Press Release

Automotive Steering Systems Market to Grow with a CAGR of 7.59% through 2029

The growing global vehicle production and the transition to electric power steering (EPS) systems for enhanced fuel efficiency are key factors driving the market during the forecast period.

 

According to TechSci Research report, “Automotive Steering Systems Market - Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F”, Global Automotive Steering Systems Market was valued at USD 24.33 Billion in 2023 and is expected to reach USD 37.68 Billion by 2029 with a CAGR of 7.59% during the forecast period. The automotive steering systems market is experiencing notable growth driven by technological advancements and the rising focus on safer driving experiences. Electric power steering (EPS) has emerged as a preferred choice due to its ability to enhance fuel efficiency and reduce emissions. Automakers are incorporating cutting-edge steering systems to improve vehicle handling, reduce driver fatigue, and bolster safety features. Innovations like steer-by-wire technology, which replaces traditional mechanical linkages with electronic controls, are further propelling market growth. The rising global production of passenger and commercial vehicles also contributes to this positive trend.

Emerging trends in the market include the adoption of AI and sensors in steering systems, enabling autonomous and semi-autonomous driving functionalities. As electric and hybrid vehicles gain traction, steering systems are being adapted to support these new powertrains. Lightweight materials are increasingly used in manufacturing to boost efficiency while maintaining performance standards. Partnerships between automotive manufacturers and technology firms are expediting the development of advanced steering solutions, aligning with consumer demand for intelligent and connected vehicle systems.

Key challenges include the high costs of advanced steering technologies and the technical complexities involved in their integration. Ensuring reliability and meeting stringent safety regulations, particularly in autonomous vehicle applications, remain significant hurdles. Intense competition among industry players has also impacted profitability, while the demand for constant innovation adds financial pressure. Nonetheless, strong consumer interest in innovative, efficient steering solutions continues to create growth opportunities for the market.

 

Browse over xx market data Figures spread through xx Pages and an in-depth TOC on "Global Automotive Steering Systems Market 

 

The Automotive Steering Systems Market is segmented into Steering System, Component, Sales Channel and region.

Hydraulic power steering (HPS) is emerging as the fastest-growing segment in the automotive steering systems market due to its proven reliability and ability to handle high torque demands in heavy-duty applications. Its robust performance makes it ideal for commercial vehicles and off-road applications, where durability and consistent functionality are critical.

The widespread availability of hydraulic components and ease of maintenance further enhance its appeal, particularly in regions with established automotive infrastructure. Hydraulic systems are also favored in vehicles requiring precise steering control under heavy loads, contributing to their rising adoption.

Innovations in hydraulic technology, such as variable displacement pumps, are increasing system efficiency, addressing energy consumption concerns, and making HPS more competitive. These advancements, combined with the system's versatility in handling diverse driving conditions, are driving its growth in both developed and emerging markets, cementing its position as a key segment in the steering systems industry.

North America is experiencing rapid growth in the automotive steering systems market due to the region's focus on integrating cutting-edge technologies in vehicles. Advanced steering systems are increasingly adopted to align with evolving standards for vehicle safety and enhanced driving experiences. 

The rise of electric and hybrid vehicles in North America has prompted the development of innovative steering solutions tailored to these powertrains. These advancements cater to the demand for lightweight, efficient systems while maintaining optimal performance. Additionally, the automotive sector's inclination toward semi-autonomous and autonomous vehicle technologies is fostering investment in sophisticated steering systems equipped with sensors and electronic controls. 

Strong collaboration between automakers and technology firms in North America accelerates the adoption of intelligent mobility solutions, further driving market expansion. This proactive approach to innovation and its integration into vehicle production solidify North America's position as the fastest-growing region in the automotive steering systems market.

Major companies operating in global Automotive Steering Systems Market are:

  • ZF Friedrichshafen AG
  • Mitsubishi Electric Corporation
  • HL Mando Corp.
  • JTEKT Corporation
  • Nexteer Automotive Corporation
  • thyssenkrupp AG
  • Robert Bosch GmbH
  • Hitachi Astemo, Ltd.

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A key trend in the automotive steering systems market is the increasing adoption of steer-by-wire technology, replacing mechanical linkages with electronic controls. This innovation enhances precision, supports autonomous driving, and reduces system weight. Additionally, the integration of advanced sensors and AI for smarter steering solutions is shaping future developments in the industry. “Said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

Automotive Steering Systems Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Steering System (Manual, Electrically Powered, Electro-Hydraulic Powered, and Hydraulic Powered), By Component (Hydraulic Pump, Steering Sensor & Column, Electric Motor, and Others), By Sales Channel (OEM and Aftermarket), By Region, By Competition, 2019-2029F”, has evaluated the future growth potential of Global Automotive Steering Systems Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global Automotive Steering Systems Market.

 

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