Automotive Steering Systems Market Trends and Analysis by Technology, Companies and Forecast to 2028
All the vital news, analysis, and commentary curated by our industry experts.
Automotive Steering Systems Market Report Overview
The steering systems market size is estimated at 87.2 million units in 2023. Rising automobile production in developing nations coupled with increasing demand for fuel-efficient vehicles are the key factors driving the market to grow at a CAGR of more than 2% during 2023-2028.
Automotive Steering Systems Market Outlook 2023-2028 (Million Units)
The steering systems market research report offers a comprehensive analysis of the trends & drivers, technological developments, PESTER outlook, sector forecast, and competitive landscape. The report brings together multiple data sources to provide a detailed overview of the global steering systems sector during the projected period.
|Market Size (2023)||87.2 million units|
|Key Segments||· RD EPS
· CD EPS
· DPD EPS
|Key Regions||· Asia-Pacific
· North America
· South America
|Key Companies||· JTEKT
· ZF TRW
· Robert Bosch Automotive Steering
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Automotive Steering Systems Market Segmentation by Sectors
In 2023, RD EPS garnered the largest share among all steering systems components.
The key sectors in the steering systems market are –
- RD EPS
- CD EPS
- DPD EPS
EPS is a key technology for automakers as they look to meet the Corporate Average Fuel Economy (CAFE) regulations. The main factors that will help accelerate the adoption of EPS are better reliability, improved control, downsized and more powerful electric motors, and enhanced battery performance.
Automotive Steering Systems Market Analysis by Sectors, 2023 (%)
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Automotive Steering Systems Market Segmentation by Region
In 2023, Asia-Pacific leads the automotive steering systems market.
The key regions in the steering systems market are –
- North America
- South America
The market is expected to grow driven by increasing demand for EVs and ADAS segment. The growing demand for EVs is a major opportunity for the APAC steering systems market. EVs require specialized steering systems that are designed to handle the unique torque and performance characteristics of electric motors. The increasing adoption of ADAS is another major opportunity for the APAC steering systems market. ADAS systems rely on steering systems to operate, so as ADAS becomes more popular, the demand for steering systems will also increase.
Automotive Steering Systems Market Analysis by Region, 2023 (%)
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Automotive Steering Systems Market – Competitive Landscape
The leading companies in the EPS systems market are JTEKT, Nexteer, ZF TRW, NSK, Showa, Robert Bosch Automotive Steering, and ThyssenKrupp among others. In 2021, JTEKT led the global automotive electrically powered steering (EPS) market share and global automotive hydraulically powered steering market.
Automotive Steering Systems Market Analysis by Companies, 2021 (%)
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Automotive Steering Systems Market – Latest Developments
- In July 2023, Maruti Suzuki India to recall 87,599 cars to check and replace faulty steering tie rod for cars manufactured between July 5, 2021, and February 15, 2023.
- In August 2023, over a million Ram 1500 pickups are investigated for power steering problems.
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Key Segments Covered in this Report.
Automotive Steering Systems Sector Outlook (Volume, Million Units, 2018-2028)
- RD EPS
- CD EPS
- DPD EPS
Automotive Steering Systems Regional Outlook (Volume, Million Units, 2018-2028)
- North America
- South America
Provides an overview of automotive industry scenario regarding the future outlook in terms of global trends, drivers, technologies and developments. The analysis also covers regional overview across five regions – Asia-Pacific, Middle East & Africa, Americas, Western Europe, and Eastern Europe – highlighting industry size, growth drivers, latest developments, and future inhibitors for the regions.
Reasons to Buy
- This report has been created to provide its readers with up-to-date information and analysis to uncover emerging opportunities for growth within the sector in the region.
- The report provides a detailed analysis of the regions and competitive landscape that can help companies gain insight into the region-specific nuances.
- The analysts have also placed a significant emphasis on the key trends that drive customer choice and the future opportunities that can be explored in the region, which can help companies in revenue expansion.
- To gain competitive intelligence about leading component suppliers in the sector in the region with information about their market share and growth rates.
Robert Bosch Automotive Steering
Table of Contents
- 1. Executive Summary
- 2. Main Trends and Drivers
- 2.1 Trends
- 2.2 Drivers
- 3 Technologies and Innovations
- 4 PESTER Analysis
- 5 Sector Forecast
- 5.1 Sector Forecast – Global Steering systems Volumes
- 5.1.1 Steering – CD EPS & DPD EPS – Global Volumes
- 5.1.2 Steering – EPHS & MR&P – Global Volumes
- 5.1.3 Steering – PR&P and RCB – Global Volumes
- 5.1.4 Steering – RD EPS and SPD EPS – Global Volumes
- 5.1.5 Asia-Pacific Market Growth Analysis
- 5.1.6 European Market Growth Analysis
- 5.1.7 North American Market Growth Analysis
- 5.1.8 South America Market Growth Analysis
- 5.1.9 MEA Market Growth Analysis
- 6 Latest Developments
- 7 Key Companies
- 7.1 Top companies by Market Share – Electrically Powered Steering (EPS)
- 7.2 Top companies by Market Share – Hydraulically Powered Steering
- 8 Patent Analysis
- 9 Appendix
Frequently asked questions
What is the automotive steering systems market size in 2023?
The automotive steering systems market size is estimated at 87.2 million units in 2023.
What will be the CAGR in the automotive steering systems market during 2023-2028?
The automotive steering systems market will grow at a CAGR of more than 2% during 2023-2028.
Which is the leading sector of the automotive steering systems market?
RD EPS is the leading sector of the automotive steering systems market.
Which is the region garnering the highest automotive steering systems market share?
Asia-Pacific is the region garnering the highest automotive steering systems market share.
Who are the leading steering systems market players?
JTEKT, Nexteer, ZF TRW, NSK, Showa, Robert Bosch Automotive Steering, and ThyssenKrupp, among others are some of the leading steering systems market players.
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