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Automotive Steering System Market Analysis by Technology (Manual Steering, Electronic Steering, Hydraulic Steering, and Electro-Hydraulic Steering); by Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  •   JTEKT Corporation – developed "Pairdriver", a human-centered automated steering control system, that realizes safe driving by sharing the steering of the vehicle between driver and automation.

  •  Nexteer Automotive Corporation – expanded the output capabilities of its pinion electric power steering (EPS) systems for meeting the needs of heavier electric vehicles (EVs) in segments B through D.

Global Automotive Steering System Market Size, Forecast, and Trend Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~4%

Base Year Market Size (2022)

 ~ USD 22 Billion

Forecast Year Market Size (2033)

~ USD 35 Billion

 

The global automotive steering system market is estimated to garner a revenue of ~USD 35 billion by the end of 2033 by growing at a CAGR of ~4% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 22 billion in the year 2022. The growth of the market can primarily be attributed to the growing number of autonomous cars along with the rising demand for power steering systems amongst automobile users worldwide. For instance, it was found that there were more than 30 million autonomous cars globally in 2019.

automotive steering overview image

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The automotive steering system of a car is everything from the steering wheel to the steering shaft, rack, and pinion (also known as the gearbox). It is a system of components, linkages, and other parts which connect to the wheels allowing a driver to control the direction of the vehicle and providing directional stability. With the recent advancements in power steering technology as well as electronic control units (ECUs), the demand for power steering systems is on the rise amongst automotive users, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global automotive steering system market during the forecast period. It is estimated that some modern motor vehicles have up to 150 ECUs. Also, the electric power steering electronic control unit (ECU) calculates the need for assisting power based on the torque being applied to the steering wheel, the steering wheel position, and the vehicle's speed.

Global Automotive Steering System Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Demand for Steering Wheel – motor vehicle's steering system comprises some basic parts such as the steering wheel, steering shaft, column, and others. The rising demand for the steering wheel is expected to boost the automotive steering system market in the forecasted period. It is estimated that by 2025, the revenue of steering wheels, bars, or boxes for motor vehicles in Brazil will account for more than USD 1 billion.
  • Increasing Demand for Fuel-Efficient Carsas the transport sector accounts for more than 20% of global carbon dioxide (CO2) emissions in 2020.
  • Surge In the Penetration of Electromechanical Steering Systemswhich are used in ~70% of all cars in 2022, as it consumes less fuel and provides new comfort and safety features.
  • Rising Sales of Passenger Cars – for instance, it is forecasted that India will touch approximately 5 million car sales by 2023.

Challenges

  • Possibility of Failing Steering Rack Mount
  • Concern about Power Steering Fluid Leaks
  • High-Cost Expenditure on Research & Development (R&D)

The global automotive steering system market is segmented and analyzed for demand and supply by technology into manual steering, electronic steering, hydraulic steering, and electro-hydraulic steering. Amongst these segments, the electronic steering segment is anticipated to garner the largest revenue by the end of 2033, backed by the growing demand for electronic power steering along with the surge in the (EPS) implementation in passenger cars worldwide. For instance, over 30% of passenger cars had EPS technology in India in 2020.

Global Automotive Steering System Market Regional Synopsis

Regionally, the global automotive steering system market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033, backed by the presence of a strong base of steering manufacturers network in the region, a growing number of vehicles, as well as the increasing demand for driving-assist functions amongst vehicle users. For instance, it is projected that by 2025, nearly 70% of all new vehicles sold in China will be smart with high-level driving-assist functions.

automotive steering market share image

The global automotive steering system market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global automotive steering system market includes the following segments:

       By Technology

  • Manual Steering
  • Electronic Steering
  • Hydraulic Steering
  • Electro-Hydraulic Steering

        By Vehicle Type

  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles

Top Featured Companies Dominating the Global Automotive Steering System Market

  • JTEKT Corporation
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Hella GmbH & Co. KGaA
  • Nexteer Automotive Corporation
  • ZF Friedrichshafen AG
  • Robert Bosch GmbH
  • NSK Steering Systems Co., Ltd.
  • Mando Corp.
  • Mitsubishi Electric Corporation
  • China Automotive Systems, Inc.
  • thyssenkrupp AG

 

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