Automotive Steering System Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2024-2031

Description

Persistence Market Research has recently released a comprehensive report on the worldwide market for automotive steering systems. The report offers a thorough assessment of crucial market dynamics, including drivers, trends, opportunities, and challenges, providing detailed insights into the market structure.

Key Insights:

Automotive Steering System Market Size (2024E): USD 24.5 Billion
Projected Market Value (2031F): USD 34.1 Billion
Global Market Growth Rate (CAGR 2024 to 2031):4.8%

Automotive Steering System Market - Report Scope:

Automotive steering systems are vital components in vehicles, responsible for ensuring precise control and maneuverability. These systems have evolved significantly, incorporating advanced technologies such as electric power steering (EPS), steer-by-wire, and integrated safety features. The market caters to various vehicle types, including passenger cars, commercial vehicles, and electric vehicles, offering a range of steering solutions to enhance driving experience, safety, and efficiency.

Market Growth Drivers:

The global automotive steering system market is propelled by several key factors, including the rising demand for fuel-efficient vehicles, increasing adoption of advanced driver assistance systems (ADAS), and growing consumer preference for enhanced driving comfort and safety. Technological advancements, such as the development of EPS and steer-by-wire systems, offer improved fuel efficiency, reduced emissions, and enhanced vehicle control, driving market growth. Additionally, stringent government regulations on vehicle safety and emissions are encouraging automakers to adopt advanced steering systems.

Market Restraints:

Despite promising growth prospects, the automotive steering system market faces challenges related to high initial costs, complex integration processes, and reliability concerns associated with advanced steering technologies. The high cost of EPS and steer-by-wire systems poses a challenge for widespread adoption, particularly in emerging markets with cost-sensitive consumers. Furthermore, technical issues such as system failures and software malfunctions can impact vehicle safety and performance, necessitating rigorous testing and validation procedures.

Market Opportunities:

The automotive steering system market presents significant growth opportunities driven by the increasing adoption of electric and autonomous vehicles, technological innovations, and expanding automotive production in emerging economies. The integration of ADAS and connected vehicle technologies enhances steering system capabilities, providing opportunities for market players to offer innovative solutions. Furthermore, the shift towards electric vehicles creates a demand for lightweight and energy-efficient steering systems, driving research and development efforts.

Key Questions Answered in the Report:

What are the primary factors driving the growth of the automotive steering system market globally?
Which steering system types and applications are driving adoption across different vehicle segments?
How are technological advancements reshaping the competitive landscape of the automotive steering system market?
Who are the key players contributing to the automotive steering system market, and what strategies are they employing to maintain market relevance?
What are the emerging trends and future prospects in the global automotive steering system market?

Competitive Intelligence and Business Strategy:

Leading players in the global automotive steering system market, including Robert Bosch GmbH, JTEKT Corporation, ZF Friedrichshafen AG, and NSK Ltd., focus on innovation, product differentiation, and strategic partnerships to gain a competitive edge. These companies invest in R&D to develop advanced steering solutions, including EPS, steer-by-wire systems, and integrated safety features, catering to diverse vehicle requirements. Collaborations with automakers, technology providers, and regulatory agencies facilitate market access and promote technology adoption. Moreover, emphasis on sustainability, lightweight materials, and energy efficiency fosters market growth and enhances vehicle performance in the rapidly evolving automotive landscape.

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

By Type:

Electric Power Steering (EPS)
Hydraulic Power Steering (HPS)
Electro-Hydraulic Power Steering (EHPS)
Manual Steering
Misc

By Vehicle Type:

Passenger Car
LCV
HCV

By Region:

North America
Europe
East Asia
South Asia & Oceania
Latin America
Middle East & Africa

Product Code: PMRREP33563

1. Executive Summary

1.1. Global Automotive Steering System Market Snapshot, 2024-2031
1.2. Market Opportunity Assessment, 2024-2031, 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 (2019-2023) and Forecast (2024-2031)

