Power Steering Market - Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Vehicle Type, By Mechanism, By Component, By Region & Competition, 2021-2031F

Description

The Global Power Steering Market will grow from USD 32.13 Billion in 2025 to USD 47.63 Billion by 2031 at a 6.78% CAGR. Power steering systems are automotive mechanisms designed to reduce the physical effort required to maneuver a vehicle by augmenting the driver's steering torque through hydraulic, electric, or electro-hydraulic actuation.

Market Overview
Forecast Period	2027-2031
Market Size 2025	USD 32.13 Billion
Market Size 2031	USD 47.63 Billion
CAGR 2026-2031	6.78%
Fastest Growing Segment	Sensors
Largest Market	Europe

Key Market Drivers

The rapid expansion of the Electric Vehicle (EV) market is a primary force reshaping the global power steering landscape, fundamentally accelerating the transition from hydraulic to Electric Power Steering (EPS) systems. Unlike internal combustion engines, EVs lack the mechanical power source required for traditional hydraulic pumps, compelling manufacturers to standardize energy-efficient EPS units that optimize battery range and manage the heavier curb weight of battery-laden platforms. This electrification trend is generating substantial volume growth for steering suppliers as automakers scale production to meet environmental targets.

Key Market Challenges

The dependency on high-grade semiconductors for electronic control units presents a significant challenge to the Global Power Steering Market. Modern Electric Power Steering (EPS) systems require complex electronic components to function, meaning that any disruption in the semiconductor supply chain creates immediate production bottlenecks. This vulnerability exposes steering system manufacturers to severe operational risks, where a shortage of specific microchips prevents the completion of steering assemblies.

Key Market Trends

Widespread adoption of Steer-by-Wire (SbW) technology is altering vehicle architecture by removing mechanical linkages between the steering wheel and road wheels. This digital decoupling enables variable steering ratios and stowable columns, facilitating the flexible cockpit designs required for future autonomous driving configurations. Manufacturers are commercializing these electronic systems to support software-defined capabilities where steering characteristics can be tuned remotely.

Key Market Players

JTEKT Corporation
Robert Bosch GmbH
Nexteer Automotive
ZF Friedrichshafen AG
NSK Ltd.
Hyundai Mobis
Mando Corporation
Hitachi Astemo
Thyssenkrupp
China Automotive Systems, Inc.

Report Scope:

In this report, the Global Power Steering Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Power Steering Market, By Vehicle Type:

Passenger Cars
Light Commercial Vehicles
Medium & Heavy Commercial Vehicles
Off the Road Vehicles

Power Steering Market, By Mechanism:

Electronic Power Steering (EPS)
Hydraulic Power Steering (HPS) and Electro-Hydraulic Power Steering

Power Steering Market, By Component:

Hydraulic Pump
Sensors
Electric Motor and Other Components

Power Steering Market, By Region:

North America
United States
Canada
Mexico
Europe
France
United Kingdom
Italy
Germany
Spain
Asia Pacific
China
India
Japan
Australia
South Korea
South America
Brazil
Argentina
Colombia
Middle East & Africa
South Africa
Saudi Arabia
UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Power Steering Market.

Available Customizations:

Global Power Steering Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

1. Product Overview

1.1. Market Definition
1.2. Scope of the Market
- 1.2.1. Markets Covered
- 1.2.2. Years Considered for Study
- 1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Power Steering Market Outlook

5.1. Market Size & Forecast
- 5.1.1. By Value
5.2. Market Share & Forecast
- 5.2.1. By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Off the Road Vehicles)
- 5.2.2. By Mechanism (Electronic Power Steering (EPS), Hydraulic Power Steering (HPS) and Electro-Hydraulic Power Steering)
- 5.2.3. By Component (Hydraulic Pump, Sensors, Electric Motor and Other Components)
- 5.2.4. By Region
- 5.2.5. By Company (2025)
5.3. Market Map

