Automotive Steering Systems Market Analysis

Global Automotive Steering Systems Market: Trends, Key Players, and Regional InsightsWord Count: Approximately 750 words

Market Overview

The global automotive steering systems market was valued at USD 34.43 billion in 2024 and is projected to reach USD 51.31 billion by 2034, growing at a CAGR of 4.07% during the forecast period from 2025 to 2034. This growth is driven by the increasing adoption of Electric Power Steering (EPS) systems, which now account for over 65% of new vehicles globally, and the rising demand for advanced driver-assistance systems (ADAS) and autonomous driving technologies.

Steering System Types

The market is segmented based on steering system types:

• Electric Power Steering (EPS): Offers improved fuel efficiency and reduced maintenance costs.
• Hydraulic Power Steering (HPS): Traditional system with higher energy consumption.
• Electro-Hydraulic Power Steering (EHPS): Combines hydraulic and electric systems for better efficiency.
• Manual Steering (MS): Mechanical system with no power assistance.

Applications

The automotive steering systems market serves two primary applications:

• Passenger Vehicles: Dominates the market share due to the increasing demand for comfort and safety features.
• Commercial Vehicles: Growing adoption for enhanced maneuverability and safety in logistics and transportation sectors.

Key Market Players

Several leading companies are shaping the automotive steering systems market:

• Showa Corporation: Known for its advanced steering technologies.
• JTEKT Corporation: Offers a wide range of steering solutions.
• Hyundai Mobis: Provides integrated steering systems for various vehicle models.
• Robert Bosch GmbH: Supplies high-quality steering components.