Automotive Steering System Market worth $39.5 billion by 2027, Globally, at a CAGR of 2.3%, says MarketsandMarkets™

/EIN News/ -- Delray Beach, FL, April 09, 2025 (GLOBE NEWSWIRE) -- The Automotive Steering System market 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, as per the recent study by MarketsandMarkets™.  The rapid adoption of Electric Vehicles (EVs) worldwide creates a huge demand for Electrical Power Steering (EPS) and Steer-by-Wire (SbW) steering systems. Integration of Advanced Driver Assistance Systems (ADAS) with EPS has helped OEMs to introduce new and improved steering features which customers have widely accepted. This software integration is likely to boost demand for EPS in other vehicle segments. As more commercial EVs are introduced in the market, the demand for EPS in these vehicles will witness significant growth. Steer-by-Wire (SbW) technology will be the future of steering systems that will enable better autonomous mobility amongst vehicles.

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List of Key Players in Automotive Steering System Market:

• JTEKT Corporation (Japan)
• Nexteer (US)
• Robert Bosch (Germany)
• Hyundai Mobis (South Korea)
• NSK Ltd. (Japan)

Drivers, Opportunities and Challenges in Automotive Steering System Market:

1. Driver: Increasing demand for Electrically assisted Hydraulic Power Steering (E-HPS) in commercial vehicles
2. Restraint: Lack of electrically assisted power steering for the construction and mining equipment market
3. Opportunity: Retreading of tires
4. Challenge: Low customer confidence in the adoption of steer-by-wire technology for autonomous mobility               

Key Findings of the Study:

1. Electronic components observe the fastest growth rate due to wide EPS adoption.
2. Dual pinion segment to hold a majority share in the automotive steering system
3. Asia Pacific region to dominate the global Automotive Steering Systems market amongst other regions

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Electric Power Steering (EPS) will become the mainstream steering system for passenger cars.

Adopting EPS helps reduce vehicular emissions and increases fuel efficiency with improved maneuverability. Owing to this, the penetration of EPS in passenger cars is almost 100%. LCVs are also adopting EPS, especially in North American and European regions, as they have more stringent regulations related to road safety and the environment. Asia Pacific and other developing regions are expected to have EPS as a standard steering system in the coming years. Since passenger cars contribute to > 75% of global vehicle production, EPS systems are expected to dominate the global automotive steering system market.

Column EPS (C-EPS) to be most widely adopted EPS type

There are three types of EPS - namely Column EPS (C-EPS - electric motor and sensors mounted on the steering column), Pinion EPS (P-EPS - electric motor assist is provided to the pinion of the gear assembly), and Rack EPS (R-EPS - electrical assistance is provided to the rack of the gear assembly). C-EPS is mostly adopted in hatchbacks and smaller sedans vehicle segments which still holds about 38% to 42% of the market share globally. The compact design of C-EPS allows it to be easily installed in smaller spaces. With the rising demand for SUVs, R-EPS is expected to rise as R-EPS has low inertia at large gear reduction ratios suitable for full-sized vehicles such as SUVs. Thus, C-EPS is expected to maintain its market majority share, while R-EPS is expected to be more in demand due to rising SUV sales globally.

Asia Pacific region holds the largest market share in the automotive steering system market in terms of value

The overall vehicle production from Asia Pacific stands >60%, making it the largest automotive steering system market. Asia Pacific has the highest share of passenger car sales, with ~65% of the market share, followed by Europe with >20% market share. The region also holds >75% of the HCVs sold globally, including trucks and buses. An increase in demand for SUVs in this region, which is expected to grow at about CAGR 5%, may hinder the EPS growth as full-sized SUVs have not yet adopted EPS and still rely on Hydraulic Power Steering (HPS). However, the trend is changing with the introduction of electrically assisted hydraulic power steering (E-HPS) where the pump is driven by an electric motor, thus reducing fuel consumption. E-HPS is likely to be adopted more in hybrid commercial vehicles as the power required for EPS can be drawn from the vehicle's battery pack.

Asia Pacific is expected to be less affected by the recession when compared to their western counterparts. Due to the diminishing global production of vehicles due to the economic turndown, the growth rate in this region is expected to fall for the automotive steering system market.

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Recent Developments:

• In October 2022, Nexteer introduced a new EPS product with a platform design and an expandable electronic control system; mCEPS meets customers’ needs for an advanced, customizable, and cost-effective steering system that is flexible to customer packaging and other requirements.
• In September 2022, Hyundai Mobis launched the Dual Actuator Rear Wheel Steering System. The system can reduce the turning radius by up to 25% and improve stability and comfort when the vehicle turns at high speed. It is expected to be useful, particularly on narrow roads and without parking spaces. Furthermore, the demand for rear-wheel steering systems is increasing in electric vehicles with an enlarged wheelbase.
• In May 2022, NSK Ltd. and ThyssenKrupp AG signed a memorandum of understanding to explore a joint venture between NSK Steering and ThyssenKrupp Automotive. The steering businesses of both companies are highly complementary and synergetic in terms of product competencies, geographic footprints, and customer groups. It is expected the combined technological capabilities will enable the joint venture to meet the broad and highly technological needs better

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