Product Code: PMRREP33563
Persistence Market Research has recently published an exhaustive report on the global Automotive Steering System Market, offering a comprehensive analysis of key market dynamics, trends, opportunities, and challenges. The report provides detailed insights into the market structure and exclusive data and statistics, projecting the growth trajectory of the automotive steering system market from 2023 to 2030.
The global automotive steering system market is forecast to expand at a CAGR of 4.8% and thereby increase from a value of US$23.4 Billion in 2023, to US$32.5 Billion by the end of 2030.
Key Insights:
- Automotive Steering System Market Size (2023E): US$ 23.4 Billion
- Projected Market Value (2030F): US$32.5 Billion
- Global Market Growth Rate (CAGR 2023 to 2030): 4.8%
- Historical Market Growth Rate (CAGR 2018 to 2022): 4.3%
Automotive Steering System Market - Report Scope
The automotive steering systems market encompasses the production, distribution, and advancement of steering mechanisms in vehicles. It is a crucial component for controlling vehicle direction and ensuring driver control and road safety. The market includes various steering systems like electric, hydraulic, and electro-hydraulic power steering.
As vehicles prioritize safety, comfort, and fuel efficiency, the industry is evolving with technologies such as steer-by-wire and driver assistance systems. Factors driving market growth include the demand for electric vehicles, compliance with global safety regulations, and advancements in autonomous driving technology. Consumer preferences for responsive and comfortable steering also influence research and development efforts to improve steering efficiency and reliability.
Market Growth Drivers:
Rising demand for electric vehicles (EVs) is driving global automotive steering system market growth. EVs, integral to the automotive sustainability shift, impact steering system dynamics. Electric power steering (EPS) gains traction over hydraulic systems, aligning with EV energy efficiency. Expanded pedal placement enhances maneuverability, reduces power consumption, and integrates with advanced driver-assistance systems (ADAS), reflecting the industry's commitment to technological progress.
Market Restraints:
Challenges in Integrating Advanced Driver-Assistance Systems (ADAS): The global automotive steering system industry faces obstacles in the integration of ADAS due to complexities. Achieving seamless coordination between steering systems and various ADAS components, such as emergency braking and lane-keeping assistance, proves challenging. The pursuit of optimal integration, reliability, and safety poses technical difficulties, leading to increased development costs and timelines.
Environmental Sustainability Concerns: The automotive steering system industry grapples with rising demands to address environmental sustainability issues. Stringent regulations and heightened consumer expectations in terms of environmental impact necessitate a reevaluation of manufacturing processes, especially for resource-intensive hydraulic components. Achieving sustainability goals presents a complex dilemma for the automotive steering systems market.
Market Opportunities:
The rise of autonomous and connected vehicles is driving growth in the global automotive steering system market. As the automotive industry advances towards intelligent transportation, steering systems play a crucial role in shaping the future driving experience. Incorporating technologies like AI and sensors, steering systems are evolving to meet the changing needs of autonomous and connected vehicles. The shift to steer-by-wire technology enhances steering accuracy and responsiveness, aligning with the goal of real-time decision-making in automobiles. Integration of sensors, cameras, and AI algorithms improves navigation, adaptability to road conditions, and communication between vehicles, enhancing overall safety and efficiency in connected and autonomous driving.
Key Questions Answered in Report:
- Which regions are expected to dominate the automotive steering system market in the future?
- What factors will drive the demand for automotive steering systems in the coming years?
- How will technological trends impact the global automotive steering system market?
- Who are the key players in the market, and what strategies are they employing to enhance their positions?
- What are the critical tactics used by major companies to improve their market share and competitiveness?
Competitive Intelligence and Business Strategy:
Key players like JTEKT Corporation, ZF Friedrichshafen, and Bosch dominate the global automotive steering system industry. They focus on strategic initiatives, R&D, and innovative solutions to meet evolving industry needs. Bosch, a leader, integrates AI into steering systems for improved accuracy and safety, emphasizing ADAS development. These industry frontrunners secure market dominance through global partnerships and a commitment to cutting-edge technologies, shaping the future of automotive steering systems.
Key Companies Profiled:
- T Robert Bosch GmbH
- JTEKT Corporation
- ZF Friedrichshafen AG
- Nexteer Automotive
- NSK Ltd.
