Automotive Steering Device Unlocking Growth Opportunities: Analysis and Forecast 2025-2033

Key Insights

The automotive steering device market is experiencing robust growth, driven by increasing vehicle production globally and the rising adoption of advanced driver-assistance systems (ADAS) and autonomous driving technologies. The market's expansion is fueled by the demand for improved safety features, enhanced driving comfort, and more efficient steering systems. Electric power steering (EPS) is rapidly gaining traction, surpassing hydraulic power steering (HPS) due to its fuel efficiency, reduced emissions, and integration capabilities with ADAS features. This shift towards EPS is a major trend shaping the market landscape. Key players like Bosch, Denso, and Nexteer are investing heavily in research and development to enhance the performance, reliability, and affordability of EPS systems. The market is segmented by steering type (EPS, HPS, etc.), vehicle type (passenger cars, commercial vehicles), and region. While the North American and European markets currently hold significant shares, the Asia-Pacific region is projected to witness the fastest growth rate due to increasing automotive production and rising disposable incomes in developing economies. Competitive pressures are evident, with both established players and new entrants vying for market share through technological advancements, strategic partnerships, and mergers and acquisitions. However, challenges such as stringent regulations related to safety and emissions, along with the high initial investment costs associated with new technologies, pose potential restraints to market growth.

Looking forward to 2033, the automotive steering device market is poised for continued expansion, propelled by the ongoing integration of advanced functionalities in vehicles. The increasing adoption of autonomous and semi-autonomous vehicles will significantly drive demand for sophisticated steering systems capable of precise control and seamless interaction with other vehicle systems. Furthermore, the growing focus on lightweight materials and improved energy efficiency in automotive manufacturing will continue to influence technological advancements within the steering device segment. While supply chain disruptions and fluctuations in raw material prices remain potential risks, the long-term outlook for the automotive steering device market remains optimistic, driven by the ongoing trend of technological innovation and rising demand from the automotive sector worldwide. Regional variations in growth rates will be influenced by factors such as government policies, infrastructure development, and consumer preferences.

Automotive Steering Device Trends

The global automotive steering device market is experiencing robust growth, projected to reach several million units by 2033. The study period (2019-2033), encompassing the historical period (2019-2024), base year (2025), and forecast period (2025-2033), reveals a consistently upward trajectory. Key market insights point towards a significant shift driven by the increasing adoption of advanced driver-assistance systems (ADAS) and autonomous driving technologies. The demand for electric power steering (EPS) systems is escalating rapidly, outpacing that of hydraulic power steering (HPS), primarily due to their enhanced fuel efficiency, reduced emissions, and integration capabilities with ADAS features. This trend is particularly pronounced in the passenger vehicle segment, where manufacturers are increasingly incorporating EPS as a standard feature, even in entry-level models. Furthermore, the rising demand for comfort and convenience features, such as lane-keeping assist and adaptive cruise control, is directly boosting the adoption of sophisticated steering systems with integrated sensors and actuators. The market is also witnessing increased focus on the development of steer-by-wire technology, promising a significant leap in safety and maneuverability, though its widespread adoption faces challenges related to regulatory approvals and cost considerations. The growth, however, isn't uniform across all regions. Asia Pacific, driven by rapid industrialization and increasing vehicle production in China and India, leads the market. Meanwhile, North America and Europe show strong steady growth propelled by the adoption of advanced safety features and stringent emission regulations. The estimated market value for 2025 indicates a significant milestone in the overall growth trajectory, setting the stage for even more impressive expansion in the coming years. This growth is not only quantified by increased unit sales but also reflected in the technological advancements and diversification within the steering device industry.

Driving Forces: What's Propelling the Automotive Steering Device Market?

Several factors are propelling the growth of the automotive steering device market. The foremost is the burgeoning demand for enhanced safety and driver assistance features. The integration of EPS systems with ADAS functionalities like lane departure warning, lane keeping assist, and adaptive cruise control is significantly driving market expansion. This trend is further amplified by the increasing stringency of safety regulations globally, mandating the adoption of advanced safety technologies in new vehicles. The rise of electric vehicles (EVs) and hybrid electric vehicles (HEVs) presents another key driver. EPS systems are inherently more efficient and better suited for EVs and HEVs compared to their HPS counterparts, thus promoting their adoption. Furthermore, the continuous advancement in sensor technology, microprocessors, and control algorithms allows for the development of more sophisticated and reliable steering systems, which improves both performance and safety. The ongoing research and development into steer-by-wire technology, which promises greater efficiency and enhanced safety features, holds the potential to be a game-changer in the near future. Finally, the increasing disposable income in developing economies, particularly in Asia-Pacific, is fueling the demand for vehicles, thereby boosting the demand for steering devices. The convergence of these factors ensures the long-term growth prospects for the automotive steering device market.

Challenges and Restraints in Automotive Steering Device Market

Despite the positive growth outlook, the automotive steering device market faces several challenges. The high initial investment required for the development and manufacturing of advanced steering systems, particularly steer-by-wire technology, poses a significant hurdle for smaller players. Moreover, the stringent safety and performance standards imposed by regulatory bodies necessitate rigorous testing and validation procedures, increasing development costs and timelines. Concerns regarding the reliability and cybersecurity of advanced electronic steering systems are also hindering wider adoption, especially in the context of autonomous vehicles. The complexity of integrating EPS systems with other vehicle systems can lead to compatibility issues, requiring significant engineering efforts. Fluctuations in raw material prices, especially for metals and electronic components, can significantly impact the manufacturing costs and profit margins of steering device manufacturers. Finally, the competitive landscape, with both established players and new entrants vying for market share, creates intense pressure on pricing and profitability. Overcoming these challenges will require ongoing innovation, strategic partnerships, and a strong focus on cost optimization.

