Product Code: GVR-4-68040-657-4
Automotive Steering Market Summary
The global automotive steering market size was estimated at USD 28.08 billion in 2024 and is projected to reach USD 45.79 billion in 2033, growing at a CAGR of 5.9% from 2025 to 2033. The market is experiencing significant growth, driven primarily by technological advancements and shifting consumer preferences.
One of the most impactful developments is the widespread adoption of Electric Power Steering (EPS), which replaces traditional hydraulic systems due to its superior fuel efficiency, reduced emissions, and enhanced driving comfort.
In addition, the rise of autonomous and semi-autonomous vehicles is accelerating demand for advanced steering technologies such as steer-by-wire and adaptive steering systems, which integrate seamlessly with Advanced Driver Assistance Systems (ADAS). Innovations like AI-driven predictive steering and commercial vehicles enabled smart steering systems are further transforming the market, offering improved safety and responsiveness.
Rapid electric and hybrid vehicle production growth further accelerates the demand for advanced steering systems. Electric vehicles (EVs), due to their architecture and energy efficiency requirements, benefit significantly from EPS and steer-by-wire systems, which eliminate the need for engine-driven hydraulic pumps. Moreover, the push by governments across regions such as Europe, China, and the U.S. for cleaner mobility solutions is prompting OEMs to invest in lightweight, energy-saving steering technologies that complement the design and efficiency goals of EV platforms.
Furthermore, government regulations and consumer demand for safer vehicles influence the adoption of steering systems supporting enhanced safety functionalities. Regulatory bodies like the National Highway Traffic Safety Administration (NHTSA) and the European New Car Assessment Programme (Euro NCAP) are pushing for safer vehicle designs, which in turn are encouraging OEMs to integrate steering systems capable of supporting ADAS and emergency maneuverability features.
One of the primary restraints limiting the widespread adoption of advanced steering systems, particularly Electronic Power Steering (EPS) and steer-by-wire technologies, is their high cost and system complexity. Compared to traditional hydraulic steering systems, EPS involves intricate electronics, sensors, actuators, and software components, increasing production costs and vehicle pricing. This cost sensitivity is especially critical in price-conscious markets such as India, Southeast Asia, and parts of Latin America, where consumers often prioritize affordability over advanced features.
Global Automotive Steering Market Report Segmentation
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the industry trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the global automotive steering market based on component, mechanism, vehicle type, and region:
- Component Outlook (Revenue, USD Million, 2021 - 2033)
- Hydraulic Pump
- Steering Column/Rack
- Sensors
- Electric Motor
- Others
- Mechanism Outlook (Revenue, USD Million, 2021 - 2033)
- Electronic Power Steering (EPS)
- Hydraulic Power Steering (HPS)
- Electrically Assisted Hydraulic Power Steering
- Vehicle Type Outlook (Revenue, USD Million, 2021 - 2033)
- Passenger Cars
- Commercial Vehicles
- Regional Outlook (Revenue, USD Million, 2021 - 2033)
- North America
- Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Australia
- Latin America
- Middle East & Africa
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation and Scope
- 1.2. Research Methodology
- 1.2.1. Information Procurement
- 1.3. Information or Data Analysis
- 1.4. Methodology
- 1.5. Research Scope and Assumptions
- 1.6. Market Formulation & Validation
- 1.7. Country Based Segment Share Calculation
- 1.8. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.3. Competitive Insights
Chapter 3. Automotive Steering Variables, Trends, & Scope
- 3.1. Market Lineage Outlook
- 3.2. Market Dynamics
- 3.2.1. Market Drivers Analysis
- 3.2.2. Market Restraints Analysis
- 3.2.3. Industry Challenge
- 3.3. Automotive Steering Analysis Tools
- 3.3.1. Industry Analysis - Porter's
- 3.3.1.1. Bargaining Power Of The Suppliers
- 3.3.1.2. Bargaining Power Of The Buyers
- 3.3.1.3. Threats Of Substitution
- 3.3.1.4. Threats From New Entrants
- 3.3.1.5. Competitive Rivalry
- 3.3.2. PESTEL Analysis
Chapter 4. Automotive Steering Market: Component Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. Automotive Steering Market: Component Movement Analysis, 2024 & 2033 (USD Million)
- 4.3. Hydraulic Pump
- 4.3.1. Hydraulic Pump Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
- 4.4. Steering Column/Rack
- 4.4.1. Steering Column/Rack Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
- 4.5. Sensors
- 4.5.1. Sensors Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
- 4.6. Electric Motor
- 4.6.1. Electric Motos Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
- 4.7. Others
- 4.7.1. Others Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
Chapter 5. Automotive Steering Market: Mechanism Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. Automotive Steering Market: Mechanism Movement Analysis, 2024 & 2033 (USD Million)
- 5.3. Electronic Power Steering (EPS)
- 5.3.1. Electronic Power Steering (EPS) Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
- 5.4. Hydraulic Power Steering (HPS)
- 5.4.1. Hydraulic Power Steering (HPS) Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
- 5.5. Electrically Assisted Hydraulic Power Steering
- 5.5.1. Electrically Assisted Hydraulic Power Steering Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
Chapter 6. Automotive Steering Market: Vehicle Type Estimates & Trend Analysis
- 6.1. Segment Dashboard
- 6.2. Automotive Steering Market: Vehicle Type Movement Analysis, 2024 & 2033 (USD Million)
- 6.3. Passenger Cars
- 6.3.1. Passenger Cars Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
- 6.4. Commercial Vehicles
- 6.4.1. Commercial Vehicles Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
Chapter 7. Automotive Steering Market Region Estimates & Trend Analysis
- 7.1. Automotive Steering Market Share, By Region, 2024 & 2033, USD Million
- 7.2. North America
- 7.2.1. North America Automotive Steering Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 7.2.2. U.S.
