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

Global 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 global automotive steering system market is primarily driven by the increase in demand for automobiles on a global scale. Market companies are concentrating on raising the number of fuel-efficient cars being produced for easy mobility. The expansion of businesses engaged in the worldwide automobile steering systems market has been fueled by this. A vehicle's steering system is a crucial component because it provides the vehicle with direction, aids in avoiding obstructions, and facilitates turning. Due to the increasing demand for vehicles around the world, manufacturers in the global automotive steering system market may have growth prospects in the years to come. It is anticipated that the integration of electric power steering systems in automobiles would expand as comfort driving vehicles gain popularity around the world. To increase sales, major players in the automotive steering system market are concentrating on enhancing and diversifying their product offerings. Companies in the global automotive steering system market are working harder to take advantage of competitive advantages. The global market is strengthened by governments' escalating investments in cutting-edge steering system technology. Another significant element driving the expansion of the global market is the rising sales of electric vehicles across the globe.

US Automotive Steering System Market is poised to grow at a sustainable CAGR for the next forecast year.