Global Automotive Steering Systems Market – Industry Trends and Forecast to 2030

The Automotive Steering Systems market is experiencing robust expansion, with market size projected to increase from (33.8 Billion) 2023 to (46.6 Billion) 2030, demonstrating a consistent year-over-year growth rate of 4.6% Automotive Steering Systems Market Size, Share, Competitive Landscape and Trend Analysis Report, by Types (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), ,by Technology (Electronic Steering, Hydraulic Steering, Manual Steering, Electro-hydraulic Steering) And regions (North America(United States, Canada, Mexico), South America(Brazil, Argentina, Chile, Rest of South America), Europe(Germany, France, Italy, United Kingdom, Benelux, Nordics, Rest of Europe), Asia Pacific(China, Japan, India, South Korea, Australia, Southeast Asia, Rest of Asia-Pacific), MEA(Middle East, Africa)) : Industry Forecast and Opportunity Analysis for 2023 - 2030

The global automotive steering systems market is the sector that involves designing, producing, and selling steering devices in automobiles. This market is vital to the proper mobility of the vehicle, the control exercised by the driver, and, by extension, road safety. It includes several technologies such as electric power steering (EPS), hydraulic systems, and steer-by-wire systems. The market has shown consistent growth attributed to the growing vehicle production as well as the fast-growing need for advanced steering systems that make driving more comfortable and safer.

Automotive Steering Systems Report Highlights

Report Metrics	Details
Forecast period	2019-2030
Base Year Of Estimation	2023
Growth Rate	CAGR of 4.6%
Forecast Value (2030)	USD 46.6 Billion
By Product Type	Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
Key Market Players	ATS Automation Tooling System Inc. China Automotive Systems, Inc. Hitachi Automotive System Ltd. Hyundai Mobis JTEKT Corporation Mando Corp. Mitsubishi Electric Corporation Nexteer Automotive Group Ltd. NSK Steering System Co. Ltd. Robert Bosch GmbH Showa Corp. ThyssenKrupp AG ZF Friedrichshafen AG
By Region	North America(United States, Canada, Mexico) South America(Brazil, Argentina, Chile, Rest of South America) Europe(Germany, France, Italy, United Kingdom, Benelux, Nordics, Rest of Europe) Asia Pacific(China, Japan, India, South Korea, Australia, Southeast Asia, Rest of Asia-Pacific) MEA(Middle East, Africa)

Automotive Steering Systems Market Trends

Important trends can be observed in the global market for automotive steering systems that are influenced by technology and changes in consumer interests. It can be seen that the market is undergoing a notable transformation with the increasing shift towards electric power steering (EPS) systems owing to the growing popularity of electric vehicles (EVs) in the global arena. EPS systems are most preferred due to their energy-saving capability, better handling of vehicles, and compatibility with advanced driver assistance systems (ADAS). This also shows the importance of sustainability and creation in the operations of the manufacturers, as this is a focus area in the performance of automobiles as well as the strict regulations on the performance of vehicles regarding fuel consumption and emission control. Furthermore, the market is undergoing changes in its location, as Asia-Pacific is becoming an active region owing to the rapid growth of the automotive markets in countries such as China and India. The increasing demand for light commercial vehicles (LCVs) within the region, which has been able to grow due to the urban population growth and the development of e-commerce logistics, is also a factor. In this context, if we look at how today’s market operates, it can be seen that such arrangements are growing in number as more and more companies explore different ways of their manufacture along with their supply chains.

Automotive Steering Systems Market Leading Players

The key players profiled in the report are ATS Automation Tooling System Inc., China Automotive Systems, Inc., Hitachi Automotive System Ltd., Hyundai Mobis, JTEKT Corporation, Mando Corp., Mitsubishi Electric Corporation, Nexteer Automotive Group Ltd., NSK Steering System Co. Ltd., Robert Bosch GmbH, Showa Corp., ThyssenKrupp AG, ZF Friedrichshafen AG

Growth Accelerators

The global market for automotive steering systems is subject to many changing elements, especially those that affect the automobile sector. The most prominent of these elements is the growing acceptance of electric vehicles (EVs), which call for sophisticated steering technologies such as electric power steering (EPS). As modern technology gets more into efficiency and comfort in vehicles, EPS is being incorporated in designs to improve driving experiences and meet the rising conservation demands. An additional important factor is the rising automobile manufacturing in some developing regions, especially in Asia-Pacific countries like China and India. These countries are experiencing an increase in vehicle requirements as personal earnings are going up and people are moving into cities, thereby requiring more vehicles. Cars and automotive parts are most likely to be manufactured in these regions, as there are many existing and new foreign players providing stiff competition. Moreover, innovation and product development in the steering systems market are being fuelled by strong collaboration and technology synergies between market participants. New product development is being done at a fast pace that is also creating opportunities for the growth of the market.

