Automotive Steering Systems Market Size, Share and Forecast 2029F

Report Description

Forecast Period	2025-2029
Market Size (2023)	USD 24.33 Billion
CAGR (2024-2029)	7.59%
Fastest Growing Segment	Hydraulic Powered
Largest Market	Asia-Pacific
Market Size (2029)	USD 37.68 Billion

Market Overview

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 global automotive steering systems market is a rapidly evolving sector essential to vehicle control and maneuverability. Its growth is driven by rising vehicle demand, particularly in emerging markets like China, India, and Brazil, alongside advancements in technology. Innovations such as electric power steering (EPS) systems, known for energy efficiency and responsiveness, and steer-by-wire systems, enabling advanced driver-assistance and autonomous driving capabilities, are reshaping the industry. Government regulations mandating stricter safety and emission standards further propel the adoption of advanced steering technologies. With significant investments in R&D by major players and collaborations within the industry, the market is poised for continued expansion, driven by the need for safer, more efficient, and smarter vehicle systems.

Key Market Drivers

Increasing Vehicle Production

The global automotive steering systems market is driven by the overall growth of the automotive industry. As the demand for vehicles continues to rise worldwide, there is a corresponding increase in the production of vehicles. This, in turn, drives the demand for steering systems, as every vehicle requires a steering system for maneuverability and control.

Technological Advancements

The automotive steering systems market is influenced by continuous technological advancements. Manufacturers are constantly developing innovative steering technologies to enhance vehicle safety, improve fuel efficiency, and provide a better driving experience. Electric power steering (EPS) systems, for example, have gained popularity due to their energy efficiency and improved responsiveness compared to traditional hydraulic power steering systems.

Government Regulations

Government regulations and initiatives play a significant role in shaping the global automotive steering systems market. Governments around the world are implementing stricter safety and emission standards, which drive the adoption of advanced steering technologies. For instance, regulations mandating the use of electric power steering systems to improve fuel efficiency and reduce emissions have influenced the market dynamics.

Download Free Sample Report

Key Market Challenges

Cost Pressure

One of the major challenges in the global automotive steering systems market is cost pressure. Manufacturers face the challenge of developing and producing steering systems that meet the increasing demands for advanced features while keeping the costs competitive. The integration of new technologies and materials can drive up the production costs, making it challenging for manufacturers to strike a balance between innovation and affordability.

Technological Complexity

The rapid advancement of steering system technologies introduces complexity in design, development, and manufacturing processes. Integrating advanced features such as electric power steering, steer-by-wire systems, and autonomous driving capabilities requires sophisticated engineering and software expertise. Managing the complexity of these technologies and ensuring their reliability and compatibility with other vehicle systems can be a significant challenge for manufacturers.

Safety and Reliability

Steering systems are critical components for vehicle safety and reliability. Any failure or malfunction in the steering system can have severe consequences. Manufacturers face the challenge of ensuring the safety and reliability of steering systems by conducting rigorous testing, adhering to strict quality standards, and addressing potential vulnerabilities. Meeting safety regulations and customer expectations for robust and dependable steering systems is a constant challenge.

Key Market Trends

Electric Power Steering (EPS) Dominance

Electric power steering (EPS) systems continue to dominate the global automotive steering systems market. EPS systems offer advantages such as improved fuel efficiency, reduced weight, and enhanced responsiveness compared to traditional hydraulic power steering systems. The trend towards EPS is driven by the increasing demand for fuel-efficient vehicles and the integration of advanced driver-assistance systems (ADAS) that rely on electric steering control.

Steer-by-Wire Systems

Steer-by-wire systems are gaining traction in the automotive steering systems market. These systems eliminate the mechanical connection between the steering wheel and the wheels, replacing it with electronic controls. Steer-by-wire systems offer benefits such as increased design flexibility, reduced weight, and the potential for advanced autonomous driving capabilities. As the automotive industry moves towards autonomous vehicles, steer-by-wire systems are expected to play a significant role in enabling advanced driver-assistance features.

