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Automotive Steering Systems Market Growth Analysis: How Will Revenue Trend Over The Forecast Period?
The automotive steering systems market size has grown strongly in recent years. It will grow from $29.83 billion in 2025 to $31.54 billion in 2026 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to vehicle safety regulations, hydraulic steering adoption, automotive production growth, demand for handling performance, component standardization.
The automotive steering systems market size is expected to see strong growth in the next few years. It will grow to $38.66 billion in 2030 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to autonomous driving development, ev platform expansion, software-controlled steering, demand for lightweight systems, advanced driver assistance integration. Major trends in the forecast period include shift toward electric power steering, integration of steer-by-wire systems, adoption of advanced steering sensors, demand for enhanced vehicle safety, growth of autonomous steering technologies.
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Automotive Steering Systems Market Growth Momentum: What Factors Are Shaping Demand?
The increasing demand for electric vehicles is expected to propel the growth of the automotive steering systems market going forward. Electric vehicles are automobiles powered by rechargeable batteries, emitting zero tailpipe emissions and offering a sustainable alternative to traditional gasoline-powered vehicles. The growing demand for electric vehicles is attributed to factors such as environmental concerns about emissions, government incentives promoting clean energy adoption, and advancements in battery technology enhancing driving range and performance. Automotive steering systems in electric vehicles ensure efficient and responsive control, optimizing handling and safety in the context of electric propulsion technology. For instance, in April 2024, according to the International Energy Agency, a France-based intergovernmental organization, sales of electric vehicles increased by 3.5 million in 2023 compared to 2022, a 35% annual rise. Therefore, increasing demand for electric vehicles is driving the growth of the automotive steering systems market.
Automotive Steering Systems Market Segment Outlook: Which Categories Are Growing Fastest?
The automotive steering systems market covered in this report is segmented –
1) By Component: Hydraulic Pump, Steering Or Column Or Rack, Sensors, Electric Motor, Other Components
2) By Mechanism: Electronic Power Steering, Hydraulic Power Steering, Electrically Assisted Hydraulic Power Steering
3) By Pinion Type: Single, Dual
4) By Sales Channel: Original Equipment Manufacturer, After Market
5) By Vehicle: Passenger Cars, Compact, Mid-Size, Premium, Sports Utility Vehicle, Light Commercial Vehicles, Heavy Commercial Vehicles
Subsegments:
1) By Hydraulic Pump: Power Steering Pumps (Hydraulic), Electric Hydraulic Pumps, Variable Displacement Hydraulic Pumps, Pump Assemblies For Electric Power Steering (EPS) Systems, Hydraulic Pumps For Heavy-Duty Applications
2) By Steering Or Column Or Rack: Steering Columns (Manual And Power-Assisted), Rack And Pinion Systems, Electric Steering Racks (EPS), Steering Columns With Adjustable Features (Tilt, Telescopic), Electronic Steering Columns For Autonomous Vehicles
3) By Sensors: Torque Sensors For Steering Feedback, Angle Sensors For Steering Angle Measurement, Position Sensors For Steering Column And Rack, Steering Wheel Sensors For Airbag Deployment And Driver Assistance, Pressure Sensors For Hydraulic Steering Systems, Steering Feedback Sensors For Autonomous Driving
4) By Electric Motor: Electric Motors For Electric Power Steering (EPS), Brushless Dc Motors For Steering Systems, Motor Drives For Active Steering, Electric Motors For Steer-By-Wire Systems, Motors For Automated Steering Control In Autonomous Vehicles
5) By Other Components: Steering Control Units, Steering Gearboxes & Housings, Steering Shafts & Intermediate Shafts, Steering Linkages & Mechanical Parts, Steering Actuators, Steering Bearings & Bushings, Steering Dampers & Stabilizers
Automotive Steering Systems Market Trends Redefining Industry Growth
Major companies operating in automotive steering systems are focusing on developing technological advancements, such as modular steering, designed to meet a wide range of original equipment manufacturer requirements for advanced steering systems in heavier vehicles, such as electric vehicles and light commercial vehicles. Modular steering systems feature interchangeable components that facilitate easy configuration and adaptation for a variety of vehicles, thereby offering flexibility and efficiency in both manufacturing and maintenance. For instance, in April 2023, Nexteer Automotive, a US-based technology company, launched the Modular Rack-Assist Electric Power Steering System. This cutting-edge technology aims to redefine vehicle steering capabilities with several unique features. This system integrates a modular design that enhances flexibility and scalability across different vehicle platforms, allowing automakers to efficiently adapt steering systems to various models and configurations. It incorporates advanced electric power assistance, optimizing steering response and providing precise control under varying driving conditions.
Automotive Steering Systems Market Leading Companies And Competitive Benchmarking
Major companies operating in the automotive steering systems market report include Robert Bosch GmbH, Hitachi Ltd., DENSO Corporation, ThyssenKrupp AG, ZF Friedrichshafen AG, Hyundai Mobis Co. Ltd., Eaton Corporation plc, Schaeffler AG, NSK Steering System Co. Ltd., Nexteer Automotive Corporation, Leopold Kostal GmbH & Co. KG, Kayaba Industry Co. Ltd., Showa Corporation, Kongsberg Automotive Holding ASA, Global Steering Systems LLC, China Automotive Systems Inc., Rane Holdings Limited, JTEKT Corporation, Pailton Engineering Ltd., ILJIN Corporation, Dalian Wanda Power Steering System Co. Ltd., Zhejiang Wanda Steering Gear Co. Ltd.
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Automotive Steering Systems Market Regional Analysis And Top Geography
North America was the largest region in the automotive steering systems market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive steering systems market report include Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.
