Automotive Steering System
Automotive Steering System Market by Product Type (Manual Steering Systems, Power Steering Systems), Component Type (Electric Motor, Hydraulic Pump, Sensor), Vehicle Type, End Use, Technology Type, Steering System Sales Channel, End-User Industry, Materials Used - Global Forecast 2025-2030
SKU
MRR-437D459579BE
Region
Global
Publication Date
February 2025
Delivery
Immediate
2024
USD 33.50 billion
2025
USD 35.33 billion
2030
USD 45.56 billion
CAGR
5.25%
360iResearch Analyst Ketan Rohom
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The Automotive Steering System Market size was estimated at USD 33.50 billion in 2024 and expected to reach USD 35.33 billion in 2025, at a CAGR 5.25% to reach USD 45.56 billion by 2030.

Automotive Steering System Market
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The Automotive Steering System market encapsulates an essential segment of the automotive industry, primarily involving components like steering gears, columns, and linkages that facilitate directional control. Steering systems have transitioned from manual to sophisticated power steering and modern EPS (Electronic Power Steering), driven by factors such as increased demand for comfort, fuel efficiency, and safety. These systems are quintessential across passenger cars, light and heavy commercial vehicles, and their application extends from conventional vehicles to electric and autonomous vehicles. The expanding vehicle production, coupled with stringent emissions and fuel efficiency norms, spotlight the necessity for advanced steering solutions. With new technologies, the focus shifts towards offering lower energy consumption, enhanced response times, and lighter-weight components crafted from innovative materials like aluminum and composites. Market growth is significantly influenced by rapid urbanization, the emergence of autonomous driving technology, and the rising consumer demand for highly responsive and integrated systems. Current trends witness an increase in R&D investments aimed at developing APS (Advanced Power Steering) and steer-by-wire systems, suggesting substantial opportunities. However, challenges like the high cost of advanced steering systems and the complexities involved in integration with other vehicle electronics can restrain growth. Furthermore, market players face stringent regulatory compliance hurdles. By identifying niche areas like the development of compatible systems for electric and autonomous vehicles, leveraging AI and IoT for smarter integration, and focusing on providing solutions that ease the transition from traditional steering systems to modern ones, companies can drive innovation. The market is dynamic, characterized by swift technology shifts, making constant innovation necessary for sustaining competitive advantage. Hence, investing in lightweight, integrated steering modules and collaborating with tech firms for automotive intelligence could be prudent strategies for gaining market traction and achieving long-term growth.

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Market Dynamics

The market dynamics represent an ever-changing landscape of the Automotive Steering System Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

  • Market Drivers
    • Stringent government regulations pushing manufacturers toward more efficient steering solutions
    • Technological advancements leading to the integration of steer-by-wire systems in modern vehicles
    • Expanding urbanization and infrastructure development stimulating demand for advanced automotive components
  • Market Restraints
    • Rising raw material costs affecting profitability and innovation in steering system production
    • Compliance and safety challenges related to integrating advanced steering technology in autonomous vehicles
    • Potential supply chain disruptions affecting the timely production and delivery of steering components
  • Market Opportunities
    • Increased governmental safety regulations create opportunities for steering system advancements
    • Growth in ride-sharing and mobility-as-a-service fields spurs innovation in steering components
    • International infrastructure projects influence demand for heavy-duty and commercial vehicle steering
  • Market Challenges
    • Identifying and capitalizing on regional variations in demand for different steering system technologies
    • Navigating competitive market dynamics and pressure from new entrants and existing competitors
    • Adapting to the increasing demand and shift towards electric and autonomous vehicles

Porter’s Five Forces Analysis

The porter's five forces analysis offers a simple and powerful tool for understanding, identifying, and analyzing the position, situation, and power of the businesses in the Automotive Steering System Market. This model is helpful for companies to understand the strength of their current competitive position and the position they are considering repositioning into. With a clear understanding of where power lies, businesses can take advantage of a situation of strength, improve weaknesses, and avoid taking wrong steps. The tool identifies whether new products, services, or companies have the potential to be profitable. In addition, it can be very informative when used to understand the balance of power in exceptional use cases.