Integration of Advanced Driver-Assistance Systems (ADAS)

The integration of advanced driver-assistance systems (ADAS) with steering systems is a prominent trend in the automotive industry. Steering systems are being equipped with features such as lane-keeping assist, adaptive cruise control, and automated parking. These technologies enhance vehicle safety, improve driving comfort, and pave the way for autonomous driving. The demand for steering systems that seamlessly integrate with ADAS is expected to grow as ADAS adoption increases.

Segmental Insights

Sales Channel Insights

The Original Equipment Manufacturer (OEM) segment dominates the automotive steering systems market due to its integral role in producing advanced and reliable steering components that meet stringent industry standards. OEMs are closely linked with vehicle manufacturers, allowing them to align their steering systems with the specific design, performance, and safety requirements of vehicles. This close collaboration ensures seamless integration of steering systems into the overall vehicle architecture, enhancing efficiency and reducing compatibility issues.

One of the primary reasons for OEM dominance is the growing preference for technologically advanced steering systems such as Electric Power Steering (EPS) and steer-by-wire. These systems require high levels of precision, quality, and reliability, which OEMs are well-equipped to deliver. OEMs also benefit from economies of scale, enabling cost-efficient production of high-quality steering systems for mass-market vehicles. Additionally, their strong research and development capabilities allow them to innovate continuously, offering cutting-edge solutions that meet evolving consumer demands for safety, fuel efficiency, and driving comfort.

OEMs also maintain a competitive edge due to their ability to comply with government regulations and industry standards. As global safety and emission norms become more stringent, automakers increasingly rely on OEMs to provide steering systems that meet these requirements. Furthermore, the long-term partnerships between OEMs and automakers ensure sustained demand, reinforcing their market leadership. The trust, brand reputation, and technological expertise associated with OEM products contribute significantly to their dominant position in the automotive steering systems market.

Download Free Sample Report

Regional Insights

Asia-Pacific dominates the automotive steering systems market due to its strong position as a global hub for automotive production and sales. Countries like China, India, Japan, and South Korea are home to some of the largest automobile manufacturers and suppliers, driving the demand for advanced steering systems. The region benefits from high vehicle production volumes, supported by robust industrial infrastructure and cost-efficient manufacturing processes, making it a preferred choice for automakers and component suppliers.

The growing middle-class population and rising disposable incomes in emerging economies such as China and India have significantly boosted vehicle ownership, further driving the demand for steering systems. Additionally, the shift toward electric vehicles (EVs) in these markets has accelerated the adoption of advanced steering technologies like Electric Power Steering (EPS), which align with the sustainability goals of the automotive industry.

Government regulations in the Asia-Pacific region also play a vital role in shaping the market. Policies promoting road safety, fuel efficiency, and emissions control are encouraging the adoption of innovative steering systems. For instance, governments in the region are incentivizing the use of EPS to reduce fuel consumption and improve vehicle performance.

Moreover, Asia-Pacific benefits from a highly competitive and rapidly evolving automotive supply chain. The presence of global and regional steering system manufacturers fosters innovation and ensures the availability of cost-effective solutions. These factors, combined with a rapidly growing automotive sector, position Asia-Pacific as the leading region in the global automotive steering systems market.

Recent Development

In March 2024, ZF Rane Automotive India Pvt Ltd revealed its acquisition of TRW Sun Steering Wheels Pvt Ltd, a manufacturer of steering wheels, for an undisclosed amount. Based in Gurugram, TRW Sun Steering Wheels (TSSW) was established as a joint venture between the Sun Group and ZF Group on a global scale.
In June 2023, Nidec developed a new electric power steering motor power pack. Column-type EPS units now require smooth steering similar to rack-type units, with cost reductions. Additionally, the rise of ADAS functions calls for reduced friction and torque ripple for smoother system performance.