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$ Bn) Analysis and Forecast
- 3.2.1. Historical Market Size Analysis, 2019-2023
- 3.2.2. Current Market Size Forecast, 2024-2031
3.3. Global Automotive Steering System Market Outlook: Type
- 3.3.1. Introduction / Key Findings
- 3.3.2. Historical Market Size (US$ Bn) and Volume (Units) Analysis By Type, 2019-2023
- 3.3.3. Current Market Size (US$ Bn) and Volume (Units) Forecast By Type, 2024-2031
  - 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$ Bn) and Volume (Units) Analysis By Vehicle Type, 2019-2023
- 3.5.3. Current Market Size (US$ Bn) and Volume (Units) Forecast By Fuel Vehicle Type, 2024-2031
  - 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$ Bn) and Volume (Units) Analysis By Region, 2019-2023
4.3. Current Market Size (US$ Bn) and Volume (Units) Forecast By Region, 2024-2031
- 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 (2019-2023) and Forecast (2024-2031)

5.1. Key Highlights
5.2. Pricing Analysis
5.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis By Market, 2019-2023
- 5.3.1. By Country
- 5.3.2. By Type
- 5.3.3. By Application
5.4. Current Market Size (US$ Bn) and Volume (Units) Forecast By Country, 2024-2031
- 5.4.1. U.S.
- 5.4.2. Canada
5.5. Current Market Size (US$ Bn) and Volume (Units) Forecast By Type, 2024-2031
- 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$ Bn) and Volume (Units) Forecast By Vehicle Type, 2024-2031
- 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 (2019-2023) and Forecast (2024-2031)

6.1. Key Highlights
6.2. Pricing Analysis
6.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis By Market, 2019-2023
- 6.3.1. By Country
- 6.3.2. By Type
- 6.3.3. By Application
6.4. Current Market Size (US$ Bn) and Volume (Units) Forecast By Country, 2024-2031
- 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. Turkey
- 6.4.8. Rest of Europe
6.5. Current Market Size (US$ Bn) and Volume (Units) Forecast By Type, 2024-2031
- 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$ Bn) and Volume (Units) Forecast By Vehicle Type, 2024-2031
- 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 (2019-2023) and Forecast (2024-2031)

7.1. Key Highlights
7.2. Pricing Analysis
7.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis By Market, 2019-2023
- 7.3.1. By Country
- 7.3.2. By Type
- 7.3.3. By Application
7.4. Current Market Size (US$ Bn) and Volume (Units) Forecast By Country, 2024-2031
- 7.4.1. China
- 7.4.2. Japan
- 7.4.3. South Korea
7.5. Current Market Size (US$ Bn) and Volume (Units) Forecast By Type, 2024-2031
- 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$ Bn) and Volume (Units) Forecast By Vehicle Type, 2024-2031
- 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 (2019-2023) and Forecast (2024-2031)

8.1. Key Highlights
8.2. Pricing Analysis
8.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis By Market, 2019-2023
- 8.3.1. By Country
- 8.3.2. By Type
- 8.3.3. By Application
8.4. Current Market Size (US$ Bn) and Volume (Units) Forecast By Country, 2024-2031
- 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$ Bn) and Volume (Units) Forecast By Type, 2024-2031
- 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$ Bn) and Volume (Units) Forecast By Vehicle Type, 2024-2031
- 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 (2019-2023) and Forecast (2024-2031)

9.1. Key Highlights
9.2. Pricing Analysis
9.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis By Market, 2019-2023
- 9.3.1. By Country
- 9.3.2. By Type
- 9.3.3. By Vehicle Type
9.4. Current Market Size (US$ Bn) and Volume (Units) Forecast By Country, 2024-2031
- 9.4.1. Brazil
- 9.4.2. Mexico
- 9.4.3. Rest of Latin America
9.5. Current Market Size (US$ Bn) and Volume (Units) Forecast By Type, 2024-2031
- 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$ Bn) and Volume (Units) Forecast By Vehicle Type, 2024-2031
- 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 (2019-2023) and Forecast (2024-2031)

10.1. Key Highlights
10.2. Pricing Analysis
10.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis By Market, 2019-2023
- 10.3.1. By Country
- 10.3.2. By Type
- 10.3.3. By Application
10.4. Current Market Size (US$ Bn) and Volume (Units) Forecast By Country, 2024-2031
- 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$ Bn) and Volume (Units) Forecast By Type, 2024-2031
- 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$ Bn) and Volume (Units) Forecast By Vehicle Type, 2024-2031
- 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, 2024
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