6. North America Power Steering Market Outlook

6.1. Market Size & Forecast
- 6.1.1. By Value
6.2. Market Share & Forecast
- 6.2.1. By Vehicle Type
- 6.2.2. By Mechanism
- 6.2.3. By Component
- 6.2.4. By Country
6.3. North America: Country Analysis
- 6.3.1. United States Power Steering Market Outlook
  - 6.3.1.1. Market Size & Forecast
    - 6.3.1.1.1. By Value
  - 6.3.1.2. Market Share & Forecast
    - 6.3.1.2.1. By Vehicle Type
    - 6.3.1.2.2. By Mechanism
    - 6.3.1.2.3. By Component
- 6.3.2. Canada Power Steering Market Outlook
  - 6.3.2.1. Market Size & Forecast
    - 6.3.2.1.1. By Value
  - 6.3.2.2. Market Share & Forecast
    - 6.3.2.2.1. By Vehicle Type
    - 6.3.2.2.2. By Mechanism
    - 6.3.2.2.3. By Component
- 6.3.3. Mexico Power Steering Market Outlook
  - 6.3.3.1. Market Size & Forecast
    - 6.3.3.1.1. By Value
  - 6.3.3.2. Market Share & Forecast
    - 6.3.3.2.1. By Vehicle Type
    - 6.3.3.2.2. By Mechanism
    - 6.3.3.2.3. By Component

7. Europe Power Steering Market Outlook

7.1. Market Size & Forecast
- 7.1.1. By Value
7.2. Market Share & Forecast
- 7.2.1. By Vehicle Type
- 7.2.2. By Mechanism
- 7.2.3. By Component
- 7.2.4. By Country
7.3. Europe: Country Analysis
- 7.3.1. Germany Power Steering Market Outlook
  - 7.3.1.1. Market Size & Forecast
    - 7.3.1.1.1. By Value
  - 7.3.1.2. Market Share & Forecast
    - 7.3.1.2.1. By Vehicle Type
    - 7.3.1.2.2. By Mechanism
    - 7.3.1.2.3. By Component
- 7.3.2. France Power Steering Market Outlook
  - 7.3.2.1. Market Size & Forecast
    - 7.3.2.1.1. By Value
  - 7.3.2.2. Market Share & Forecast
    - 7.3.2.2.1. By Vehicle Type
    - 7.3.2.2.2. By Mechanism
    - 7.3.2.2.3. By Component
- 7.3.3. United Kingdom Power Steering Market Outlook
  - 7.3.3.1. Market Size & Forecast
    - 7.3.3.1.1. By Value
  - 7.3.3.2. Market Share & Forecast
    - 7.3.3.2.1. By Vehicle Type
    - 7.3.3.2.2. By Mechanism
    - 7.3.3.2.3. By Component
- 7.3.4. Italy Power Steering Market Outlook
  - 7.3.4.1. Market Size & Forecast
    - 7.3.4.1.1. By Value
  - 7.3.4.2. Market Share & Forecast
    - 7.3.4.2.1. By Vehicle Type
    - 7.3.4.2.2. By Mechanism
    - 7.3.4.2.3. By Component
- 7.3.5. Spain Power Steering Market Outlook
  - 7.3.5.1. Market Size & Forecast
    - 7.3.5.1.1. By Value
  - 7.3.5.2. Market Share & Forecast
    - 7.3.5.2.1. By Vehicle Type
    - 7.3.5.2.2. By Mechanism
    - 7.3.5.2.3. By Component

8. Asia Pacific Power Steering Market Outlook

8.1. Market Size & Forecast
- 8.1.1. By Value
8.2. Market Share & Forecast
- 8.2.1. By Vehicle Type
- 8.2.2. By Mechanism
- 8.2.3. By Component
- 8.2.4. By Country
8.3. Asia Pacific: Country Analysis
- 8.3.1. China Power Steering Market Outlook
  - 8.3.1.1. Market Size & Forecast
    - 8.3.1.1.1. By Value
  - 8.3.1.2. Market Share & Forecast
    - 8.3.1.2.1. By Vehicle Type
    - 8.3.1.2.2. By Mechanism
    - 8.3.1.2.3. By Component
- 8.3.2. India Power Steering Market Outlook
  - 8.3.2.1. Market Size & Forecast
    - 8.3.2.1.1. By Value
  - 8.3.2.2. Market Share & Forecast
    - 8.3.2.2.1. By Vehicle Type
    - 8.3.2.2.2. By Mechanism
    - 8.3.2.2.3. By Component
- 8.3.3. Japan Power Steering Market Outlook
  - 8.3.3.1. Market Size & Forecast
    - 8.3.3.1.1. By Value
  - 8.3.3.2. Market Share & Forecast
    - 8.3.3.2.1. By Vehicle Type
    - 8.3.3.2.2. By Mechanism
    - 8.3.3.2.3. By Component
- 8.3.4. South Korea Power Steering Market Outlook
  - 8.3.4.1. Market Size & Forecast
    - 8.3.4.1.1. By Value
  - 8.3.4.2. Market Share & Forecast
    - 8.3.4.2.1. By Vehicle Type
    - 8.3.4.2.2. By Mechanism
    - 8.3.4.2.3. By Component
- 8.3.5. Australia Power Steering Market Outlook
  - 8.3.5.1. Market Size & Forecast
    - 8.3.5.1.1. By Value
  - 8.3.5.2. Market Share & Forecast
    - 8.3.5.2.1. By Vehicle Type
    - 8.3.5.2.2. By Mechanism
    - 8.3.5.2.3. By Component

