Automotive Steering System Market By Type (Hydraulic Steering System, Electric Power Steering (EPS), Electro-Hydraulic Steering System, Manual Steering System), By Vehicle Type (Passenger Vehicles, Commercial Vehicles), By Engine Type (Internal Combustion Vahicles, Electric Vehicles), By Component (Steering Column, Steering Gear, Steering Linkages, Sensors and Actuators), By Steering Mechanism (Rack and Pinion, Recirculating Ball, Worm and Roller), By End-Use (OEMs, Aftermarket), and By Region; Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Automotive Steering System Market was valued at USD 29.8 billion in 2023 and will surpass USD 40.2 billion by 2030; growing at a CAGR of 4.4% during 2024 - 2030. The automotive steering system market is experiencing significant evolution, driven by technological advancements and the growing shift towards electric vehicles (EVs). Steering systems, essential for vehicle control and safety, are being redesigned to enhance driving experience, reduce fuel consumption, and improve energy efficiency. With the advent of electric power steering (EPS) and electro-hydraulic steering systems, manufacturers are focusing on lightweight, energy-efficient solutions that offer enhanced performance and reduced environmental impact. The market is also influenced by the rising demand for advanced driver-assistance systems (ADAS), which integrate steering control systems for better safety and handling. Additionally, OEMs are increasingly adopting electronic steering systems in their vehicles to meet stricter fuel efficiency standards and enhance the integration of autonomous driving technologies. As these trends continue, the automotive steering system market is expected to grow in both volume and sophistication, with significant shifts toward electric and hybrid solutions. Electric Power Steering (EPS) System is Largest Owing to Enhanced Fuel Efficiency The electric power steering (EPS) system is the largest segment in the automotive steering system market, driven by its ability to improve fuel efficiency and reduce vehicle weight. Unlike hydraulic systems, which rely on a pump powered by the engine, EPS uses an electric motor to provide steering assistance, resulting in less power consumption. This makes EPS particularly attractive in the face of tightening fuel efficiency standards and increasing demand for more sustainable automotive solutions. EPS also offers greater precision and control, making it the preferred choice in modern passenger vehicles and commercial fleets. The technology allows for further customization, with manufacturers integrating steering assistance into advanced driver assistance systems (ADAS) and autonomous driving functions. As automakers prioritize energy efficiency, safety, and performance, EPS continues to dominate the steering system market. Passenger Vehicles Segment Leads Owing to Higher Adoption of Advanced Features The passenger vehicles segment holds the largest share in the automotive steering system market, driven by the growing adoption of advanced steering technologies and the increasing preference for electric and hybrid vehicles. As consumers demand improved driving comfort, control, and energy efficiency, automakers are integrating advanced steering solutions, such as EPS and electro-hydraulic steering systems, into their vehicles. In addition, the rising demand for electric vehicles, which require energy-efficient systems like EPS, has further accelerated the adoption of advanced steering systems in passenger cars. As the market for premium and electric vehicles expands, the passenger vehicles segment is expected to maintain its leadership position, supported by innovations in steering technology and vehicle connectivity. Rack and Pinion Mechanism is Largest Due to Widespread Use in Modern Vehicles The rack and pinion steering mechanism is the largest segment in the automotive steering system market, primarily due to its widespread use in modern vehicles. This mechanism offers a direct and efficient connection between the steering wheel and the wheels, providing precise control and better handling. It is lightweight, compact, and easy to maintain, making it the preferred choice for a wide range of vehicles, including passenger cars and commercial vehicles. Rack and pinion systems are also well-suited for integration with modern technologies such as EPS, contributing to their dominance. The simplicity and effectiveness of the rack and pinion mechanism ensure that it will remain the leading steering mechanism in the market, particularly as consumers increasingly prioritize performance, safety, and fuel efficiency. OEMs Segment is Largest Due to High Integration in Vehicle Production The OEM (Original Equipment Manufacturers) segment is the largest in the automotive steering system market, driven by the high integration of steering systems during vehicle production. OEMs work closely with steering system suppliers to ensure that the components are engineered for maximum performance, safety, and fuel efficiency. Additionally, automakers are increasingly opting for electronic and advanced steering systems, which are typically implemented directly in the manufacturing process. OEM adoption is also supported by the rising production of electric and hybrid vehicles, which require specific steering technologies, such as