Key Market Players

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

By Steering System	By Component	By Sales Channel	By Region
Manual Electrically Powered Electro-Hydraulic Powered Hydraulic Powered	Hydraulic Pump Steering Sensor & Column Electric Motor Others	OEM Aftermarket	North America Europe & CIS Asia-Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Automotive Steering Systems Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Automotive Steering Systems Market, By Steering System:

o Manual

o Electrically Powered

o Electro-Hydraulic Powered

o Hydraulic Powered

Automotive Steering Systems Market, By Component:

o Hydraulic Pump

o Steering Sensor & Column

o Electric Motor

o Others

Automotive Steering Systems Market, By Sales Channel:

o OEM

o Aftermarket

Automotive Steering Systems Market, By Region:

o North America

§ United States

§ Canada

§ Mexico

o Europe & CIS

§ France

§ Germany

§ Spain

§ Italy

§ United Kingdom

§ Rest Of Europe

o Asia-Pacific

§ China

§ Japan

§ India

§ Vietnam

§ South Korea

§ Thailand

§ Australia

§ Rest of Asia-Pacific

o Middle East & Africa

§ South Africa

§ Saudi Arabia

§ UAE

§ Turkey

o South America

§ Brazil

§ Argentina

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global Automotive Steering Systems Market.

Available Customizations:

Global Automotive Steering Systems Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Global Automotive Steering Systems Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Introduction

1.1. Market Overview

1.2. Key Highlights of the Report

1.3. Market Coverage

1.4. Market Segments Covered

1.5. Research Tenure Considered

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Market Overview

3.2. Market Forecast

3.3. Key Regions

3.4. Key Segments

4. Global Automotive Steering Systems Market Outlook

4.1. Market Size & Forecast

4.1.1. By Value

4.2. Market Share & Forecast

4.2.1. By Steering System Market Share Analysis (Manual, Electrically Powered, Electro-Hydraulic Powered, and Hydraulic Powered)

4.2.2. By Component Market Share Analysis (Hydraulic Pump, Steering Sensor & Column, Electric Motor, and Others)

4.2.3. By Sales Channel Market Share Analysis (OEM and Aftermarket)

4.2.4. By Regional Market Share Analysis

4.2.4.1. North America Market Share Analysis

4.2.4.2. Europe & CIS Market Share Analysis

4.2.4.3. Asia-Pacific Market Share Analysis

4.2.4.4. Middle East & Africa Market Share Analysis

4.2.4.5. South America Market Share Analysis

4.2.5. By Top 5 Companies Market Share Analysis, Others (2023)

4.3. Global Automotive Steering Systems Market Mapping & Opportunity Assessment

4.3.1. By Steering System Market Mapping & Opportunity Assessment

4.3.2. By Component Market Mapping & Opportunity Assessment

4.3.3. By Sales Channel Market Mapping & Opportunity Assessment

4.3.4. By Regional Market Mapping & Opportunity Assessment

5. North America Automotive Steering Systems Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By Steering System Market Share Analysis

5.2.2. By Component Market Share Analysis

5.2.3. By Sales Channel Market Share Analysis

5.2.4. By Country Market Share Analysis

5.2.4.1. United States Automotive Steering Systems Market Outlook

5.2.4.1.1. Market Size & Forecast

5.2.4.1.1.1. By Value

5.2.4.1.2. Market Share & Forecast

5.2.4.1.2.1. By Steering System Market Share Analysis

5.2.4.1.2.2. By Component Market Share Analysis

5.2.4.1.2.3. By Sales Channel Market Share Analysis

5.2.4.2. Canada Automotive Steering Systems Market Outlook

5.2.4.2.1. Market Size & Forecast

5.2.4.2.1.1. By Value

5.2.4.2.2. Market Share & Forecast

5.2.4.2.2.1. By Steering System Market Share Analysis

5.2.4.2.2.2. By Component Market Share Analysis

5.2.4.2.2.3. By Sales Channel Market Share Analysis

5.2.4.3. Mexico Automotive Steering Systems Market Outlook

5.2.4.3.1. Market Size & Forecast

5.2.4.3.1.1. By Value

5.2.4.3.2. Market Share & Forecast

5.2.4.3.2.1. By Steering System Market Share Analysis

5.2.4.3.2.2. By Component Market Share Analysis

5.2.4.3.2.3. By Sales Channel Market Share Analysis

6. Europe & CIS Automotive Steering Systems Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By Steering System Market Share Analysis

