Automotive Steering System Market Size, Share & Industry Analysis, by Technology (Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Manual, Electro-Hydraulic Power Steering (EHPS), by Application; by Component and Regional Forecasts, 2023-203

Automotive Steering System Market Size, Share & Industry Analysis, by Technology (Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Manual, Electro-Hydraulic Power Steering (EHPS), by Application; by Component and Regional Forecasts, 2023-2032

The global automotive steering system market size is expected to reach USD 44.82 billion by 2032, according to a new study by Polaris Market Research. The report “Automotive Steering System Market Size, Share & Industry Analysis, by Technology (Electric Power Steering (EPS), Hydraulic Power Steering (HPS), Manual, Electro-Hydraulic Power Steering (EHPS), by Application; by Component and Regional Forecasts, 2023-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

One of the primary driving factors of the automotive steering system market is the increasing demand for fuel-efficient vehicles. Consumers are becoming more conscious about fuel economy with the ever-rising fuel prices. Therefore, automotive manufacturers are developing and incorporating advanced steering systems to improve fuel efficiency. For instance, electric power steering (EPS) systems consume less power than hydraulic steering systems, improving fuel economy. Thus, the demand for EPS systems is expected to grow significantly in the coming years, driving the growth of the automotive steering system market.

Smooth driving is now more in demand due to the widespread use of construction equipment and hybrid loaders. Therefore, this aspect will support the market growth for automotive steering systems in commercial vehicles. The modern steering system uses other assistance systems to deliver a smoother ride and enhanced feedback. This effective steering system increases the fuel efficiency of the car. Additionally, growing customer demand for fuel-efficient vehicles will boost the automotive steering system market's revenue.

The rapid spread of COVID-19 and the ensuing lockdowns in many countries have affected the global market for automotive steering systems. Producers of automotive steering systems are recovering losses due to worldwide production and manufacturing operations being stopped, supply chains being disrupted, and vehicle output declining. Following the successful recovery of businesses, manufacturers in the global automotive steering system market are expanding their presence worldwide. Major market players in the car steering system sector are investing in and expanding their operations to meet the rising demand from consumers.

Automotive Steering System Market Report Highlights

The electric power steering sector is anticipated to dominate the market in 2022 due to manufacturers' increasing adoption of it across all vehicle models. Increasing advancements in steer by wire and electric power steering technology, this market sector is predicted to grow.

The passenger vehicle segment is anticipated to dominate the market due to rising sales and production in developing countries in the Asia Pacific. Further, rising prevalence of electric power steering systems in passenger vehicles, this market sector is anticipated to expand.

The North American region is one of the major markets for the automotive steering system. The market is expected to witness significant growth due to several driving such as increasing demand for electric vehicles.

TEKT Corp., Mando Corp., Nexteer Automotive, NSK Ltd., ThyssenKrupp Presta AG, TRW Automotive, and ZF Lenksysteme are a few of the main companies active on the international market.

Polaris Market Research has segmented the Automotive Steering System Market report based on technology, application, component and region:

Automotive Steering System, Technology Outlook (Revenue - USD Billion, 2019 - 2032)

Electric Power Steering (EPS)

Hydraulic Power Steering (HPS)

Electro-Hydraulic Power Steering (EHPS)

Manual Steering

Automotive Steering System, Application Outlook (Revenue - USD Billion, 2019 - 2032)

Passenger Cars

Light Commercial Vehicles

Heavy Commercial Vehicles

Automotive Steering System, Component Outlook (Revenue - USD Billion, 2019 - 2032)

Electric Motor

Hydraulic Pump

Steering Column

Others

Automotive Steering System, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa