Automotive Steering System Market By Vehicle Type (Passenger Cars, Heavy Commercial Vehicles (HCVs)), Technology (Hydraulic Power Steering (HPS), Electric Power Steering (EPS)), & Region for 2024-2031
Report ID: 32185|No. of Pages: 202
Automotive Steering System Market By Vehicle Type (Passenger Cars, Heavy Commercial Vehicles (HCVs)), Technology (Hydraulic Power Steering (HPS), Electric Power Steering (EPS)), & Region for 2024-2031
Automotive Steering System Market Valuation – 2024-2031
The automotive steering system market is increasing in worldwide automobile sales. As more automobiles are created, there is a natural increase in demand for the driving systems that keep them functioning. The various organizations is driving the market size surpass USD 33.75 Billion valued in 2024 to reach a valuation of around USD 46.48 Billion by 2031.
The growing emphasis on safety and driver comfort elements in automotive products. New technologies like electric power steering (EPS) and steer-by-wire systems improve maneuverability while contributing to a more comfortable driving experience. These improvements and stricter pollution rules that encourage electric vehicles are driving the demand for next-generation steering systems in the automotive industry. The rising demand for cost-effective and efficient automotive steering system is enabling the market grow at a CAGR of 4.50% from 2024 to 2031.
Automotive Steering System Market: Definition/ Overview
The automotive steering system is the basic device that enables a driver to control the direction of a vehicle. It converts the rotational motion of the steering wheel into precise turning of the front wheels. This system essentially acts as an extension of the driver’s hands, enabling them to guide the car along a desired path.
Traditionally, an automotive steering system is comprised of linked parts that transmit rotary and linear motion. The driver initiates the process by turning the steering wheel, which is connected to a navigation column. The steering column rotates a gear assembly within the gearbox, converting the rotary motion into lateral movement, which is then transferred through interactions like tie rods and drag links, eventually turning the front wheels.
Modern steering systems frequently incorporate extra features to enhance performance and safety. Power steering, for example, uses hydraulic or electric assistance to enhance the driver’s input, making steering feel lighter and more effortless. Some systems also incorporate electronic components that can provide stability control or lane-changing warnings, contributing to a safer driving experience.
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How is Growing Demand for Autonomous Vehicles Driving the Automotive Steering System Market?
The increase in demand for autonomous vehicles is projected to have a substantial impact on the automotive steering system market. Autonomous vehicles rely on current steering technologies like steer-by-wire systems, which provide precise control and effortless interaction with autonomous driving features. These systems eliminate the need for mechanical connections between the steering wheel and the wheels, allowing for more adaptable vehicle designs and improved safety features. As customer interest and regulatory support for self-driving vehicles develop, the automotive steering system market is expected to expand to fulfill the demand for safer, more efficient steering solutions that are customized to autonomous driving capabilities.
Globally as demand for automotive vehicles is increasing, there is a natural rise in demand for the steering systems that keep them running. This trend is especially noticeable in developing countries such as India and China, where rising disposable incomes are causing a boom in car ownership
Increasing emphasis on safety and comfort features. Consumers are increasingly looking for vehicles with enhanced safety and comfort features. New technologies like electric power steering (EPS) and steer-by-wire systems improve mobility while contributing to a more comfortable driving experience. These improvements and stricter pollution rules that encourage electric vehicles are driving the demand for next-generation steering systems in the automotive industry.
How Limited Adoption in Heavy Vehicles Affect the Growth of the Automotive Steering System Market?
The limited adoption of modern steering systems in large vehicles could have an impact on the growth of the automotive steering system market. Heavy trucks often require steering systems that are sturdy and reliable enough to handle heavier weights and harder situations. However, the adoption of modern technology like as steer-by-wire or electric power steering has been gradual in this industry due to cost concerns, durability requirements, and fleet owners’ conservatism.
Despite this, there is still room for expansion as technology evolves to address the unique needs of heavy vehicles, such as increased efficiency, integration with advanced driver assistance systems (ADAS), and adherence to higher safety rules. Overcoming these hurdles may open up prospects for the market to expand into heavy-duty applications, albeit at a slower pace than passenger vehicles.
Cost of advanced systems, newer technologies, such as electric power steering with advanced features and steer-by-wire systems, are more expensive than older hydraulic systems. This can be a disincentive for cost-conscious automobile makers, particularly in price-sensitive countries. Safety Concerns about new technology, there may be early concerns about the safety of steer-by-wire systems, which provide complete electronic control over steering. Extensive testing and identification of potential failure modes will be essential to widespread adoption.
