The Automotive Steering System Industry Size is projected to grow from USD 35.3 billion in 2022 to USD 39.5 billion by 2027, at a CAGR of 2.3% over the forecast period.
Electrical Power Steering (EPS) and Steer-by-Wire (SbW) steering systems are in high demand due to the global deployment of EVs. OEMs have been able to deliver new and enhanced steering features that customers have universally embraced because to the integration of Advanced Driver Assistance Systems (ADAS) with EPS. The demand for EPS in other vehicle segments is probably going to increase as a result of this software integration. The need for EPS in commercial EVs will increase significantly as more of these cars are brought to market. The future of steering systems will be Steer-by-Wire (SbW) technology, which will improve vehicle autonomy.
The most common steering technology for passenger cars will be Electric Power Steering (EPS).
EPS adoption improves agility, boosts fuel efficiency, and lowers vehicle pollutants. As a result, nearly all passenger automobiles have EPS installed. Due to stricter environmental and road safety laws, LCVs are also implementing EPS, particularly in North America and Europe. In the upcoming years, EPS is anticipated to become a standard steering system in Asia Pacific and other emerging regions. EPS systems are anticipated to dominate the global automotive steering system market since passenger cars account for more than 75% of all vehicle production worldwide.
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The most commonly used EPS type is Column EPS (C-EPS).
There are three varieties of EPS: Rack EPS (R-EPS – electrical aid is provided to the rack of the gear assembly), Pinion EPS (P-EPS – electric motor support is provided to the pinion of the gear assembly), and Column EPS (C-EPS – electric motor and sensors positioned on the steering column). The car categories that use C-EPS the most are hatchbacks and compact sedans, which still account for between 38% and 42% of the global market. C-EPS is easily placed in tiny locations due to its compact form. Since R-EPS has low inertia at large gear reduction ratios, making it appropriate for full-sized vehicles like SUVs, it is anticipated to increase in tandem with the growing demand for SUVs. As a result, it is anticipated that C-EPS will continue to hold the bulk of the market, but R-EPS will become increasingly popular as SUV sales increase worldwide.
In terms of value, the automobile steering system market is dominated by the Asia Pacific region.
Asia Pacific is home to more than 60% of all vehicles produced, making it the largest market for automobile steering systems. With almost 65% of the market, Asia Pacific leads the world in passenger automobile sales, followed by Europe with more than 20%. Additionally, more than 75% of all HCVs sold worldwide, including trucks and buses, are located in this region. Since full-sized SUVs have not yet embraced EPS and still use Hydraulic Power Steering (HPS), the region’s growing demand for SUVs, which is predicted to develop at a CAGR of roughly 5%, may impede the growth of EPS. With the advent of electrically assisted hydraulic power steering (E-HPS), which reduces fuel usage by using an electric motor to control the pump, the trend is shifting. Since the vehicle’s battery pack can supply the power needed for EPS, e-HPS is probably going to be used more often in hybrid commercial vehicles.
Compared to their western counterparts, Asia Pacific is anticipated to be less impacted by the recession. The automotive steering system market is anticipated to grow at a slower rate in this region due to the decline in global vehicle production brought on by the economic downturn.
Key Market Players
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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