6.2.2. By Component Market Share Analysis

6.2.3. By Sales Channel Market Share Analysis

6.2.4. By Country Market Share Analysis

6.2.4.1. France Automotive Steering Systems Market Outlook

6.2.4.1.1. Market Size & Forecast

6.2.4.1.1.1. By Value

6.2.4.1.2. Market Share & Forecast

6.2.4.1.2.1. By Steering System Market Share Analysis

6.2.4.1.2.2. By Component Market Share Analysis

6.2.4.1.2.3. By Sales Channel Market Share Analysis

6.2.4.2. Germany Automotive Steering Systems Market Outlook

6.2.4.2.1. Market Size & Forecast

6.2.4.2.1.1. By Value

6.2.4.2.2. Market Share & Forecast

6.2.4.2.2.1. By Steering System Market Share Analysis

6.2.4.2.2.2. By Component Market Share Analysis

6.2.4.2.2.3. By Sales Channel Market Share Analysis

6.2.4.3. Spain Automotive Steering Systems Market Outlook

6.2.4.3.1. Market Size & Forecast

6.2.4.3.1.1. By Value

6.2.4.3.2. Market Share & Forecast

6.2.4.3.2.1. By Steering System Market Share Analysis

6.2.4.3.2.2. By Component Market Share Analysis

6.2.4.3.2.3. By Sales Channel Market Share Analysis

6.2.4.4. Italy Automotive Steering Systems Market Outlook

6.2.4.4.1. Market Size & Forecast

6.2.4.4.1.1. By Value

6.2.4.4.2. Market Share & Forecast

6.2.4.4.2.1. By Steering System Market Share Analysis

6.2.4.4.2.2. By Component Market Share Analysis

6.2.4.4.2.3. By Sales Channel Market Share Analysis

6.2.4.5. United Kingdom Automotive Steering Systems Market Outlook

6.2.4.5.1. Market Size & Forecast

6.2.4.5.1.1. By Value

6.2.4.5.2. Market Share & Forecast

6.2.4.5.2.1. By Steering System Market Share Analysis

6.2.4.5.2.2. By Component Market Share Analysis

6.2.4.5.2.3. By Sales Channel Market Share Analysis

7. Asia-Pacific Automotive Steering Systems Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By Steering System Market Share Analysis

