Automotive Steering System Market size is estimated to reach USD 35 Billion by the end of 2033, growing at a CAGR of 4% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of automotive steering system was USD 22 Billion. The growth of the market can be attributed to the growing number of autonomous cars along with the rising demand for power steering systems amongst automobile users worldwide. Autonomous cars are driven by themselves by using in-vehicle technologies and sensors. Nowadays, key manufacturers are investing huge amounts of money to enhance the features of such cars and the trend of owning autonomous cars is notably prevalent in the global population. For instance, it was found that there were more than 30 million autonomous cars being driven on road globally in 2019 globally.
Global automotive steering system market trends such as recent advancements in power steering technology and 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. Hence, such factors are anticipated to boost market growth over the forecast period.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
4% |
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Base Year Market Size (2022) |
USD 22 Billion |
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Forecast Year Market Size (2033) |
USD 35 Billion |
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Regional Scope |
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Technology (Manual Steering, Electronic Steering, Hydraulic Steering, Electro-Hydraulic Steering)
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. Out of these types of technologies, the electronic steering segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to the growing demand for electronic power steering (EPS) along with the surge in the implementation in passenger cars worldwide. For instance, over 30% of passenger cars had EPS technology in India in 2020. Electronic steering system is becoming more common in the cars and replacing traditional power steering system. By installing electronic steering system, manufactures can save the cost of fluid drive belt, pump, pulley, hoses, and others. In modern cars, electric power steering (EPS) is almost mandatory.
Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles)
The global automotive steering system market is also segmented and analyzed for demand and supply by vehicle type into passenger cars, light commercial vehicles, and heavy commercial vehicles. Amongst these segments, the heavy commercial vehicles segment is expected to garner a significant share. The segment is expected to grow on the back of higher utilization of automotive steering system in trucks and utility vehicles globally. Automotive steering system in trucks and utility vehicles provides additional energy weather its electric or hydraulic. It decreases the manual effort in maneuvering and parking. Hence, growth in the industrialization coupled with remarkable demand for transportation within countries is projected to hike the growth of the segment over the forecast period. For instance, in 2021, approximately 4 million units of heavy commercial vehicles (HCVs) were sold out across the globe.
Our in-depth analysis of the global market includes the following segments:
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By Technology |
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By Vehicle Type |
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APAC Market Statistics
The Asia Pacific automotive steering system market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the 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 have smart high-level driving-assist functions. Furthermore, growth in the regional automotive industry is baked by the higher manufacturing of automotive components and parts and escalating inclination of population to own luxury cars are further anticipated to expand the market size during the forecast period. For instance, nearly 34 million passenger cars were sold out in Asia Pacific in 2021 and around 6 million passenger cars were sold out in Japan alone in the similar year.
North America Market Forecast
Furthermore, the global automotive steering system market is anticipated to witness significant growth in North America region as well. The growth of the market in this region can be ascribes to the higher production volume of electric vehicles and presence of many key manufacturers. For instance, approximately 15 million units of light electric vehicle were sold out in the United States in 2021. Therefore, all these factors are anticipated to boost the market growth in the region over the forecast period.
JTEKT Corporation has developed "Pairdriver", a human-centered automated steering control system, that realizes safe driving by sharing the steering of the vehicle between the driver and automation. Pairdriver is a remarkable response to the upcoming expansion of automated driving by making it seamless and providing an enhanced steering collaboration between driver and automation along with automated lane tracing.
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. The Dual Pinion-Assist EPS and Single Pinon-Assist EPS are new high output options that also joins the High-Out Rack Assist EPS system that was launched by the company before.
Author Credits: Harshita Srivastava, Saima Khursheed
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