PESTLE Analysis

The PESTLE analysis offers a comprehensive tool for understanding and analyzing the external macro-environmental factors that impact businesses within the Automotive Steering System Market. This framework examines Political, Economic, Social, Technological, Legal, and Environmental factors, providing companies with insights into how these elements influence their operations and strategic decisions. By using PESTLE analysis, businesses can identify potential opportunities and threats in the market, adapt to changes in the external environment, and make informed decisions that align with current and future conditions. This analysis helps companies anticipate shifts in regulation, consumer behavior, technology, and economic conditions, allowing them to better navigate risks and capitalize on emerging trends.

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Automotive Steering System Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Automotive Steering System Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Recent Developments

  • Nexteer Automotive Expands Cost-Effective, Modular Steering Offerings with New Modular Rack-Assist Electric Power Steering System.

    Nexteer Automotive, a leader in advanced steering and driveline systems, has announced the expansion of their cost-effective electric power steering (EPS) technology. This innovative technology has already been integrated into more than 70 percent of Nexteer's global customer base, achieving unprecedented fuel efficiency and reduced carbon emissions. The expansion of their EPS systems will provide their customers with even greater flexibility and cost-effectiveness, while enhancing the driving experience. As the demand for eco-friendlier solutions has never been more critical, Nexteer's dedication to advancing steering technology will enable more fuel-efficient and environmentally-friendly vehicles to enter the market. [Published On: April 17, 2023]

  • Germany’s ZF Group to Invest USD 194 Million in Ciudad Juárez Plant.

    ZF Group, a leading global technology company, is set to invest USD 194 million in a new plant in Ciudad Juarez, Mexico, dedicated to producing automotive steering systems. The expansion is a strategic move for the company, which aims to meet the growing demand for its innovative products in North America. This state-of-the-art facility will not only increase ZF's global production capacity but will also create new job opportunities for the region. With over 150 years of experience in the automotive sector and a commitment to sustainability, ZF Group is poised to drive the industry forward with cutting-edge technologies and solutions. [Published On: April 10, 2023]

  • China Automotive Systems Launches New Electric Power Steering Systems for BYD.

    China Automotive Systems, a leading provider of automotive steering systems in China, has announced the launch of its new electric power steering systems for BYD. This advancement in automotive technology is an exciting development for the industry, as electric power steering systems are known for their enhanced fuel efficiency and smoother handling capabilities. China Automotive Systems is committed to delivering innovative solutions to drivers around the world, and this new product is a testament to that mission. We look forward to seeing the continued growth and success of China Automotive Systems in the automotive steering system market. [Published On: December 12, 2022]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Automotive Steering System Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Automotive Steering System Market, highlighting leading vendors and their innovative profiles. These include Alps Electric Co., Ltd, Automotive IQ by IQPC GmbH, Ayd Infra Private Limited, Bendix Commercial Vehicle Systems LLC, Complete Steering Australia, ContiTech AG, Danfoss A/S, Delphi Technologies by BorgWarner Inc, Denso Corporation, FTL Steering Systems GmbH, GKN PLC., Global Steering Systems LLC, Hiatchi Ltd., Hyundai Mobis Co. Ltd, JIYI Robot (Shanghai) Co., Ltd., Jtekt Machine Systems Corp., Mando Corp., Mighty Auto Parts, Mitsubishi Electric Corporation, Moog by DRiV Automotive Inc., MTS Systems Corporation, Nexteer Automotive Corporation, NSK Ltd., Pailton Engineering Ltd., PSS Steering & Hydraulics, Rane Holdings Limited., Robert Bosch GmbH, Schaeffler Group, Sona Koyo Steering System Ltd, Thompson Ramo Wooldridge Inc., ThyssenKrupp AG, Trimble, Inc., and ZF Friedrichshafen AG.