Category-Wise Acumens
Will the Shift Toward Electric Vehicles (EVs) Raise the Passenger Cars Segment for the Automotive Steering System Market?
The transition to electric vehicles (EVs) is predicted to drive growth in the passenger car segment of the automotive steering system market. Passenger automobiles currently dominate the automotive steering system market. Electric vehicles require efficient and precise steering systems to supplement their superior propulsion technologies. Electric power steering (EPS) systems, for example, are gaining popularity in EVs due to their energy economy and adaptability to vehicle automation and electrification features.
Passenger automobiles account for the vast majority of worldwide vehicle production. The transition to electric vehicles (EVs) is occurring predominantly in the passenger car segment. EVs benefit tremendously from Electric Power Steering (EPS) systems due to their fuel efficiency and compatibility with electric motors, the expansion of EVs strongly correlates with an increase in EPS usage for passenger vehicles. Developments in driver assistance features are mainly focused on passenger car safety and comfort, which drives up demand for improved steering systems in this market.
Light commercial vehicles (LCVs) are predicted to be the most rapidly developing category of the automotive steering system market. There are several causes for this. Demand for LCVs is increasing as e-commerce grows and last-mile delivery alternatives become more popular. As pollution rules tighten, there is a push for LCV makers to use more fuel-efficient technologies. Electric power steering (EPS) systems play an important role here, saving significantly more fuel than traditional hydraulic systems
Will Rising Emphasis on Electric Power Steering (EPS) Segment Propel the Automotive Steering System Market?
Electric power steering (EPS) is now the most dominant sector in the automotive steering system market, and its lead is predicted to expand. Increasing government regulations that encourage the use of Electric Power Steering (EPS) systems are expected to boost growth in the automotive steering system market. EPS systems provide benefits such as increased fuel efficiency over typical hydraulic systems, which aligns with worldwide objectives to reduce vehicle emissions and improve overall energy efficiency. Governments around the world are enacting stronger fuel efficiency and pollution restrictions, motivating automakers to use EPS technology to achieve these goals.
EPS is presently the leading segment and is likely to be the fastest expanding shortly. This may appear paradoxical, but it demonstrates the continued expansion of the EPS market. The fundamental factor here is the expanding use of EPS in all vehicle types. Historically, many car manufacturers favored hydraulic power steering (HPS), especially for greater vehicles. However, as EPS technology advances, it will be better able to handle the demands of heavier vehicles.
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Country/Region-wise Acumens
How does the Rising Disposable Income Expand the Asia Pacific Region for the Automotive Steering System Market?
The Asia-Pacific region now dominates the market for vehicle steering systems. Rising disposable income in Asia Pacific is likely to fuel expansion in the vehicle steering system market. As disposable earnings rise, so does consumer demand for automobiles, particularly passenger cars and light commercial vehicles. This increase in vehicle ownership raises the demand for innovative automotive technology, such as steering systems that improve driving comfort, safety, and efficiency.
This region produces a high volume of vehicles. China, India, and Japan are all major automobile manufacturing hubs, generating a sizable proportion of the world’s vehicles. Furthermore, increase in disposable income in these countries is driving an increase in car ownership, boosting demand for steering systems. Governments in this region are increasingly focusing on improving fuel efficiency regulations, which benefits electric power steering (EPS) systems because they use less energy. This shift towards EPS use is driving the Asia-Pacific automobile steering system market.
How Advanced Technologies Drive the European Region for the Automotive Steering System Market?
Europe is a strong contender and is projected to be the fastest-growing market for automobile steering systems. Advanced technologies are likely to drive growth in the European automotive steering system market. Europe has been at the forefront of automotive innovation, with a focus on incorporating advanced driver assistance systems (ADAS) and autonomous driving technology into automobiles. Steering systems play an important role in these improvements, enabling features including aid, adaptive cruise control, and automatic parking.
Established automotive industry, Europe has a long-standing and well-developed automotive sector, with a strong presence of multinational automakers. This results in a continually high demand for steering systems. Replacement market potential, with a high car population, Europe offers a huge replacement market for automotive parts, including steering systems. As older vehicles reach the end of their useful life and require part replacements, demand for steering systems in Europe is likely to stay stable.
Competitive Landscape
The automotive steering system market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support.
The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the automotive steering system market include:
- JTEKT Corporation
- Nexteer Automotive Group Ltd.