EPS, to ensure energy efficiency and improved driving dynamics. With the growing trend of automakers prioritizing advanced steering systems to meet consumer demands for better driving experience and vehicle performance, the OEM segment is expected to continue to lead the market. Electric Vehicles Segment is Fastest Growing Owing to Shift Toward Sustainable Technologies The electric vehicles (EVs) segment is the fastest growing in the automotive steering system market, driven by the increasing shift toward sustainable and energy-efficient automotive technologies. EVs, which typically rely on electric power steering (EPS) systems for energy efficiency, are gaining widespread adoption as governments and consumers prioritize eco-friendly solutions. The integration of advanced steering technologies, such as steer-by-wire systems and electro-hydraulic steering, further fuels growth in the EV segment. As automakers continue to expand their EV portfolios, the demand for innovative steering systems that align with the performance and energy efficiency requirements of electric vehicles is expected to rise, making EVs a key growth driver for the automotive steering system market. Asia Pacific is Largest Region Due to Strong Automotive Production Asia Pacific is the largest region in the automotive steering system market, owing to its strong automotive manufacturing base and high vehicle production volumes. Countries like China, Japan, and South Korea are leading producers of both passenger and commercial vehicles, and the region is also a hub for electric vehicle production. The rising demand for electric vehicles, particularly in China and India, has further accelerated the adoption of advanced steering systems in the region. Additionally, Asia Pacific benefits from a well-established network of OEMs, suppliers, and research institutions, fostering innovation and the rapid adoption of new steering technologies. As the region continues to dominate global automotive production and EV adoption, it is expected to maintain its leading position in the steering system market. Competitive Landscape and Leading Companies The automotive steering system market is highly competitive, with key players such as ZF Friedrichshafen, Robert Bosch GmbH, JTEKT Corporation, Nexteer Automotive, and Hyundai Mobis leading the industry. These companies are focusing on innovations in electronic and electric steering technologies, including steer-by-wire and integrated steering systems, to meet the growing demand for energy-efficient and connected vehicles. With a focus on R&D and strategic partnerships, leading players are also expanding their product portfolios and entering emerging markets. The competitive landscape is further shaped by collaborations between OEMs and steering system suppliers to develop advanced, cost-effective solutions that align with the evolving demands of both traditional and electric vehicles. Recent Developments: • In November 2024, ZF Friedrichshafen AG introduced a next-generation EPS system optimized for electric and autonomous vehicles. • In October 2024, Robert Bosch GmbH announced the launch of an advanced steering actuator for self-driving cars. • In September 2024, Nexteer Automotive expanded its product line with an innovative steering system designed for electric buses. • In August 2024, Hyundai Mobis unveiled a new steering module integrating sensors for advanced driver assistance systems (ADAS). • In July 2024, JTEKT Corporation announced a partnership to develop high-performance steering systems for EVs. List of Leading Companies: • Robert Bosch GmbH • ZF Friedrichshafen AG • JTEKT Corporation • NSK Ltd. • Nexteer Automotive • Hyundai Mobis • Mando Corporation • ThyssenKrupp AG • Mitsubishi Electric Corporation • Denso Corporation • TRW Automotive Holdings Corp. • Hitachi Astemo Ltd. • KYB Corporation • Showa Corporation • BorgWarner Inc. Report Scope: Report Features Description Market Size (2023) USD 29.8 billion Forecasted Value (2030) USD 40.2 billion CAGR (2024 – 2030) 4.4% Base Year for Estimation 2023 Historic Year 2022 Forecast Period 2024 – 2030 Report Coverage Market Forecast, Market Dynamics, Competitive Landscape, Recent Developments Segments Covered Automotive Steering System Market By Type (Hydraulic Steering System, Electric Power Steering (EPS), Electro-Hydraulic Steering System, Manual Steering System), By Vehicle Type (Passenger Vehicles, Commercial Vehicles), By Engine Type (Internal Combustion Vahicles, Electric Vehicles), By Component (Steering Column, Steering Gear, Steering Linkages, Sensors and Actuators), By Steering Mechanism (Rack and Pinion, Recirculating Ball, Worm and Roller), By End-Use (OEMs, Aftermarket) Regional Analysis North America (US, Canada, Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Australia, India, and Rest of Asia-Pacific), Latin America (Brazil, Argentina, and Rest of Latin America), Middle East & Africa (Saudi Arabia, UAE, Rest of Middle East & Africa) Major Companies Robert Bosch GmbH, ZF Friedrichshafen AG, JTEKT Corporation, NSK Ltd., Nexteer Automotive, Hyundai Mobis, Mando Corporation, ThyssenKrupp AG, Mitsubishi Electric Corporation, Denso Corporation, TRW Automotive Holdings Corp., Hitachi Astemo Ltd., KYB Corporation, Showa Corporation, BorgWarner Inc. Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements