Global Automotive Steering System Market Growth, Share, Size, Trends and Forecast (2024 - 2030)

The global automotive steering system market is undergoing significant transformations driven by technological advancements, evolving consumer preferences, and stringent regulatory norms. Steering systems play a pivotal role in ensuring vehicle maneuverability, safety, and comfort, thereby influencing the overall driving experience. With the growing emphasis on autonomous driving and electric vehicles, the automotive steering system landscape is witnessing a paradigm shift towards innovative solutions that offer enhanced precision, efficiency, and reliability.

One notable trend shaping the market is the integration of advanced driver assistance systems (ADAS) into steering systems, enabling functionalities such as lane-keeping assistance, adaptive cruise control, and automated parking. This integration not only enhances vehicle safety but also augments the driving experience by providing semi-autonomous capabilities. Moreover, the rising demand for electric power steering (EPS) systems is fueled by their inherent advantages such as energy efficiency, reduced maintenance requirements, and customizable steering feel, aligning with the sustainability goals of automotive manufacturers.

The competitive landscape of the automotive steering system market is characterized by intense rivalry among key players striving to innovate and differentiate their offerings. Companies are heavily investing in research and development to introduce next-generation steering technologies, including steer-by-wire systems and torque overlay steering, aimed at improving responsiveness, agility, and energy efficiency. Furthermore, strategic collaborations, partnerships, and mergers are prevalent strategies adopted by market players to expand their product portfolios, penetrate new markets, and leverage synergies in technology and expertise.

Despite the promising growth prospects, the automotive steering system market faces challenges such as high initial costs associated with advanced steering technologies, concerns regarding cybersecurity and data privacy in connected steering systems, and regulatory hurdles pertaining to autonomous driving functionalities. However, with the ongoing efforts towards innovation, collaboration, and regulatory compliance, the market is poised for sustained growth, driven by the increasing demand for safer, smarter, and more sustainable automotive solutions globally.

Global Automotive Steering System Segment Analysis

In this report, the Global Automotive Steering System Market has been segmented by Type, End and Geography.

Global Automotive Steering System Market, Segmentation by Type

The Global Automotive Steering System Market has been segmented by Type into EPS, HPS and EHPS.

EPS, or Electric Power Steering, has gained traction in the automotive industry due to its efficiency and eco-friendliness. EPS systems use an electric motor to assist the driver in steering, reducing the amount of effort required and improving fuel efficiency. This type of steering system is increasingly being adopted by automotive manufacturers due to its lightweight design, ease of integration with other vehicle systems, and enhanced precision in steering control.

HPS, or Hydraulic Power Steering, has been a traditional choice for many vehicles. These systems use hydraulic fluid to assist the driver in turning the steering wheel. Although HPS systems have been widely used for their reliability and affordability, they are gradually being replaced by EPS systems due to their higher energy consumption and environmental impact.

EHPS, or Electro-Hydraulic Power Steering, combines the benefits of both EPS and HPS systems. EHPS systems utilize electric motors to drive hydraulic pumps, providing a more efficient and responsive steering experience compared to traditional HPS systems. This type of steering system is often found in high-performance vehicles where precision and responsiveness are paramount.

Global Automotive Steering System Market, Segmentation by End

The Global Automotive Steering System Market has been segmented by End into Aftermarket and OEM.

The aftermarket segment encompasses products and services offered after the initial sale of vehicles, catering to maintenance, repair, and customization needs. It plays a crucial role in ensuring vehicle performance and safety over the vehicle's lifecycle. Aftermarket steering components include replacement parts such as steering racks, tie rods, and power steering pumps, among others, serving as alternatives to OEM products. The aftermarket segment often thrives on factors like vehicle age, wear and tear, and consumer preferences for upgrades or modifications, thus presenting a dynamic market landscape.

The OEM segment constitutes steering systems integrated into vehicles during manufacturing, serving as original equipment provided by vehicle manufacturers. OEM steering systems are designed and installed according to specific vehicle models and requirements, emphasizing performance, safety, and compatibility with other vehicle components. Manufacturers in the OEM segment often engage in extensive research and development to innovate steering technologies, meeting evolving industry standards and consumer demands for enhanced driving experiences. OEMs collaborate closely with automotive designers and engineers to ensure seamless integration of steering systems with overall vehicle architecture, optimizing functionalities like responsiveness, precision, and efficiency.

Global Automotive Steering System Market, Segmentation by Geography

In this report, the Global Automotive Steering System Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Global Automotive Steering System Market Share (%), by Geographical Region, 2023

North America stands out as a key market due to its established automotive industry, technological advancements, and strong consumer demand for vehicles. The region is characterized by a high adoption rate of advanced steering systems, driven by factors such as stringent safety regulations and consumer preference for enhanced driving experiences.

In Europe, the automotive steering system market is shaped by the presence of leading automobile manufacturers and a robust infrastructure supporting research and development activities. Stringent emission norms and emphasis on vehicle safety are driving the demand for advanced steering technologies, including electric power steering (EPS) and steer-by-wire systems. Moreover, the region's focus on sustainability and environmental conservation is fostering the adoption of energy-efficient steering solutions.

