Automotive Steering System Market Report by Type (Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Electro-Hydraulic Power Steering (EHPS), Manual Steering), Component (Steering Column, Steering Wheel Speed Sensors, Electric Motors, Hydraulic Pumps, and Others), Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), and Region 2024-2032

Automotive Steering System Market Report by Type (Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Electro-Hydraulic Power Steering (EHPS), Manual Steering), Component (Steering Column, Steering Wheel Speed Sensors, Electric Motors, Hydraulic Pumps, and Others), Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A5619
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Market Overview:

The global automotive steering system market size reached US$ 33.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 46.1 Billion by 2032, exhibiting a growth rate (CAGR) of 3.4% during 2024-2032.

Report Attribute 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 33.8 Billion
Market Forecast in 2032
US$ 46.1 Billion
Market Growth Rate 2024-2032 3.4%


An automotive steering system comprises a set of components, such as steering wheels, gears, and linkages, which are used to control the direction of a vehicle. It also includes a hydraulic booster that works when the engine is running and provides the necessary force while turning the wheels. It assists in converting the rotatory movement of the steering into an angular turning of the front wheels. Besides this, it minimizes wear and tear of tires, prevents road shocks from reaching the driver and provides stability to the vehicle on the road.

automotive steering system market

Automotive Steering System Market Trends:

The growing demand for automobiles across the globe represents one of the key factors driving the market. In addition, there is a rise in the adoption of power steering systems in vehicles as they offer better control over the vehicle. This, in turn, is propelling the growth of the market. Moreover, effective steering systems help increase the fuel efficiency of vehicles. As a result, the rising demand for fuel-efficient vehicles worldwide is contributing to the growth of the market. Apart from this, governments of several countries are implementing fleet-level regulations to reduce carbon emissions from vehicles. This, coupled with the escalating demand for electric power steering (EPS) systems to improve the safety and overall driving experience, is stimulating the growth of the market. Additionally, the increasing use of sensors in automotive steering systems is positively influencing the market. Other growth-inducing factors are the expanding automotive industry and the growing advanced driver assistance systems (ADAS) and electronic control units (ECU) in automobiles. Furthermore, key market players are introducing drive-by-wire technology to eliminate any mechanical linkages and reduce the weight of the vehicle, which is projected to strengthen the market growth.

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global automotive steering system market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on type, component and vehicle type.

Breakup by Type:

 

 
 

 

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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  • Electric Power Steering (EPS)
  • Hydraulic Power Steering (HPS)
  • Electro-Hydraulic Power Steering (EHPS)
  • Manual Steering
     

Breakup by Component:

  • Steering Column
  • Steering Wheel Speed Sensors
  • Electric Motors
  • Hydraulic Pumps
  • Others
     

Breakup by Vehicle Type:

  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
     

Breakup by Region:

 

 
 

 

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  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Component, Vehicle Type, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global automotive steering system market was valued at US$ 33.8 Billion in 2023.

We expect the global automotive steering system market to exhibit a CAGR of 3.4% during 2024-2032.

The escalating adoption of electric power steering systems to improve passenger safety and overall driving experience is primarily driving the global automotive steering system market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for automotive steering system.

Based on the type, the global automotive steering system market has been segmented into Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Electro-Hydraulic Power Steering (EHPS), and manual steering. Among these, Electric Power Steering (EPS) currently represents the largest market share.

Based on the vehicle type, the global automotive steering system market can be bifurcated into passenger cars, light commercial vehicles, and heavy commercial vehicles. Currently, passenger cars account for the majority of the total market share.

On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America, where Asia-Pacific currently dominates the global market.

Some of the major players in the global automotive steering system market include 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.

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Automotive Steering System Market Report by Type (Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Electro-Hydraulic Power Steering (EHPS), Manual Steering), Component (Steering Column, Steering Wheel Speed Sensors, Electric Motors, Hydraulic Pumps, and Others), Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), and Region 2024-2032
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