1 Automotive Steering Systems Market Snapshot and Growth Engine
 5.2 Automotive Steering Systems Market Overview
 5.3 Conventional Steering System
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Conventional Steering System: Geographic Segmentation Analysis
 5.4 Advanced Driver Assistance System (ADAS) Integrated Steering System
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Advanced Driver Assistance System (ADAS) Integrated Steering System: Geographic Segmentation Analysis

Chapter 6: Automotive Steering Systems Market by Vehicle Type
 6.1 Automotive Steering Systems Market Snapshot and Growth Engine
 6.2 Automotive Steering Systems Market Overview
 6.3 Passenger Cars
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Passenger Cars: Geographic Segmentation Analysis
 6.4 Light Commercial Vehicles (LCVs)
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Light Commercial Vehicles (LCVs): Geographic Segmentation Analysis
 6.5 Heavy Commercial Vehicles (HCVs)
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 Heavy Commercial Vehicles (HCVs): Geographic Segmentation Analysis

Chapter 7: Company Profiles and Competitive Analysis
 7.1 Competitive Landscape
  7.1.1 Competitive Benchmarking
  7.1.2 Automotive Steering Systems Market Share by Manufacturer (2023)
  7.1.3 Industry BCG Matrix
  7.1.4 Heat Map Analysis
  7.1.5 Mergers and Acquisitions
  
 7.2 JTEKT CORPORATION (JAPAN)
  7.2.1 Company Overview
  7.2.2 Key Executives
  7.2.3 Company Snapshot
  7.2.4 Role of the Company in the Market
  7.2.5 Sustainability and Social Responsibility
  7.2.6 Operating Business Segments
  7.2.7 Product Portfolio
  7.2.8 Business Performance
  7.2.9 Key Strategic Moves and Recent Developments
  7.2.10 SWOT Analysis
 7.3 NEXTEER AUTOMOTIVE GROUP LTD. (UNITED STATES)
 7.4 SHOWA CORP. (JAPAN)
 7.5 THYSSENKRUPP AG (GERMANY)
 7.6 HITACHI AUTOMOTIVE SYSTEMS LTD. (JAPAN)
 7.7 ROBERT BOSCH GMBH (GERMANY)
 7.8 NSK STEERING SYSTEMS CO. LTD. (JAPAN)
 7.9 MANDO CORP. (SOUTH KOREA)
 7.10 ZF FRIEDRICHSHAFEN AG (GERMANY)
 7.11 OTHER ACTIVE PLAYERS