The Asia Pacific region is emerging as a lucrative market for automotive steering systems, fueled by rapid urbanization, rising disposable incomes, and expanding automotive production facilities. Countries like China, Japan, and India are witnessing substantial growth in vehicle sales, driving the demand for steering systems. Additionally, government initiatives promoting electric vehicle adoption are expected to further boost market growth in the region.

In the Middle East and Africa (MEA) region, the automotive steering system market is influenced by factors such as economic development, infrastructural growth, and increasing investments in the automotive sector. While the market in this region may be comparatively smaller than other regions, there is a growing focus on enhancing vehicle safety and performance, driving the demand for advanced steering technologies.

Latin America presents opportunities for automotive steering system manufacturers, supported by improving economic conditions, increasing automotive production, and rising consumer demand for passenger and commercial vehicles. Government policies promoting automotive manufacturing and investments in infrastructure development are expected to fuel market growth in the region.

This report provides an in depth analysis of various factors that impact the dynamics of Global Automotive Steering System Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers

• Technological advancements
• Increasing vehicle production
• Growing demand for fuel efficiency

• Focus on vehicle safety: The global automotive steering system market has been witnessing steady growth, primarily driven by the increasing emphasis on vehicle safety features. With advancements in technology and a growing awareness of road safety, automakers are investing significantly in developing advanced steering systems to enhance vehicle stability and control. Steering systems play a crucial role in ensuring safe driving by providing precise control over the vehicle's direction, especially in challenging road conditions and emergency situations. Features like electronic stability control (ESC), adaptive steering, and advanced driver assistance systems (ADAS) are becoming increasingly common in modern vehicles, contributing to improved safety standards. Additionally, the rising demand for electric vehicles (EVs) and autonomous vehicles is further propelling the growth of the automotive steering system market as these vehicles require sophisticated steering systems to ensure safe and reliable operation.

  Regulatory mandates and safety standards imposed by governments and regulatory authorities across the globe are driving automakers to integrate advanced steering systems into their vehicles. These regulations aim to reduce road accidents and enhance occupant safety by mandating the adoption of features such as anti-lock braking systems (ABS), traction control systems (TCS), and electronic stability control (ESC), which are closely linked to steering systems. As a result, automotive manufacturers are increasingly focusing on research and development activities to innovate and introduce advanced steering technologies that not only improve vehicle safety but also enhance overall driving experience. This emphasis on vehicle safety is expected to continue driving the growth of the global automotive steering system market in the foreseeable future.

Restraints

• High initial investment costs
• Complex regulatory environment
• Limited aftermarket opportunities

• Intense competition among key players: The global automotive steering system market is characterized by intense competition among key players, driven by factors such as technological advancements, stringent regulations, and evolving consumer preferences. Major players in the market, including companies like Bosch, ZF Friedrichshafen AG, JTEKT Corporation, and NSK Ltd., continually invest in research and development to innovate and introduce advanced steering technologies. These advancements aim to enhance vehicle safety, performance, and efficiency while addressing challenges such as reducing emissions and improving fuel economy.

  The automotive steering system market is witnessing significant transformations due to the growing popularity of electric and autonomous vehicles. As automakers increasingly shift towards electrification and autonomous driving technologies, steering systems are evolving to meet the specific requirements of these vehicles. This shift is driving competition among key players to develop electric power steering (EPS) systems, steer-by-wire technologies, and other advanced solutions tailored for electric and autonomous vehicles. In this fiercely competitive landscape, companies are not only focused on technological innovation but also on expanding their market presence through strategic partnerships, collaborations, and mergers and acquisitions to maintain their competitive edge in the global automotive steering system market.

Opportunities

• Rising demand for electric vehicles
• Expansion in emerging markets
• Development of autonomous driving technologies

• Integration of advanced sensor systems: The global automotive steering system market has witnessed a significant evolution driven by the integration of advanced sensor systems. These systems, equipped with cutting-edge technologies such as LiDAR, radar, and cameras, have revolutionized the way vehicles perceive and interact with their surroundings. By providing real-time data on road conditions, nearby vehicles, pedestrians, and obstacles, these sensors enhance both safety and convenience for drivers.

  One of the key impacts of advanced sensor integration is the advancement of autonomous driving capabilities. With sensors continuously scanning the environment, vehicles can detect potential hazards and react accordingly, reducing the risk of accidents. Additionally, sensor-based steering assistance systems offer features like lane-keeping assist, adaptive cruise control, and automated parking, providing drivers with greater comfort and control. As automotive manufacturers continue to innovate in this space, we can expect further enhancements in sensor technology, leading to safer and more efficient vehicles on the road.

Key players in Global Automotive Steering System Market include:

• Bosch GmbH
• JTEKT Corporation
• ZF Friedrichshafen AG
• Nexteer Automotive Group Limited
• ThyssenKrupp AG
• NSK Ltd
• Mitsubishi Electric Corporation
• Robert Bosch Automotive Steering GmbH
• China Automotive Systems Inc
• Mando Corporation

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis