Automotive Steering System Market Analysis: Growth, Size, Share & Future Trends (2024-2029) 

The market report offers a detailed analysis segmented by Component (Hydraulic Pump, Steering/Column/Rack, Sensors, Electric Motor, Others); by Mechanism (Electronic Power Steering (EPS), Hydraulic Power Steering (HPS), Electrically Assisted Hydraulic Power Steering); by Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa).

Outlook 

• The automotive steering system market is estimated to be at USD 33,492.19 Mn in 2025 and is anticipated to reach USD 42,314.76 Mn in 2030. 

• The automotive steering system market is registering a CAGR of 4.79% during the forecast period 2025-2030. 

• The automotive steering system market is evolving from traditional hydraulic systems to advanced electric power steering (EPS), driven by demands for improved fuel efficiency, safety, and integration with driver-assist features. 

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Ecosystem 

• The participants in the global automotive steering system industry focus on developing advanced and integrated steering solutions to meet industry demand. 

• These companies invest in research & development of next-generation steering systems, along with strategic collaborations and partnerships with automobile manufacturers to integrate customized steering solutions and expand their market reach. 

• Several important entities in the automotive steering system market include Nexteer Automotive Corp.; NSK Ltd.; JTEKT Corp.; Robert Bosch LLC; Mando Corp.; and others. 

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Findings 

Attributes	Values
Historical Period	2019-2023
Base Year	2024
Forecast Period	2025-2030
Market Size (2025)	USD 33,492.19 Mn
Market Size (2030)	USD 42,314.76 Mn
Growth Rate	4.79% CAGR from 2025 to 2030
Key Segments	Component (Hydraulic Pump, Steering/Column/Rack, Sensors, Electric Motor, Others); Mechanism (Electronic Power Steering (EPS), Hydraulic Power Steering (HPS), Electrically Assisted Hydraulic Power Steering); Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa)
Key Vendors	Nexteer Automotive Corp.; NSK Ltd.; JTEKT Corp.; Robert Bosch LLC; Mando Corp.
Key Countries	The US; Canada; Mexico; Brazil; Argentina; Colombia; China; India; Japan; South Korea; The UK; Germany; France; Turkey; UAE; Saudi Arabia; Morocco; South Africa
Largest Market	Asia Pacific

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Trends  

• Adoption of Steer-by-Wire Technology: Steer-by-wire systems, which replace traditional mechanical connections with electronic controls, are gaining attention as they allow for greater design flexibility, reduced weight, and integration with autonomous driving features. This trend reflects the automotive industry’s shift toward electrification and automation. For instance, Nissan introduced the steer-by-wire system in its Infiniti Q50, showcasing how automakers are incorporating this technology to enhance driving precision. 

• Integration with Advanced Driver Assistance Systems (ADAS): Modern steering systems are increasingly integrated with ADAS features like lane-keeping assistance and adaptive cruise control. This trend supports safer driving experiences and contributes to the development of semi-autonomous and autonomous vehicles. 

• Rise of Compact Steering System Design: Compact steering systems are being developed to reduce space and improve design flexibility, especially for electric vehicles (EVs), where space optimization is crucial. This trend aligns with the growing EV market, supporting efficient vehicle designs.  

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Catalysts 

• Growing Demand for Fuel-Efficient Vehicles: The shift towards fuel-efficient and low-emission vehicles has driven the adoption of Electric power steering (EPS) over traditional hydraulic systems, as EPS improves fuel economy by reducing engine load. 

• Strict Safety Regulations and Standards: Stringent vehicle safety regulations in Europe and North America are pushing manufacturers to adopt advanced steering systems that integrate with ADAS to enhance road safety. Compliance with these regulations requires steering systems that support modern safety features. 

• Growing Popularity of Autonomous Vehicles: The development of autonomous vehicles requires precise and reliable steering systems, leading to increased adoption of steer-by-wire and electronically controlled steering. These systems are essential for autonomous vehicle functions, including path-following and lane-centering. For instance, Waymo and other autonomous vehicle manufacturers adopted advanced steering technologies, reflecting this driver’s impact on the steering market. 

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Restraints 

• High Cost of Advanced Steering Systems: Advanced systems like EPS and steer-by-wire are costlier than traditional hydraulic options, making it challenging for manufacturers to implement these technologies in budget vehicles. This challenge is especially significant in price-sensitive markets. 