Chapter 8: Global Automotive Steering Systems Market By Region
 8.1 Overview
 8.2. North America Automotive Steering Systems Market
  8.2.1 Key Market Trends, Growth Factors and Opportunities
  8.2.2 Top Key Companies
  8.2.3 Historic and Forecasted Market Size by Segments
  8.2.4 Historic and Forecasted Market Size By Type
   8.2.4.1 Electric Power Steering (EPS)
   8.2.4.2 Electro-hydraulic Power Steering (EHPS)
   8.2.4.3 Manual Steering)
  8.2.5 Historic and Forecasted Market Size By Technology
   8.2.5.1 Conventional Steering System
   8.2.5.2 Advanced Driver Assistance System (ADAS) Integrated Steering System
  8.2.6 Historic and Forecasted Market Size By Vehicle Type
   8.2.6.1 Passenger Cars
   8.2.6.2 Light Commercial Vehicles (LCVs)
   8.2.6.3 Heavy Commercial Vehicles (HCVs)
  8.2.7 Historic and Forecast Market Size by Country
   8.2.7.1 US
   8.2.7.2 Canada
   8.2.7.3 Mexico
 8.3. Eastern Europe Automotive Steering Systems Market
  8.3.1 Key Market Trends, Growth Factors and Opportunities
  8.3.2 Top Key Companies
  8.3.3 Historic and Forecasted Market Size by Segments
  8.3.4 Historic and Forecasted Market Size By Type
   8.3.4.1 Electric Power Steering (EPS)
   8.3.4.2 Electro-hydraulic Power Steering (EHPS)
   8.3.4.3 Manual Steering)
  8.3.5 Historic and Forecasted Market Size By Technology
   8.3.5.1 Conventional Steering System
   8.3.5.2 Advanced Driver Assistance System (ADAS) Integrated Steering System
  8.3.6 Historic and Forecasted Market Size By Vehicle Type
   8.3.6.1 Passenger Cars
   8.3.6.2 Light Commercial Vehicles (LCVs)
   8.3.6.3 Heavy Commercial Vehicles (HCVs)
  8.3.7 Historic and Forecast Market Size by Country
   8.3.7.1 Bulgaria
   8.3.7.2 The Czech Republic
   8.3.7.3 Hungary
   8.3.7.4 Poland
   8.3.7.5 Romania
   8.3.7.6 Rest of Eastern Europe
 8.4. Western Europe Automotive Steering Systems Market
  8.4.1 Key Market Trends, Growth Factors and Opportunities
  8.4.2 Top Key Companies
  8.4.3 Historic and Forecasted Market Size by Segments
  8.4.4 Historic and Forecasted Market Size By Type
   8.4.4.1 Electric Power Steering (EPS)
   8.4.4.2 Electro-hydraulic Power Steering (EHPS)
   8.4.4.3 Manual Steering)
  8.4.5 Historic and Forecasted Market Size By Technology
   8.4.5.1 Conventional Steering System
   8.4.5.2 Advanced Driver Assistance System (ADAS) Integrated Steering System
  8.4.6 Historic and Forecasted Market Size By Vehicle Type
   8.4.6.1 Passenger Cars
   8.4.6.2 Light Commercial Vehicles (LCVs)
   8.4.6.3 Heavy Commercial Vehicles (HCVs)
  8.4.7 Historic and Forecast Market Size by Country
   8.4.7.1 Germany
   8.4.7.2 UK
   8.4.7.3 France
   8.4.7.4 Netherlands
   8.4.7.5 Italy
   8.4.7.6 Russia
   8.4.7.7 Spain
   8.4.7.8 Rest of Western Europe
 8.5. Asia Pacific Automotive Steering Systems Market
  8.5.1 Key Market Trends, Growth Factors and Opportunities
  8.5.2 Top Key Companies
  8.5.3 Historic and Forecasted Market Size by Segments
  8.5.4 Historic and Forecasted Market Size By Type
   8.5.4.1 Electric Power Steering (EPS)
   8.5.4.2 Electro-hydraulic Power Steering (EHPS)
   8.5.4.3 Manual Steering)
  8.5.5 Historic and Forecasted Market Size By Technology
   8.5.5.1 Conventional Steering System
   8.5.5.2 Advanced Driver Assistance System (ADAS) Integrated Steering System
  8.5.6 Historic and Forecasted Market Size By Vehicle Type
   8.5.6.1 Passenger Cars
   8.5.6.2 Light Commercial Vehicles (LCVs)
   8.5.6.3 Heavy Commercial Vehicles (HCVs)
  8.5.7 Historic and Forecast Market Size by Country
   8.5.7.1 China
   8.5.7.2 India
   8.5.7.3 Japan
   8.5.7.4 South Korea
   8.5.7.5 Malaysia
   8.5.7.6 Thailand
   8.5.7.7 Vietnam
   8.5.7.8 The Philippines
   8.5.7.9 Australia
   8.5.7.10 New Zealand
   8.5.7.11 Rest of APAC
 8.6. Middle East & Africa Automotive Steering Systems Market
  8.6.1 Key Market Trends, Growth Factors and Opportunities
  8.6.2 Top Key Companies
  8.6.3 Historic and Forecasted Market Size by Segments
  8.6.4 Historic and Forecasted Market Size By Type
   8.6.4.1 Electric Power Steering (EPS)
   8.6.4.2 Electro-hydraulic Power Steering (EHPS)
   8.6.4.3 Manual Steering)
  8.6.5 Historic and Forecasted Market Size By Technology
   8.6.5.1 Conventional Steering System
   8.6.5.2 Advanced Driver Assistance System (ADAS) Integrated Steering System
  8.6.6 Historic and Forecasted Market Size By Vehicle Type
   8.6.6.1 Passenger Cars
   8.6.6.2 Light Commercial Vehicles (LCVs)
   8.6.6.3 Heavy Commercial Vehicles (HCVs)
  8.6.7 Historic and Forecast Market Size by Country
   8.6.7.1 Turkey
   8.6.7.2 Bahrain
   8.6.7.3 Kuwait
   8.6.7.4 Saudi Arabia
   8.6.7.5 Qatar
   8.6.7.6 UAE
   8.6.7.7 Israel
   8.6.7.8 South Africa
 8.7. South America Automotive Steering Systems Market
  8.7.1 Key Market Trends, Growth Factors and Opportunities
  8.7.2 Top Key Companies
  8.7.3 Historic and Forecasted Market Size by Segments
  8.7.4 Historic and Forecasted Market Size By Type
   8.7.4.1 Electric Power Steering (EPS)
   8.7.4.2 Electro-hydraulic Power Steering (EHPS)
   8.7.4.3 Manual Steering)
  8.7.5 Historic and Forecasted Market Size By Technology
   8.7.5.1 Conventional Steering System
   8.7.5.2 Advanced Driver Assistance System (ADAS) Integrated Steering System
  8.7.6 Historic and Forecasted Market Size By Vehicle Type
   8.7.6.1 Passenger Cars
   8.7.6.2 Light Commercial Vehicles (LCVs)
   8.7.6.3 Heavy Commercial Vehicles (HCVs)
  8.7.7 Historic and Forecast Market Size by Country
   8.7.7.1 Brazil
   8.7.7.2 Argentina
   8.7.7.3 Rest of SA

Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies

Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research