7.2.2. By Component Market Share Analysis

7.2.3. By Sales Channel Market Share Analysis

7.2.4. By Country Market Share Analysis

7.2.4.1. China Automotive Steering Systems Market Outlook

7.2.4.1.1. Market Size & Forecast

7.2.4.1.1.1. By Value

7.2.4.1.2. Market Share & Forecast

7.2.4.1.2.1. By Steering System Market Share Analysis

7.2.4.1.2.2. By Component Market Share Analysis

7.2.4.1.2.3. By Sales Channel Market Share Analysis

7.2.4.2. Japan Automotive Steering Systems Market Outlook

7.2.4.2.1. Market Size & Forecast

7.2.4.2.1.1. By Value

7.2.4.2.2. Market Share & Forecast

7.2.4.2.2.1. By Steering System Market Share Analysis

7.2.4.2.2.2. By Component Market Share Analysis

7.2.4.2.2.3. By Sales Channel Market Share Analysis

7.2.4.3. India Automotive Steering Systems Market Outlook

7.2.4.3.1. Market Size & Forecast

7.2.4.3.1.1. By Value

7.2.4.3.2. Market Share & Forecast

7.2.4.3.2.1. By Steering System Market Share Analysis

7.2.4.3.2.2. By Component Market Share Analysis

7.2.4.3.2.3. By Sales Channel Market Share Analysis

7.2.4.4. Vietnam Automotive Steering Systems Market Outlook

7.2.4.4.1. Market Size & Forecast

7.2.4.4.1.1. By Value

7.2.4.4.2. Market Share & Forecast

7.2.4.4.2.1. By Steering System Market Share Analysis

7.2.4.4.2.2. By Component Market Share Analysis

7.2.4.4.2.3. By Sales Channel Market Share Analysis

7.2.4.5. South Korea Automotive Steering Systems Market Outlook

7.2.4.5.1. Market Size & Forecast

7.2.4.5.1.1. By Value

7.2.4.5.2. Market Share & Forecast

7.2.4.5.2.1. By Steering System Market Share Analysis

7.2.4.5.2.2. By Component Market Share Analysis

7.2.4.5.2.3. By Sales Channel Market Share Analysis

7.2.4.6. Australia Automotive Steering Systems Market Outlook

7.2.4.6.1. Market Size & Forecast

7.2.4.6.1.1. By Value

7.2.4.6.2. Market Share & Forecast

7.2.4.6.2.1. By Steering System Market Share Analysis

7.2.4.6.2.2. By Component Market Share Analysis

7.2.4.6.2.3. By Sales Channel Market Share Analysis

7.2.4.7. Thailand Automotive Steering Systems Market Outlook

7.2.4.7.1. Market Size & Forecast

7.2.4.7.1.1. By Value

7.2.4.7.2. Market Share & Forecast

7.2.4.7.2.1. By Steering System Market Share Analysis

7.2.4.7.2.2. By Component Market Share Analysis

7.2.4.7.2.3. By Sales Channel Market Share Analysis

8. Middle East & Africa Automotive Steering Systems Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By Steering System Market Share Analysis

8.2.2. By Component Market Share Analysis

8.2.3. By Sales Channel Market Share Analysis

8.2.4. By Country Market Share Analysis

8.2.4.1. South Africa Automotive Steering Systems Market Outlook

8.2.4.1.1. Market Size & Forecast

8.2.4.1.1.1. By Value

8.2.4.1.2. Market Share & Forecast

8.2.4.1.2.1. By Steering System Market Share Analysis

8.2.4.1.2.2. By Component Market Share Analysis

8.2.4.1.2.3. By Sales Channel Market Share Analysis

8.2.4.2. Saudi Arabia Automotive Steering Systems Market Outlook

8.2.4.2.1. Market Size & Forecast

8.2.4.2.1.1. By Value

8.2.4.2.2. Market Share & Forecast

8.2.4.2.2.1. By Steering System Market Share Analysis

8.2.4.2.2.2. By Component Market Share Analysis

8.2.4.2.2.3. By Sales Channel Market Share Analysis

8.2.4.3. UAE Automotive Steering Systems Market Outlook

8.2.4.3.1. Market Size & Forecast

8.2.4.3.1.1. By Value

8.2.4.3.2. Market Share & Forecast

8.2.4.3.2.1. By Steering System Market Share Analysis

8.2.4.3.2.2. By Component Market Share Analysis

8.2.4.3.2.3. By Sales Channel Market Share Analysis

8.2.4.4. Turkey Automotive Steering Systems Market Outlook

8.2.4.4.1. Market Size & Forecast

8.2.4.4.1.1. By Value

8.2.4.4.2. Market Share & Forecast

8.2.4.4.2.1. By Steering System Market Share Analysis

8.2.4.4.2.2. By Component Market Share Analysis

8.2.4.4.2.3. By Sales Channel Market Share Analysis

9. South America Automotive Steering Systems Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By Steering System Market Share Analysis