Automotive Steering Systems Market Segmentation analysis

The Global Automotive Steering Systems is segmented by Type, and Region.
By Type, the market is divided into Distributed Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles . Geographically, the market is assessed across key Regions like North America(United States, Canada, Mexico), South America(Brazil, Argentina, Chile, Rest of South America), Europe(Germany, France, Italy, United Kingdom, Benelux, Nordics, Rest of Europe), Asia Pacific(China, Japan, India, South Korea, Australia, Southeast Asia, Rest of Asia-Pacific), MEA(Middle East, Africa) and others, each presenting distinct growth opportunities and challenges influenced by the regions.

Competitive Landscape

The automotive steering systems market has many established companies along with new entrants, which makes it a highly competitive market. The major automotive steering systems market players include Nexteer Automotive, ZF Friedrichshafen AG, NSK Ltd., and Robert Bosch GmbH, among other automotive parts manufacturers. Competition is fierce, products are differentiated, and technology is rapidly changing. The market for advanced steering systems is expected to stay active and competitive owing to safety requirements, the need for fuel economy, and the rising trends in autonomous driving as more innovations and technologies are developed to overthrow the current leaders in the market.

Challenges In Automotive Steering Systems Market

There are several barriers to growth and innovation that the global automotive steering systems market has continued to experience over the past years. The integration of advanced driver-assistance systems (ADAS) with steering technologies remains one of the most significant challenges that automotive manufacturers face. Even though the implementation of ADAS can improve the safety of the vehicle and its general performance, the difficulty lies within the integration of the steering system with several ADAS elements, such as automated emergency brakes and lane keep assists. These types of challenges are also known as technical barriers and include calibration and fitment compatibility, which are engineering problems requiring significant resources and tests causing an increase in the cost and time for the introduction of new products in the market. Another challenge that confronts the sector is the required adherence to environmental sustainability satisfying pressure within the market. Today, the automotive industry is under more and more pressure from its customers and society as a whole, and this is forcing the production of steering systems to be cleaner and more environmentally friendly. Most electronic devices with hydraulic steering systems are produced with highly resource-consuming and pollution-causing methods and materials.

Risks & Prospects in Automotive Steering Systems Market

The steering systems market for automobiles across the globe has plenty of growth potential thanks to advancements in technology as well as changing consumer behaviours. One of the largest opportunities lies in the rising adoption rates of electric power steering (EPS) systems within vehicles, as they provide better energy utilization and compatibility with the advanced driving assistance systems (ADAS). As the mobility sector progressively embraces electric vehicles (EVs), the consumption of automatic steering, also known as electric power steering, systems are expected to rise severely, thereby giving manufacturers the chance to come up with new designs and broaden their product ranges. The growth potential among the regional markets is even more pronounced in the light commercial vehicles (LCV) category, which is rapidly growing. The advent of the internet and urbanization has led to a demand for more manageable and convenient light commercial vehicles (LCVs) that in turn requires advanced steering systems designed specifically for such vehicles. As the need for logistics services increases for commercial activities, the growth in the market will also lead to an increased demand for the advanced steering systems in LCVs.

Key Target Audience

The focus target for the global automotive steering systems market is basically automobile manufacturers and OEMs, also referred to as Original Equipment Manufacturers. Their design and production of vehicles require steering systems to have safety and performance. The general drive for EPS technology remains with increased demand for advanced steering from companies looking to increase the efficiency and driver's feelings behind the vehicle. But also, more production in the emerging countries of China and India strengthens the logic of these producers, becoming increasingly common consumers of innovative steering solutions to meet consumers' ever-increasing demand for comfort and improving fuel efficiency.,, The other significant target market is the aftermarket market, which also includes vehicle repair shops and parts distributors. The demand for replacement parts, including steering systems, remains strong as vehicles continue to grow old. This market is motivated by considerations such as maintenance of vehicles, stringent safety regulations, and rising vehicle crashes that require replacement of the steering system.

Merger and acquisition

Recent mergers and acquisitions in the global automotive steering systems market are strategic in nature with the objective of improving the technological capability of the firms as well as their market share. In this regard, it is notable that the Competition Commission of India has given its nod to Rane Holdings Ltd. for buying out the rest 51% equity stake in Rane NSK Steering Systems Pvt. that is held by NSK Ltd, the company’s joint venture partner. Following this purchase, Rane NSK will become a wholly-owned subsidiary of Rane Holdings, which will enhance its assets and strategic capabilities in the knowledge of steering systems in the Indian automobile industry. In a separate development, ZF Rane Automotive India Private Limited has purchased TRW Sun Steering Wheels Pvt. Ltd., a steering wheel manufacturer in India. The purpose of this acquisition is to also enhance ZF Rane's share and capability for innovations in the automotive steering systems market. In this regard, with the inclusion of sounds of TRW, ZF Rane has transitioned to being a one-stop shop entity, hence enhancing its rating on its fierce rivalry in the market, which is rapidly shifting towards electric as well as advanced steering systems. These moves address the balance between a changing economy and the firms operating in it in terms of consumer preferences and technological innovations within the auto industry.