- Thyssenkrupp AG
- Mando Corporation
- Showa Corporation
- Hyundai Mobis Co., Ltd.
- Hitachi Automotive Systems, Ltd.
Automotive Steering System Market Research Segmentation:
EPS dominates due to EV demand; EHPS grows fast with adaptable solutions. Passenger cars lead, driven by tech advancements, while LCVs show rapid growth fueled by urbanization and e-commerce demand. The market segmentation includes a detailed analysis based on the types of steering systems, components, and vehicle types. For example:
By Type:
- Electric Power Steering (EPS)
- Hydraulic Power Steering (HPS)
- Electro-Hydraulic Power Steering (EHPS)
By Vehicle Type:
By Region:
- North America
- Europe
- East Asia
- South Asia & Oceania
- Latin America
- Middle East & Africa
Table of Contents
1. Executive Summary
- 1.1. Global Automotive Steering System Market Snapshot, 2023 and 2030
- 1.2. Market Opportunity Assessment, 2023 - 2030, US$ Mn
- 1.3. Key Market Trends
- 1.4. Future Market Projections
- 1.5. Premium Market Insights
- 1.6. Industry Developments and Key Market Events
- 1.7. PMR Analysis and Recommendations
2. Market Overview
- 2.1. Market Scope and Definition
- 2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Opportunity
- 2.2.4. Challenges
- 2.2.5. Key Trends
- 2.3. Type Lifecycle Analysis
- 2.4. Automotive Steering System Market: Value Chain
- 2.4.1. List of Raw Material Supplier
- 2.4.2. List of Manufacturers
- 2.4.3. List of Distributors
- 2.4.4. List of Applications
- 2.4.5. Profitability Analysis
- 2.5. Porter Five Force's Analysis
- 2.6. Geopolitical Tensions: Market Impact
- 2.7. Macro-Economic Factors
- 2.7.1. Global Sectorial Outlook
- 2.7.2. Global GDP Growth Outlook
- 2.7.3. Global Parent Market Overview
- 2.8. Forecast Factors - Relevance and Impact
- 2.9. Regulatory and Technology Landscape
3. Global Automotive Steering System Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)
- 3.1. Key Highlights
- 3.1.1. Market Volume (Units) Projections
- 3.1.2. Market Size and Y-o-Y Growth
- 3.1.3. Absolute $ Opportunity
- 3.2. Market Size (US$ Mn) Analysis and Forecast
- 3.2.1. Historical Market Size Analysis, 2013-2016
- 3.2.2. Current Market Size Forecast, 2018-2026
- 3.3. Global Automotive Steering System Market Outlook: Type
- 3.3.1. Introduction / Key Findings
- 3.3.2. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Type, 2018 - 2022
- 3.3.3. Current Market Size (US$ Mn) and Volume (Units) Forecast By Type, 2023 - 2030
- 3.3.3.1. Electric Power Steering (EPS)
- 3.3.3.2. Hydraulic Power Steering (HPS)
- 3.3.3.3. Electro-Hydraulic Power Steering (EHPS)
- 3.3.3.4. Manual Steering
- 3.3.3.5. Misc
- 3.4. Market Attractiveness Analysis: Type
- 3.5. Global Automotive Steering System Market Outlook: Vehicle Type
- 3.5.1. Introduction / Key Findings
- 3.5.2. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Vehicle Type, 2018 - 2022
- 3.5.3. Current Market Size (US$ Mn) and Volume (Units) Forecast By Fuel Vehicle Type, 2023 - 2030
- 3.5.3.1. Passenger Car
- 3.5.3.2. LCV
- 3.5.3.3. HCV
- 3.6. Market Attractiveness Analysis: Vehicle Type
- 3.7. Market Attractiveness Analysis: Application
4. Global Automotive Steering System Market Outlook: Region
- 4.1. Key Highlights
- 4.2. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Region, 2018 - 2022
- 4.3. Current Market Size (US$ Mn) and Volume (Units) Forecast By Region, 2023 - 2030
- 4.3.1. North America
- 4.3.2. Europe
- 4.3.3. East Asia
- 4.3.4. South Asia and Oceania
- 4.3.5. Latin America
- 4.3.6. Middle East & Africa (MEA)
- 4.4. Market Attractiveness Analysis: Region
5. North America Automotive Steering System Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)
- 5.1. Key Highlights
- 5.2. Pricing Analysis
- 5.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 5.3.1. By Country
- 5.3.2. By Type
- 5.3.3. By Application
- 5.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 5.4.1. U.S.