- 7.2.2.1. U.S. Automotive Steering Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 7.2.3. Canada
- 7.2.3.1. Canada Automotive Steering Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 7.2.4. Mexico
- 7.2.4.1. Mexico Automotive Steering Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 7.3. Europe
- 7.3.1. Europe Automotive Steering Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 7.3.2. UK
- 7.3.2.1. UK Automotive Steering Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 7.3.3. Germany
- 7.3.3.1. Germany Automotive Steering Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 7.3.4. France
- 7.3.4.1. France Automotive Steering Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 7.4. Asia Pacific
- 7.4.1. Asia Pacific Automotive Steering Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 7.4.2. China
- 7.4.2.1. China Automotive Steering Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 7.4.3. India
- 7.4.3.1. India Automotive Steering Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 7.4.4. Japan
- 7.4.4.1. Japan Automotive Steering Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 7.4.5. Australia
- 7.4.5.1. Australia Automotive Steering Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 7.4.6. South Korea
- 7.4.6.1. South Korea Automotive Steering Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 7.5. Latin America
- 7.5.1. Latin America Automotive Steering Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 7.5.2. Brazil
- 7.5.2.1. Brazil Automotive Steering Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 7.6. MEA
- 7.6.1. MEA Automotive Steering Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 7.6.2. UAE
- 7.6.2.1. UAE Automotive Steering Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 7.6.3. KSA
- 7.6.3.1. KSA Automotive Steering Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 7.6.4. South Africa
- 7.6.4.1. South Africa Automotive Steering Market Estimates and Forecasts, 2021 - 2033 (USD Million)
Chapter 8. Competitive Landscape
- 8.1. Company Categorization
- 8.2. Company Market Positioning
- 8.3. Company Heat Map Analysis
- 8.4. Company Profiles/Listing
- 8.4.1. Showa Corporation
- 8.4.1.1. Participant's Overview
- 8.4.1.2. Financial Performance
- 8.4.1.3. Vehicle Type Benchmarking
- 8.4.1.4. Strategic Initiatives
- 8.4.2. Nexteer Automotive Corporation
- 8.4.2.1. Participant's Overview
- 8.4.2.2. Financial Performance
- 8.4.2.3. Vehicle Type Benchmarking
- 8.4.2.4. Strategic Initiatives
- 8.4.3. NSK Ltd
- 8.4.3.1. Participant's Overview
- 8.4.3.2. Financial Performance
- 8.4.3.3. Vehicle Type Benchmarking
- 8.4.3.4. Strategic Initiatives
- 8.4.4. JTEKT Corporation
- 8.4.4.1. Participant's Overview
- 8.4.4.2. Financial Performance
- 8.4.4.3. Vehicle Type Benchmarking
- 8.4.4.4. Strategic Initiatives
- 8.4.5. Robert Bosch GmbH
- 8.4.5.1. Participant's Overview
- 8.4.5.2. Financial Performance
- 8.4.5.3. Vehicle Type Benchmarking
- 8.4.5.4. Strategic Initiatives
- 8.4.6. Hyundai Mobis CO., Ltd
- 8.4.6.1. Participant's Overview
- 8.4.6.2. Financial Performance
- 8.4.6.3. Vehicle Type Benchmarking
- 8.4.6.4. Strategic Initiatives
- 8.4.7. Thyssenkrupp Presta
- 8.4.7.1. Participant's Overview
- 8.4.7.2. Financial Performance
- 8.4.7.3. Vehicle Type Benchmarking
- 8.4.7.4. Strategic Initiatives
- 8.4.8. Mando Corporation
- 8.4.8.1. Participant's Overview
- 8.4.8.2. Financial Performance
- 8.4.8.3. Vehicle Type Benchmarking
- 8.4.8.4. Strategic Initiatives
- 8.4.9. Sona Corporation
- 8.4.9.1. Participant's Overview
- 8.4.9.2. Financial Performance
- 8.4.9.3. Vehicle Type Benchmarking
- 8.4.9.4. Strategic Initiatives
- 8.4.10. ZF Friedrichshafen AG
- 8.4.10.1. Participant's Overview
- 8.4.10.2. Financial Performance
- 8.4.10.3. Vehicle Type Benchmarking
- 8.4.10.4. Strategic Initiatives