• Technological Complexity and Maintenance Issues: Advanced steering systems, particularly steer-by-wire, involve complex electronics, making them susceptible to malfunctions. The high maintenance costs and technical requirements pose challenges for consumers and service providers. 

• Dependence on Semiconductor Components: Advanced steering systems rely heavily on semiconductor components, making the market vulnerable to semiconductor shortages. The global semiconductor shortage has disrupted production, impacting steering system manufacturing timelines. In 2021, semiconductor shortages affected EPS production for Ford, leading to delays in vehicle deliveries and showcasing supply chain vulnerability. 

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Table of Contents 

1.       Introduction         1.1.    Research Methodology         1.2.    Scope of the Study  2.       Market Overview / Executive Summary         2.1.    Global Automotive Steering System Market (2019 – 2023)         2.2.    Global Automotive Steering System Market (2024 – 2030)  3.       Market Segmentation         3.1.    Global Automotive Steering System Market by Component                3.1.1.    Hydraulic Pump                3.1.2.    Steering/Column/Rack                3.1.3.    Sensors                3.1.4.    Electric Motor                3.1.5.    Others         3.2.    Global Automotive Steering System Market by Mechanism                3.2.1.    Electronic Power Steering (EPS)                3.2.2.    Hydraulic Power Steering (HPS)                3.2.3.    Electrically Assisted Hydraulic Power Steering  4.       Regional Segmentation         4.1.    North America                4.1.1.    The US                4.1.2.    Canada                4.1.3.    Mexico         4.2.    South America                4.2.1.    Brazil                4.2.2.    Argentina                4.2.3.    Colombia                4.2.4.    Rest of South America         4.3.    Asia Pacific                4.3.1.    China                4.3.2.    India                4.3.3.    Japan                4.3.4.    South Korea                4.3.5.    Rest of Asia Pacific         4.4.    Europe                4.4.1.    The UK                 4.4.2.    Germany                4.4.3.    France                4.4.4.    Rest of Europe         4.5.    The Middle East                4.5.1.    Turkey                4.5.2.    UAE                4.5.3.    Saudi Arabia                4.5.4.    Rest of the Middle East         4.6.    Africa                4.6.1.    Morocco                4.6.2.    South Africa                4.6.3.    Rest of Africa  5.       Value Chain Analysis of the Global Automotive Steering System Market  6.       Porter Five Forces Analysis         6.1.    Threats of New Entrants         6.2.    Threats of Substitutes         6.3.    Bargaining Power of Buyers         6.4.    Bargaining Power of Suppliers         6.5.    Competition in the Industry  7.       Trends, Drivers and Challenges Analysis         7.1.    Market Trends         7.1.1.    Market Trend 1         7.1.2.    Market Trend 2         7.1.3.    Market Trend 3         7.2.    Market Drivers         7.2.1.    Market Driver 1         7.2.2.    Market Driver 2         7.2.3.    Market Driver 3         7.3.    Market Challenges         7.3.1.    Market Challenge 1         7.3.2.    Market Challenge 2         7.3.3.    Market Challenge 3  8.       Opportunities Analysis         8.1.    Market Opportunity 1         8.2.    Market Opportunity 2         8.3.    Market Opportunity 3  9.       Competitive Landscape         9.1.    Nexteer Automotive Corp.         9.2.    NSK Ltd.         9.3.    JTEKT Corp.         9.4.    Robert Bosch LLC         9.5.    Mando Corp.         9.6.    Company 6         9.7.    Company 7         9.8.    Company 8         9.9.    Company 9         9.10.  Company 10

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Automotive Steering System Market – FAQs 

1.  What is the current size of the automotive steering system market? 

Ans. In 2025, the automotive steering system market size is USD 33,492.19 Mn. 

2.  Who are the major vendors in the automotive steering system market?  

Ans. The major vendors in the automotive steering system market are Nexteer Automotive Corp.; NSK Ltd.; JTEKT Corp.; Robert Bosch LLC; Mando Corp. 

3.  Which segments are covered under the automotive steering system market segments analysis?  

Ans. The automotive steering system market report offers in-depth insights into Component,  Mechanism, and Geography.