Automotive Steering System Market Size, Share, Growth Analysis, By Vehicle Type(Passenger cars, light commercial vehicles, heavy commercial vehicles), By Technology(Electronic Steering, Hydraulic steering, Manual Steering, Electric-hydraulic steering), By Region - Industry Forecast 2024-2031

Automotive Steering System Market size was valued at USD 31.04 billion in 2019 and is poised to grow from USD 32.44 billion in 2023 to USD 46.13 billion by 2031, growing at a CAGR of 4.5% during the forecast period (2024-2031).

The automotive steering system market is relatively fragmented, with a high level of competition. Few large players, like Amalgam Enterprises, Robert Bosch, Nexteer Automotive Group Limited, JTEKT Corporation, DENSO Corporation, NSK Steering Systems Co., Ltd., ZF Friedrichshafen AG, Hyundai Mobis Co., Ltd., Cikautxo India Pvt. Ltd., Mitsubishi Electric Automotive America, Inc., now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability. 'Robert Bosch GmbH', 'JTEKT Corporation', 'Nexteer Automotive Group Limited', 'NSK Ltd.', 'ThyssenKrupp AG', 'ZF Friedrichshafen AG', 'TRW Automotive', 'China Automotive Systems Inc.', 'Mitsubishi Electric Corporation', 'Hyundai Mobis Co. Ltd.', 'Mando Corporation', 'Federal-Mogul Corporation', 'NSK Ltd.', 'NSK-RHP Europe Ltd.', 'Showa Corporation', 'China Automotive Systems Inc.', 'Federal-Mogul Corporation', 'Robert Bosch Automotive Steering GmbH'

The adoption of strict pollution regulations all over the world is expected to raise the market for electric vehicles, which would lead to a rise in demand for automotive steering systems. The automotive steering system market is also being driven forward by an increasing customer trend toward enhanced drive aid systems in cars.

One of the main factors influencing the industry is the rising demand for cars around the world. Power steering systems are also being used in more cars since they provide superior control over the vehicle. This in turn is accelerating the market's expansion. Additionally, efficient steering systems aid in boosting a vehicle's fuel efficiency. As a result, the market is expanding due to the increasing demand for fuel-efficient cars around the world. In addition, governments in a number of nations are putting fleet-level laws into place to cut down on vehicle carbon emissions. The market is expanding as a result of this, along with the rising demand for electric power steering (EPS) systems to enhance driving safety and convenience. Additionally, the industry is being positively impacted by the growing usage of sensors in car steering systems.

The region having the largest market share was North America. North America has the largest market share in the automotive steering system market as a result of the significant presence of key industry players in the region. The automotive steering system market is expanding significantly due to North America's robust economic growth. North American enterprises can benefit from lucrative growth opportunities by focusing on expanding their market share through alliances, mergers, and acquisitions. The automotive steering system market in North America is being propelled by rising consumer spending power. A rise in vehicle production across all of North America is also having an impact on the automobile steering system market. The market is anticipated to expand in the Asia-Pacific during the forecasted period. The region's significant market growth is attributed to a number of factors, including a large capacity growth in both China and India, the presence of major market players investing heavily in electric mobility services, and the accessibility of cost-competitive labor and raw materials required for the production of automotive steering systems. Due to the implementation of tight regulations to minimize carbon emissions, automakers in countries like China and India are creating efficient vehicles. Vehicle steering systems are becoming more and more popular as a result.