Automotive Steering Systems Market Trends, Sector Overview and Forecast to 2028

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

$995
Buy Report View Sample

Published: March 29, 2024 Report Code: GDAUS100324-ST

Select Item

Automotive Steering Systems Market Report Overview

The steering systems market size was 91 million units in 2023. The market will grow at a CAGR of more than 1% during 2023-2028. Continuous advancements in technology, such as improvements in electric power steering (EPS), sensors, and control algorithms drive the innovation of steering systems. In 2023, Asia-Pacific accounted for a significant share of the automotive steering systems market.

Automotive Steering Systems Market Outlook, 2023-2028 (Million Units)

Automotive Steering Systems Market Outlook, 2023-2028 (Million Units)

Buy the Full Report for More Insights on the Automotive Steering Systems Market Report Forecast

Download a Free Report Sample

The automotive steering systems market research report provides a comprehensive overview of the market trends and drivers. The automotive steering systems market also provides a detailed overview of technological developments and PESTER analysis. Furthermore, evaluate strategic initiatives by market players and their recent product innovations to identify growth opportunities. The report also provides an overview of patent filings across sectors, regions, countries, and top applicants.

Market Size (2023) 91 million units
CAGR (2023-2028) >1%
Historical Period 2018-2022
Forecast Period 2023-2028
Key Regions Asia-Pacific, Europe, North America, South America, and MEA
Key Companies JTEKT, Nexteer Automotive, ZF Friedrichshafen, Robert Bosch, and NSK
Key Sectors Steering – Power Hydraulic, Steering – Power Electrical, and Steering – Manual
Enquire & Decide Discover the perfect solution for your business needs. Enquire now and let us help you make an informed decision before making a purchase.

Automotive Steering Systems Market Trends

The key trends shaping the automotive steering systems market are electric power steering (EPS) dominance and the implementation of steer-by-wire technology.

Electric power steering (EPS): EPS systems exhibit greater energy efficiency compared to traditional hydraulic power steering systems as they only utilize power when assistance is required. This results in improved fuel efficiency and a decrease in CO2 emissions.

Buy the Full Report for More Trend Insights into the Automotive Steering Systems Market

Download a Free Report Sample

Automotive Steering Systems Market Segmentation by Regions

In 2023, Asia-Pacific accounted for the highest automotive steering systems market share among all the regions

The key regions in the automotive steering systems market are Asia-Pacific, Europe, North America, South America, and MEA. EVs require specialized steering systems that are designed to handle the unique torque and performance characteristics of electric motors. Hence, a growing demand for EVs is a major opportunity for the APAC steering systems market. The increasing adoption of ADAS also drives the APAC steering systems market.

Automotive Steering Systems Market Analysis by Regions, 2023 (%)

Automotive Steering Systems Market Analysis by Regions, 2023 (%)

Buy the Full Report for More Regional Insights into the Automotive Steering Systems Market

Download a Free Report Sample

Automotive Steering Systems Market – Competitive Landscape

JTEKT Corporation led the electronically powered steering market in 2022

A few of the top companies operating in the market are:

  • JTEKT
  • Nexteer Automotive
  • ZF Friedrichshafen
  • Robert Bosch
  • NSK

CNXMotion is a joint venture between Nexteer Automotive and Continental Automotive. In July 2022, the Brake-to-Steer (BtS) technology was expanded under this joint venture. Nexteer Automotive claims that these two new software functions provide backup safety layers for all variations of Electric Power Steering (EPS) and Steer-by-Wire (SbW) systems as well as across all SAE levels of driving automation.

Nexteer Automotive is also taking strategic actions to aid the automotive steering systems market growth. In August 2021, the company increased the output capabilities of its pinion EPS systems to accommodate the demands of heavier EVs in segments B through D. ​

Electronically Powered Steering Market Analysis by Companies, 2022 (%)

Electronically Powered Steering Market Analysis by Companies, 2022 (%)

Buy the Full Report to Know More about Major Developments and Strategic Actions of Automotive Steering Systems Market Companies

Download a Free Report Sample

Automotive Steering Systems Market Segmentation by Sectors

In 2023, steering-power electrical accounted for the highest share of the automotive steering systems market

The key sectors in the automotive steering systems market are steering – power hydraulic, steering – power electrical, and steering – manual. The growing concern for fuel efficiency is one of the major driving forces behind the EPS sector’s market volume growth. EPS is only active when steering input is detected, thus offering improved fuel efficiency. Furthermore, the system is less complex and requires minimal maintenance, making it an economically beneficial option.