- 5.4.2. Canada
- 5.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Type, 2023 - 2030
- 5.5.1. Electric Power Steering (EPS)
- 5.5.2. Hydraulic Power Steering (HPS)
- 5.5.3. Electro-Hydraulic Power Steering (EHPS)
- 5.5.4. Manual Steering
- 5.5.5. Misc
- 5.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Vehicle Type, 2023 - 2030
- 5.6.1. Passenger Car
- 5.6.2. LCV
- 5.6.3. HCV
- 5.7. Market Attractiveness Analysis
6. Europe Automotive Steering System Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)
- 6.1. Key Highlights
- 6.2. Pricing Analysis
- 6.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 6.3.1. By Country
- 6.3.2. By Type
- 6.3.3. By Application
- 6.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 6.4.1. Germany
- 6.4.2. France
- 6.4.3. U.K.
- 6.4.4. Italy
- 6.4.5. Spain
- 6.4.6. Russia
- 6.4.7. T rkiye
- 6.4.8. Rest of Europe
- 6.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Type, 2023 - 2030
- 6.5.1. Electric Power Steering (EPS)
- 6.5.2. Hydraulic Power Steering (HPS)
- 6.5.3. Electro-Hydraulic Power Steering (EHPS)
- 6.5.4. Manual Steering
- 6.5.5. Misc
- 6.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Vehicle Type, 2023 - 2030
- 6.6.1. Passenger Car
- 6.6.2. LCV
- 6.6.3. HCV
- 6.7. Market Attractiveness Analysis
7. East Asia Automotive Steering System Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)
- 7.1. Key Highlights
- 7.2. Pricing Analysis
- 7.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 7.3.1. By Country
- 7.3.2. By Type
- 7.3.3. By Application
- 7.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 7.4.1. China
- 7.4.2. Japan
- 7.4.3. South Korea
- 7.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Type, 2023 - 2030
- 7.5.1. Electric Power Steering (EPS)
- 7.5.2. Hydraulic Power Steering (HPS)
- 7.5.3. Electro-Hydraulic Power Steering (EHPS)
- 7.5.4. Manual Steering
- 7.5.5. Misc
- 7.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Vehicle Type, 2023 - 2030
- 7.6.1. Passenger Car
- 7.6.2. LCV
- 7.6.3. HCV
- 7.7. Market Attractiveness Analysis
8. South Asia & Oceania Automotive Steering System Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)
- 8.1. Key Highlights
- 8.2. Pricing Analysis
- 8.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 8.3.1. By Country
- 8.3.2. By Type
- 8.3.3. By Application
- 8.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 8.4.1. India
- 8.4.2. Southeast Asia
- 8.4.3. ANZ
- 8.4.4. Rest of South Asia & Oceania
- 8.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Type, 2023 - 2030
- 8.5.1. Electric Power Steering (EPS)
- 8.5.2. Hydraulic Power Steering (HPS)
- 8.5.3. Electro-Hydraulic Power Steering (EHPS)
- 8.5.4. Manual Steering
- 8.5.5. Misc
- 8.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Vehicle Type, 2023 - 2030
- 8.6.1. Passenger Car
- 8.6.2. LCV
- 8.6.3. HCV
- 8.7. Market Attractiveness Analysis
9. Latin America Automotive Steering System Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)
- 9.1. Key Highlights
- 9.2. Pricing Analysis
- 9.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 9.3.1. By Country
- 9.3.2. By Type
- 9.3.3. By Vehicle Type
- 9.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 9.4.1. Brazil
- 9.4.2. Mexico
- 9.4.3. Rest of Latin America
- 9.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Type, 2023 - 2030
- 9.5.1. Electric Power Steering (EPS)