Key Region or Country & Segment to Dominate the Market

• Asia Pacific: This region is projected to dominate the market due to the rapid growth of the automotive industry, particularly in China and India. High vehicle production volumes, coupled with increasing demand for advanced safety features, drive strong demand. The region is also experiencing a significant rise in the adoption of EVs and HEVs, further boosting the demand for EPS systems. The presence of numerous automotive manufacturers and a robust supply chain within the region contributes to its market leadership.

• North America: The region experiences robust growth driven by the increasing adoption of advanced driver assistance systems (ADAS) and the high demand for comfort and convenience features in vehicles. Stringent government regulations promoting safety and fuel efficiency also fuel market growth.

• Europe: Similar to North America, the European market is characterized by a strong focus on safety regulations and the adoption of sophisticated technologies. High vehicle ownership rates and a focus on environmental sustainability contribute to the market's growth.

• Electric Power Steering (EPS) Segment: The EPS segment is expected to witness the fastest growth rate due to its superior fuel efficiency, reduced emissions, and easy integration with ADAS features compared to traditional hydraulic power steering (HPS) systems. This segment’s dominance is reinforced by the rising adoption of EVs and HEVs, which necessitate the use of EPS.

• Passenger Vehicle Segment: The passenger vehicle segment represents the largest share of the market due to the high volume of passenger vehicle production globally. The increasing incorporation of EPS as a standard feature across various vehicle segments further contributes to its market dominance.

The combination of these regional and segmental factors creates a complex, yet dynamic market environment. Manufacturers need to strategically align their product offerings and R&D efforts to effectively tap into these opportunities and navigate the challenges.

Growth Catalysts in Automotive Steering Device Industry

The automotive steering device industry's growth is fueled by several key catalysts. The rising adoption of advanced driver-assistance systems (ADAS) and autonomous driving technologies is a major driver, creating demand for sophisticated steering systems capable of integrating seamlessly with other vehicle systems. The increasing popularity of electric and hybrid vehicles necessitates the use of energy-efficient electric power steering (EPS), further boosting market growth. Government regulations mandating advanced safety features in new vehicles are also playing a crucial role. Finally, the growing focus on driver comfort and convenience, leading to features like lane-keeping assist and adaptive cruise control, is pushing the adoption of more technologically advanced steering systems.

Leading Players in the Automotive Steering Device Market

• Bosch
• JTEKT
• Mando
• Nexteer
• TRW (now part of ZF Friedrichshafen)
• Thyssen Krupp
• Atmel (now part of Microchip Technology)
• China Automotive Systems
• Denso
• Douglas Autotech
• Mitsubishi Electric
• NSK
• Tianjin Jinfeng Automobile Chassis Parts
• Zhjiang Shibao

Significant Developments in Automotive Steering Device Sector

• 2020: Bosch launches a new generation of electric power steering systems with improved efficiency and integration capabilities.
• 2021: Nexteer announces a significant investment in the development of steer-by-wire technology.
• 2022: Several manufacturers introduce new steering systems incorporating advanced sensor technology for enhanced driver assistance features.
• 2023: Increased focus on cybersecurity for automotive steering systems to mitigate potential hacking risks.
• 2024: Several new regulations regarding autonomous vehicle safety standards impacting steering system design.

Comprehensive Coverage Automotive Steering Device Report

This report offers a comprehensive overview of the automotive steering device market, providing a detailed analysis of market trends, driving forces, challenges, and key players. It incorporates historical data, current market estimates, and future projections to offer a robust understanding of the market's dynamics. The report also identifies key regional and segmental opportunities, providing valuable insights for strategic decision-making. With in-depth information on technological advancements and regulatory changes, this report serves as a critical resource for industry stakeholders looking to navigate the evolving landscape of the automotive steering device market.

Automotive Steering Device Segmentation

• 1. Type
  • 1.1. Hydraulic Power Steering (HPS)
  • 1.2. Electro-hydraulic Power Steering (EHPS)
  • 1.3. Electric Power Steering (EPS)
• 2. Application
  • 2.1. Aftermarket
  • 2.2. OEM

Automotive Steering Device Segmentation By Geography

• 1. North America
  • 1.1. United States
  • 1.2. Canada
  • 1.3. Mexico
• 2. South America
  • 2.1. Brazil
  • 2.2. Argentina
  • 2.3. Rest of South America
• 3. Europe
  • 3.1. United Kingdom
  • 3.2. Germany
  • 3.3. France
  • 3.4. Italy
  • 3.5. Spain
  • 3.6. Russia
  • 3.7. Benelux
  • 3.8. Nordics
  • 3.9. Rest of Europe
• 4. Middle East & Africa
  • 4.1. Turkey
  • 4.2. Israel
  • 4.3. GCC
  • 4.4. North Africa
  • 4.5. South Africa
  • 4.6. Rest of Middle East & Africa
• 5. Asia Pacific
  • 5.1. China
  • 5.2. India
  • 5.3. Japan
  • 5.4. South Korea
  • 5.5. ASEAN
  • 5.6. Oceania
  • 5.7. Rest of Asia Pacific