9.2.2. By Component Market Share Analysis

9.2.3. By Sales Channel Market Share Analysis

9.2.4. By Country Market Share Analysis

9.2.4.1. Brazil Automotive Steering Systems Market Outlook

9.2.4.1.1. Market Size & Forecast

9.2.4.1.1.1. By Value

9.2.4.1.2. Market Share & Forecast

9.2.4.1.2.1. By Steering System Market Share Analysis

9.2.4.1.2.2. By Component Market Share Analysis

9.2.4.1.2.3. By Sales Channel Market Share Analysis

9.2.4.2. Argentina Automotive Steering Systems Market Outlook

9.2.4.2.1. Market Size & Forecast

9.2.4.2.1.1. By Value

9.2.4.2.2. Market Share & Forecast

9.2.4.2.2.1. By Steering System Market Share Analysis

9.2.4.2.2.2. By Component Market Share Analysis

9.2.4.2.2.3. By Sales Channel Market Share Analysis

10. Market Dynamics

10.1. Drivers

10.2. Challenges

11. Impact of COVID-19 on Global Automotive Steering Systems Market

12. Market Trends & Developments

13. Competitive Landscape

13.1. Company Profiles

13.1.1. ZF Friedrichshafen AG

13.1.1.1. Company Details

13.1.1.2. Products

13.1.1.3. Financials (As Per Availability)

13.1.1.4. Key Market Focus & Geographical Presence

13.1.1.5. Recent Developments

13.1.1.6. Key Management Personnel

13.1.2. Mitsubishi Electric Corporation

13.1.2.1. Company Details

13.1.2.2. Products

13.1.2.3. Financials (As Per Availability)

13.1.2.4. Key Market Focus & Geographical Presence

13.1.2.5. Recent Developments

13.1.2.6. Key Management Personnel

13.1.3. HL Mando Corp.

13.1.3.1. Company Details

13.1.3.2. Products

13.1.3.3. Financials (As Per Availability)

13.1.3.4. Key Market Focus & Geographical Presence

13.1.3.5. Recent Developments

13.1.3.6. Key Management Personnel

13.1.4. JTEKT Corporation

13.1.4.1. Company Details

13.1.4.2. Products

13.1.4.3. Financials (As Per Availability)

13.1.4.4. Key Market Focus & Geographical Presence

13.1.4.5. Recent Developments

13.1.4.6. Key Management Personnel

13.1.5. Nexteer Automotive Corporation

13.1.5.1. Company Details

13.1.5.2. Products

13.1.5.3. Financials (As Per Availability)

13.1.5.4. Key Market Focus & Geographical Presence

13.1.5.5. Recent Developments

13.1.5.6. Key Management Personnel

13.1.6. thyssenkrupp AG

13.1.6.1. Company Details

13.1.6.2. Products

13.1.6.3. Financials (As Per Availability)

13.1.6.4. Key Market Focus & Geographical Presence

13.1.6.5. Recent Developments

13.1.6.6. Key Management Personnel

13.1.7. Robert Bosch GmbH

13.1.7.1. Company Details

13.1.7.2. Products

13.1.7.3. Financials (As Per Availability)

13.1.7.4. Key Market Focus & Geographical Presence

13.1.7.5. Recent Developments

13.1.7.6. Key Management Personnel

13.1.8. Hitachi Astemo, Ltd.

13.1.8.1. Company Details

13.1.8.2. Products

13.1.8.3. Financials (As Per Availability)

13.1.8.4. Key Market Focus & Geographical Presence

13.1.8.5. Recent Developments

13.1.8.6. Key Management Personnel

14. Strategic Recommendations/Action Plan

14.1. Key Focus Areas

14.2. Target By Steering System

14.3. Target By Component

15. About Us & Disclaimer

Figures and Tables

Frequently asked questions

What was the market size of the Global Automotive Steering Systems Market in 2023?

The Global Automotive Steering Systems Market size reached USD 24.33 Billion in 2023

Which was the fastest growng segment By Steering System in the Global Automotive Steering Systems Market in 2023?

Hydraulic-powered steering systems are rapidly growing due to their ability to provide robust performance, reliability, and precise control, particularly in heavy-duty and commercial vehicles.

Which is the dominant region in the Global Automotive Steering Systems Market?

Asia Pacific is the dominant region in the global automotive steering systems market. With countries like China, India, and Japan experiencing rapid growth in the automotive sector, Asia Pacific has emerged as a manufacturing hub for the industry. The region's high vehicle production and sales, coupled with increasing investments from global automotive manufacturers, contribute to its dominance.

What are the major drivers for the Global Automotive Steering Systems Market?

The major drivers for the global automotive steering systems market include the increasing demand for advanced driver-assistance systems (ADAS) and autonomous driving technologies, the growing emphasis on vehicle safety and comfort, and the rising production of electric and hybrid vehicles. These factors are contributing to the development and adoption of more sophisticated steering systems in the automotive industry.

Buy Now