- 9.5.2. Hydraulic Power Steering (HPS)
- 9.5.3. Electro-Hydraulic Power Steering (EHPS)
- 9.5.4. Manual Steering
- 9.5.5. Misc
- 9.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Vehicle Type, 2023 - 2030
- 9.6.1. Passenger Car
- 9.6.2. LCV
- 9.6.3. HCV
- 9.7. Market Attractiveness Analysis
10. Middle East & Africa Automotive Steering System Market Outlook: Historical (2018 - 2022) and Forecast (2023 - 2030)
- 10.1. Key Highlights
- 10.2. Pricing Analysis
- 10.3. Historical Market Size (US$ Mn) and Volume (Units) Analysis By Market, 2018 - 2022
- 10.3.1. By Country
- 10.3.2. By Type
- 10.3.3. By Application
- 10.4. Current Market Size (US$ Mn) and Volume (Units) Forecast By Country, 2023 - 2030
- 10.4.1. GCC
- 10.4.2. Egypt
- 10.4.3. South Africa
- 10.4.4. Northern Africa
- 10.4.5. Rest of Middle East & Africa
- 10.5. Current Market Size (US$ Mn) and Volume (Units) Forecast By Type, 2023 - 2030
- 10.5.1. Electric Power Steering (EPS)
- 10.5.2. Hydraulic Power Steering (HPS)
- 10.5.3. Electro-Hydraulic Power Steering (EHPS)
- 10.5.4. Manual Steering
- 10.5.5. Misc
- 10.6. Current Market Size (US$ Mn) and Volume (Units) Forecast By Vehicle Type, 2023 - 2030
- 10.6.1. Passenger Car
- 10.6.2. LCV
- 10.6.3. HCV
- 10.7. Market Attractiveness Analysis
11. Competition Landscape
- 11.1. Market Share Analysis, 2022
- 11.2. Market Structure
- 11.2.1. Competition Intensity Mapping By Market
- 11.2.2. Competition Analog IC
- 11.2.3. Apparent Product Capacity
- 11.3. Company Profiles (Details - Overview, Financials, Strategy, Recent Developments)
- 11.3.1. Robert Bosch GmbH
- 11.3.1.1. Overview
- 11.3.1.2. Segments and Product
- 11.3.1.3. Key Financials
- 11.3.1.4. Market Developments
- 11.3.1.5. Market Strategy
- 11.3.2. JTEKT Corporation
- 11.3.2.1. Overview
- 11.3.2.2. Segments and Product
- 11.3.2.3. Key Financials
- 11.3.2.4. Market Developments
- 11.3.2.5. Market Strategy
- 11.3.3. ZF Friedrichshafen AG
- 11.3.3.1. Overview
- 11.3.3.2. Segments and Product
- 11.3.3.3. Key Financials
- 11.3.3.4. Market Developments
- 11.3.3.5. Market Strategy
- 11.3.4. Nexteer Automotive
- 11.3.4.1. Overview
- 11.3.4.2. Segments and Product
- 11.3.4.3. Key Financials
- 11.3.4.4. Market Developments
- 11.3.4.5. Market Strategy
- 11.3.5. NSK Ltd.
- 11.3.5.1. Overview
- 11.3.5.2. Segments and Product
- 11.3.5.3. Key Financials
- 11.3.5.4. Market Developments
- 11.3.5.5. Market Strategy
- 11.3.6. Thyssenkrupp AG
- 11.3.6.1. Overview
- 11.3.6.2. Segments and Product
- 11.3.6.3. Key Financials
- 11.3.6.4. Market Developments
- 11.3.6.5. Market Strategy
- 11.3.7. Mando Corporation
- 11.3.7.1. Overview
- 11.3.7.2. Segments and Product
- 11.3.7.3. Key Financials
- 11.3.7.4. Market Developments
- 11.3.7.5. Market Strategy
- 11.3.8. Showa Corporation
- 11.3.8.1. Overview
- 11.3.8.2. Segments and Product
- 11.3.8.3. Key Financials
- 11.3.8.4. Market Developments
- 11.3.8.5. Market Strategy
- 11.3.9. Hyundai Mobis Co., Ltd.
- 11.3.9.1. Overview
- 11.3.9.2. Segments and Product
- 11.3.9.3. Key Financials
- 11.3.9.4. Market Developments
- 11.3.9.5. Market Strategy
- 11.3.10. Hitachi Automotive Systems, Ltd.
- 11.3.10.1. Overview
- 11.3.10.2. Segments and Product
- 11.3.10.3. Key Financials
- 11.3.10.4. Market Developments
- 11.3.10.5. Market Strategy
12. Appendix
- 12.1. Research Methodology
- 12.2. Research Assumptions
- 12.3. Acronyms and Abbreviations