Market Segmentation & Coverage

This research report categorizes the Automotive Steering System Market to forecast the revenues and analyze trends in each of the following sub-markets:

  • Product Type
    • Manual Steering Systems
      • Rack and Pinion
      • Rack and Pinion with Power Assist
      • Recirculating Ball
    • Power Steering Systems
      • Electrically Powered Steering
      • Electro-Hydraulic Power Steering
      • Hydraulic Power Steering
      • Steer-By-Wire
  • Component Type
    • Electric Motor
    • Hydraulic Pump
    • Sensor
    • Steering Column
    • Steering Rack/Pinion
    • Valve
  • Vehicle Type
    • Commercial Vehicles
      • Heavy Duty Vehicles
      • Light Commercial Vehicles
    • Passenger Cars
      • Compact
      • Electric
      • Luxury
      • Mid-size
  • End Use
    • Aftermarket
    • OEMs
  • Technology Type
    • Advanced Driver Assistance Systems (ADAS)
    • Autonomous Vehicle Systems
    • Conventional Technology
  • Steering System Sales Channel
    • Direct Sales
    • Distributors
    • Online Sales
    • Retailers
  • End-User Industry
    • Automobile Manufacturers
    • Automobile Service Stations
    • Mechanic Independents
  • Materials Used
    • Aluminum
    • Composite Materials
    • Polymer
    • Steel
  • Region
    • Americas
      • Argentina
      • Brazil
      • Canada
      • Mexico
      • United States
        • California
        • Florida
        • Illinois
        • New York
        • Ohio
        • Pennsylvania
        • Texas
    • Asia-Pacific
      • Australia
      • China
      • India
      • Indonesia
      • Japan
      • Malaysia
      • Philippines
      • Singapore
      • South Korea
      • Taiwan
      • Thailand
      • Vietnam
    • Europe, Middle East & Africa
      • Denmark
      • Egypt
      • Finland
      • France
      • Germany
      • Israel
      • Italy
      • Netherlands
      • Nigeria
      • Norway
      • Poland
      • Qatar
      • Russia
      • Saudi Arabia
      • South Africa
      • Spain
      • Sweden
      • Switzerland
      • Turkey
      • United Arab Emirates
      • United Kingdom

This research report offers invaluable insights into various crucial aspects of the Automotive Steering System Market:

  1. Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
  2. Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
  3. Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
  4. Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
  5. Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.

Additionally, the report addresses key questions to assist stakeholders in making informed decisions:

  1. What is the current market size and projected growth?
  2. Which products, segments, applications, and regions offer promising investment opportunities?
  3. What are the prevailing technology trends and regulatory frameworks?
  4. What is the market share and positioning of the leading vendors?
  5. What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?
Table of Contents
  1. Preface
  2. Research Methodology
  3. Executive Summary
  4. Market Overview
  5. Market Insights
  6. Automotive Steering System Market, by Product Type
  7. Automotive Steering System Market, by Component Type
  8. Automotive Steering System Market, by Vehicle Type
  9. Automotive Steering System Market, by End Use
  10. Automotive Steering System Market, by Technology Type
  11. Automotive Steering System Market, by Steering System Sales Channel
  12. Automotive Steering System Market, by End-User Industry
  13. Automotive Steering System Market, by Materials Used
  14. Americas Automotive Steering System Market
  15. Asia-Pacific Automotive Steering System Market
  16. Europe, Middle East & Africa Automotive Steering System Market
  17. Competitive Landscape
  18. List of Figures [Total: 33]
  19. List of Tables [Total: 555 ]
  20. List of Companies Mentioned [Total: 33]
Frequently Asked Questions
  1. How big is the Automotive Steering System Market?
    Ans. The Global Automotive Steering System Market size was estimated at USD 33.50 billion in 2024 and expected to reach USD 35.33 billion in 2025.
  2. What is the Automotive Steering System Market growth?
    Ans. The Global Automotive Steering System Market to grow USD 45.56 billion by 2030, at a CAGR of 5.25%
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