The global Automotive Steering System market is forecasted to experience moderate growth, reaching USD 39.5 billion by 2027 from USD 35.3 billion in 2022, with a CAGR of 2.3% during the forecast period.
The market report provides detailed insights into the Automotive Steering System market, including market data tables, figures, and an in-depth table of contents. It covers various aspects such as technology (HPS, EHPS, EPS), EPS types (R-EPS, C-EPS, P-EPS), pinion types (single, dual), mechanism types (collapsible, rigid), components (OE, aftermarket), vehicle types (passenger cars, LCV, HCV, EV, OHV), and regional analysis.
The rapid adoption of Electric Vehicles (EVs) worldwide is driving the demand for Electrical Power Steering (EPS) and Steer-by-Wire (SbW) steering systems. The integration of Advanced Driver Assistance Systems (ADAS) with EPS has led to the introduction of new and improved steering features that have been widely accepted by customers. This software integration is expected to increase the demand for EPS in other vehicle segments. The commercial EV market is also expected to witness significant growth in the demand for EPS. Steer-by-Wire (SbW) technology is considered the future of steering systems, enabling better autonomous mobility among vehicles.
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Electric Power Steering (EPS) is becoming the mainstream steering system for passenger cars. The adoption of EPS helps reduce vehicular emissions, improve fuel efficiency, and enhance maneuverability. The penetration of EPS in passenger cars is nearly 100%, and LCVs are also adopting EPS, especially in North America and Europe, due to stricter regulations related to road safety and the environment. Asia Pacific and other developing regions are expected to make EPS a standard steering system in the coming years. With passenger cars accounting for over 75% of global vehicle production, EPS systems are projected to dominate the global automotive steering system market.
Column EPS (C-EPS) is the most widely adopted EPS type. C-EPS, which has an electric motor and sensors mounted on the steering column, is primarily used in hatchbacks and smaller sedans, holding a significant market share globally. The compact design of C-EPS allows for easy installation in smaller spaces. As the demand for SUVs continues to rise, Rack EPS (R-EPS) is expected to gain popularity due to its suitability for full-sized vehicles like SUVs. Despite this, C-EPS is expected to maintain its majority market share, while R-EPS will experience increased demand due to the global SUV sales growth.
In terms of value, the Asia Pacific region holds the largest market share in the automotive steering system market. With over 60% of overall vehicle production coming from Asia Pacific, it becomes the leading market for automotive steering systems. The region also has the highest share of passenger car sales, accounting for approximately 65% of the market. Additionally, Asia Pacific accounts for over 75% of the Heavy Commercial Vehicles (HCVs) sold globally, including trucks and buses. The demand for SUVs in the region is expected to grow at a CAGR of around 5%. However, the adoption of EPS in full-sized SUVs is still limited, and Hydraulic Power Steering (HPS) is predominantly used. Nevertheless, the introduction of electrically assisted hydraulic power steering (E-HPS), which reduces fuel consumption by utilizing an electric motor to drive the pump, is expected to drive its adoption in hybrid commercial vehicles.
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Despite the economic downturn affecting global vehicle production, the Asia Pacific region is expected to be less affected by the recession compared to Western counterparts. However, the growth rate in the automotive steering system market may decline in this region.
The Automotive Steering System market is consolidated, with the presence of five major players: JTEKT Corporation (Japan), Nexteer (US), Robert Bosch (Germany), Hyundai Mobis (South Korea), and NSK Ltd. (Japan).
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