9. Middle East & Africa Power Steering Market Outlook

9.1. Market Size & Forecast
- 9.1.1. By Value
9.2. Market Share & Forecast
- 9.2.1. By Vehicle Type
- 9.2.2. By Mechanism
- 9.2.3. By Component
- 9.2.4. By Country
9.3. Middle East & Africa: Country Analysis
- 9.3.1. Saudi Arabia Power Steering Market Outlook
  - 9.3.1.1. Market Size & Forecast
    - 9.3.1.1.1. By Value
  - 9.3.1.2. Market Share & Forecast
    - 9.3.1.2.1. By Vehicle Type
    - 9.3.1.2.2. By Mechanism
    - 9.3.1.2.3. By Component
- 9.3.2. UAE Power Steering Market Outlook
  - 9.3.2.1. Market Size & Forecast
    - 9.3.2.1.1. By Value
  - 9.3.2.2. Market Share & Forecast
    - 9.3.2.2.1. By Vehicle Type
    - 9.3.2.2.2. By Mechanism
    - 9.3.2.2.3. By Component
- 9.3.3. South Africa Power Steering Market Outlook
  - 9.3.3.1. Market Size & Forecast
    - 9.3.3.1.1. By Value
  - 9.3.3.2. Market Share & Forecast
    - 9.3.3.2.1. By Vehicle Type
    - 9.3.3.2.2. By Mechanism
    - 9.3.3.2.3. By Component

10. South America Power Steering Market Outlook

10.1. Market Size & Forecast
- 10.1.1. By Value
10.2. Market Share & Forecast
- 10.2.1. By Vehicle Type
- 10.2.2. By Mechanism
- 10.2.3. By Component
- 10.2.4. By Country
10.3. South America: Country Analysis
- 10.3.1. Brazil Power Steering Market Outlook
  - 10.3.1.1. Market Size & Forecast
    - 10.3.1.1.1. By Value
  - 10.3.1.2. Market Share & Forecast
    - 10.3.1.2.1. By Vehicle Type
    - 10.3.1.2.2. By Mechanism
    - 10.3.1.2.3. By Component
- 10.3.2. Colombia Power Steering Market Outlook
  - 10.3.2.1. Market Size & Forecast
    - 10.3.2.1.1. By Value
  - 10.3.2.2. Market Share & Forecast
    - 10.3.2.2.1. By Vehicle Type
    - 10.3.2.2.2. By Mechanism
    - 10.3.2.2.3. By Component
- 10.3.3. Argentina Power Steering Market Outlook
  - 10.3.3.1. Market Size & Forecast
    - 10.3.3.1.1. By Value
  - 10.3.3.2. Market Share & Forecast
    - 10.3.3.2.1. By Vehicle Type
    - 10.3.3.2.2. By Mechanism
    - 10.3.3.2.3. By Component

11. Market Dynamics

11.1. Drivers
11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)
12.2. Product Launches (If Any)
12.3. Recent Developments

13. Global Power Steering Market: SWOT Analysis

14. Porter's Five Forces Analysis

14.1. Competition in the Industry
14.2. Potential of New Entrants
14.3. Power of Suppliers
14.4. Power of Customers
14.5. Threat of Substitute Products

15. Competitive Landscape

15.1. JTEKT Corporation
- 15.1.1. Business Overview
- 15.1.2. Products & Services
- 15.1.3. Recent Developments
- 15.1.4. Key Personnel
- 15.1.5. SWOT Analysis
15.2. Robert Bosch GmbH
15.3. Nexteer Automotive
15.4. ZF Friedrichshafen AG
15.5. NSK Ltd.
15.6. Hyundai Mobis
15.7. Mando Corporation
15.8. Hitachi Astemo
15.9. Thyssenkrupp
15.10. China Automotive Systems, Inc.