- Showa Corp.
- ThyssenKrupp AG
- Hitachi Automotive System Ltd.
- Robert Bosch GmbH
- NSK Steering System Co. Ltd.
- Mando Corp.
- ZF Friedrichshafen AG
- ATS Automation Tooling System, Inc.
- Hyundai Mobis
- Mitsubishi Electric Corporation
- China Automotive Systems, Inc.
Latest Developments
- In February 2024, Arnold NextG brings a new concept to tractors: car-like steering. They altered the tractor’s steering wheel by altering essential vehicle operations such as steering, throttle, and brake.
- In December 2023, Nexteer Automotive will have produced 100 million electric power steering (EPS) systems worldwide, a vital technology that allows for fuel savings, better safety, and performance. Nexteer is a global EPS leader with over 60 customers throughout the world.
- In September 2022, Hyundai Mobis launched the Dual Actuator Rear Wheel Steering System. The device can minimize turning radius by up to 25%, improving vehicle stability and comfort at high speeds. It is supposed to be handy, especially on small roads with no parking places. Furthermore, demand for rear-wheel steering systems is increasing in electric vehicles with longer wheelbases.
Report Scope
Automotive Steering System Market, By Category
Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles (LCVs)
- Heavy Commercial Vehicles (HCVs)
Technology:
- Hydraulic Power Steering (HPS)
- Electric Power Steering (EPS)
- Manual Steering System (MSS)
Region:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Analyst’s Take
The Automotive Steering System Market is poised for substantial growth driven by several key factors. Firstly, the increasing demand for enhanced vehicle safety and maneuverability, coupled with stringent regulatory standards, is compelling automotive manufacturers to integrate advanced steering technologies into their vehicles. Additionally, the growing trend towards electric vehicles (EVs) is fueling the adoption of electric power steering systems due to their efficiency and compatibility with electrified drivetrains. Moreover, the rising consumer preference for comfort and convenience features in vehicles is driving the demand for steering systems equipped with advanced functionalities such as adaptive cruise control and lane-keeping assist.
Furthermore, the expansion of automotive production facilities in emerging economies, coupled with improving infrastructure and rising disposable incomes, is creating lucrative opportunities for market players to capitalize on. However, challenges such as high initial investment costs associated with advanced steering technologies and concerns regarding cybersecurity and data privacy may hinder market growth to some extent. Overall, with ongoing technological advancements and strategic collaborations among industry participants, the Automotive Steering System Market is anticipated to witness robust growth in the coming years, presenting lucrative opportunities for stakeholders across the value chain.
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Frequently Asked Questions
1. Introduction
• Market Definition
• Market Segmentation
• Research Methodology
2. Executive Summary
• Key Findings
• Market Overview
• Market Highlights
3. Market Overview
• Market Size and Growth Potential
• Market Trends
• Market Drivers
• Market Restraints
• Market Opportunities
• Porter’s Five Forces Analysis
5. Automotive Steering System Market, By Vehicle Type
• Passenger Cars
• Light Commercial Vehicles (LCVs)
• Heavy Commercial Vehicles (HCVs)
4. Automotive Steering System Market, By Technology
• Hydraulic Power Steering (HPS)
• Electric Power Steering (EPS)
• Manual Steering System (MSS)
6. Regional Analysis
• North America
• United States
• Canada
• Mexico
• Europe
• United Kingdom
• Germany
• France
• Italy
• Asia-Pacific
• China
• Japan
• India
• Australia
• Latin America
• Brazil
• Argentina
• Chile
• Middle East and Africa
• South Africa
• Saudi Arabia
• UAE
7. Market Dynamics
• Market Drivers
• Market Restraints
• Market Opportunities
• Impact of COVID-19 on the Market
8. Competitive Landscape
• Key Players
• Market Share Analysis
9. Company Profiles
• JTEKT Corporation (Japan)
• Nexteer Automotive Corporation (US)
• Robert Bosch GmbH (Germany)
• Hyundai Mobis Co., Ltd (South Korea)
• NSK Ltd. (Japan)
• Showa Corporation (Japan)
• Sona Koyo Steering Systems Ltd (India)
• China Automotive Systems Inc. (China)
• Mitsubishi Electric Corporation (Japan)
10. Market Outlook and Opportunities
• Emerging Technologies
• Future Market Trends
• Investment Opportunities
11. Appendix
• List of Abbreviations
• Sources and References
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Data Collection Matrix
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Industry Analysis Matrix
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