Automotive Steering Systems Market Analysis by Sectors, 2023 (%)

Automotive Steering Systems Market Analysis by Sectors, 2023 (%)

Buy the Full Report for More Sector Insights into the Automotive Steering Systems Market Download a Free Report Sample

Automotive Steering Systems Market – Latest Developments

A few of the latest developments in the automotive steering systems market are as follows:

  • 7th February 2024: SAF-HOLLAND SE, a primary supplier of trailer and truck components globally, announced its acquisition of Tecma Srl (Assali Tecma) located in Verona, Italy. Tecma Srl focuses on creating customer-specific axle systems and suspensions for special vehicles and heavy-duty applications.
  • 14th September 2023: Kentucky International Holdings, Inc. has completed the acquisition of high-pressure light metal castings production specialist Rane Light Metal Casting Inc.

Buy the Full Report to Know More about the Latest Developments in the Automotive Steering Systems Market

Download a Free Report Sample

Segments Covered in this Report

Automotive Steering Systems Regional Outlook (Value, Million Units, 2018-2028)

  • Asia-Pacific
  • Europe
  • North America
  • South America
  • MEA

Automotive Steering Systems Sector Outlook (Value, Million Units, 2018-2028)

  • Steering – Power Hydraulic
  • Steering – Power Electrical
  • Steering – Manual

Scope

  • Trends & Drivers: Provides an overview of the current key trends and drivers that will influence the sector’s growth in the future.

  • Technological Developments: Provides a detailed overview of technological developments and innovations in the sector.

  • PESTER Analysis: Provides a detailed understanding of political, economic, social, technological, environmental, and regulatory factors impacting the sector.

  • Sector Forecast: Provides deep-dive analysis of the global market covering volume growth during 2018-2028, and spot estimates for 2030 and 2036. The analysis also covers a regional overview across four regions highlighting sector size and growth drivers for the region.​

  • Competitive Landscape: Provides an overview of leading component suppliers at a global and regional level, besides analyzing the companies’ recent product innovations and key strategic initiatives. taken by the companies.

  • Patent Analysis: Provides an overview of patent filings in the sector across regions, countries, and top applicants.​

Reasons to Buy

  • The report provides OEMs and component suppliers’ latest information on market evolution to help formulate sales and marketing strategies.

  • The report provides authentic market data with a high level of detail to help gain a competitive edge.

  • The report provides its readers with up-to-date information and analysis to uncover emerging opportunities for growth within the sector.

  • The report analyzes regions and competitive landscape that can help companies gain insight into the region-specific nuances.

  • The report assesses the key trends that drive customer choice and the future opportunities that can be explored in the region. Actionable insights on trends can help companies in revenue expansion.

  • The report helps gain competitive intelligence about leading component suppliers in the region with information about their market share and growth rates.

Automotive

,Steering systems

,Steering - CD EPS

,Steering - DPD EPS

,Steering - EPHS

,Steering - MR&P

,Steering - PR&P

,Steering -RCB

,Steering - RD EPS

Steering - SPD EPS

,JTEKT, Nexteer Automotive

,ZF

,Robert Bosch

,NSK and Hitachi Astemo.

Table of Contents

  • 1. Executive Summary

  • 2. Part 1: Main Trends and Drivers

    • 2.1. Trends

    • 2.2. Drivers

  • 3. Part 2: Technologies and Developments

  • 4. Part 3: PESTER Analysis

  • 5. Part 4: Sector Forecast

    • 5.1. Sector Forecast – Global Steering Systems Volumes

    • 5.2. Steering – Power Hydraulic Global Volumes

    • 5.3. Steering – Power Electrical Global Volumes

    • 5.4. Steering – Manual Global Volumes

    • 5.5. Asia-Pacific Market Growth Analysis

    • 5.6. European Market Growth Analysis

    • 5.7. North American Market Growth Analysis

    • 5.8. South America Market Growth Analysis

    • 5.9. MEA Market Growth Analysis

  • 6. Part 5: Latest Developments

  • 7. Part 6: Key Companies

    • 7.1. Top companies by Market Share – Electrically powered steering (EPS)

    • 7.2. Top companies by Market Share – Hydraulically powered steering

  • 8. Part 7: Patent Analysis

  • 9. Part 8: Appendix

Frequently asked questions

Automotive Steering Systems Market Trends, Sector Overview and Forecast to 2028 standard reports
Currency USD
$995

Can be used by individual purchaser only

Most Popular
$1,492

Can be shared by unlimited users within one corporate location e.g. a regional office

$1,990

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Add to Basket

Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

Automotive Steering Systems Market Trends, Sector Overview and Forecast to 2028 was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

 Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

 Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

 Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

 Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

 Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

 Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

 Senior Account Manager, TSYS

Related reports

View more Steering reports
Automotive
New
Automotive Material Market Trends, Sector Overview and Forecast to 2028
$995 | March 2024
Automotive
New
Automotive Electric Motors Market Trends, Sector Overview and Forecast to…
$995 | March 2024
Automotive
New
Automotive Sensors Market Trends, Sector Overview and Forecast to 2028
$995 | March 2024
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Automotive Steering Systems Market Trends, Sector Overview and Forecast to 2028 in real time.

  • Access a live Automotive Steering Systems Market Trends, Sector Overview and Forecast to 2028 dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.
Tell me more