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:
- Driver: Increasing demand for Electrically assisted Hydraulic Power Steering (E-HPS) in commercial vehicles
- Restraint: Lack of electrically assisted power steering for the construction and mining equipment market
- Opportunity: Retreading of tires
- Challenge: Low customer confidence in the adoption of steer-by-wire technology for autonomous mobility
Key Findings of the Study:
- Electronic components observe the fastest growth rate due to wide EPS adoption.
- Dual pinion segment to hold a majority share in the automotive steering system
- 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 …