Automotive Steering System Market Unlocking Growth Potential: Analysis and Forecasts 2025-2033

Key Insights

The Automotive Steering System Marketsize was valued at USD 17.1 Million Units in 2023 and is projected to reach USD 44.74 Million Units by 2032, exhibiting a CAGR of 14.73 % during the forecast period. A steering system in an automobile is defined as one that helps to direct or manage the movement of the car or any other motor vehicle. Thus, it has subparts such as the steering wheel, steering column, and linkages. Some of the popular steering systems include; Rack and pinion, recirculating ball, and the electric power steering. Some of the significant features that are usually incorporated are maneuverability, sensitivity to the driver, and safety measures. These systems are mandatory in all cars from small personal vehicles to large commercial vehicles to allow for precise control of the maneuvering and stability of the vehicle. The later types like the electric power steering have better fuel consumption rates and also require less maintenance. In conclusion, the steering system is a critical element of a vehicle and the driver's welfare. 

Automotive Steering System Trends

• Increasing demand for electric power steering (EPS) systems
• Growing adoption of ADAS and autonomous driving technologies
• Shift towards lightweight and fuel-efficient steering systems

Driving Forces: What's Propelling the Automotive Steering System Market

• Rising demand for passenger cars and light commercial vehicles
• Increasing safety concerns and government regulations
• Technological advancements in automotive steering systems

Challenges and Restraints in the Automotive Steering System Market

• High cost of advanced steering systems
• Lack of skilled labor for installation and maintenance
• Technical challenges in integrating steering systems with other automotive systems

Emerging Trends in Automotive Steering Systems

• Haptic feedback steering systems
• Steer-by-wire systems
• Autonomous steering systems

Growth Catalysts in Automotive Steering System Industry

• Government initiatives to promote electric vehicles, which require advanced steering systems for autonomous driving capabilities.
• Increasing investment in research and development to enhance vehicle safety, comfort, and handling through the development of innovative steering technologies.
• Collaboration between automakers and technology companies to integrate advanced electronics, software, and sensors into steering systems for improved efficiency and precision.
• Rising demand for autonomous driving systems, leading to the development of steer-by-wire systems that provide redundancy and enhanced safety in autonomous vehicles.
• Growing focus on fuel efficiency, mendorong pengembangan sistem kemudi yang lebih efisien untuk mengurangi konsumsi bahan bakar dan emisi kendaraan.

Market Segmentation: Automotive Steering System Analysis

Type:

• Electric Power Steering (EPS)
• Hydraulic Power Steering (HPS)
• Mechanical Steering

Vehicle Type:

• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles

Leading Players in the Automotive Steering System Market

• Hyundai Mobis CO., Ltd
• JTEKT Corporation
• Mitsubishi Electric Corporation
• NSK Ltd
• Nexteer Automotive Group Limited
• Showa Corporation
• Thyssenkrupp AG
• Bosch Automotive Steering
• ZF Friedrichshafen AG
• Valeo

Significant Developments in the Automotive Steering System Sector

• Launch of new EPS systems by Hyundai Mobis
• Acquisition of Nexteer by ZF Friedrichshafen AG
• Collaboration between JTEKT and Mitsubishi Electric to develop autonomous steering systems

Comprehensive Coverage Automotive Steering System Market Report

Pricing Strategies:

• Cost-plus pricing
• Value-based pricing
• Competitive Pricing

DROCs:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa