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Automotive Steering Systems Market Trends and Analysis by Technology, Companies and Forecast to 2028

Pages: 55 Published: July 31, 2023 Report Code: GDAUS100723

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Automotive Steering Systems Market Report Overview

The automotive steering systems market size is estimated at 85.9 million units in 2023. Rising automobile production in emerging economies coupled with increasing demand for fuel-efficient vehicles are the key factors influencing the steering systems market growth. Furthermore, the rise in vehicle electrification, strict government regulations, and concerns about carbon emissions are further expected to lead the steering systems market to grow at a CAGR of more than 3% during 2023-2028.

Automotive Steering Systems Market Outlook 2023-2028 (Million Units)

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) 85.9 million units
CAGR (2023-2028) >3%
Key Segments ·       RD EPS

·       CD EPS

·       PR&P

·       DPD EPS

·       Others
Key Regions ·       Asia-Pacific

·       Europe

·       North America

·       South America

·       MEA
Key Companies ·       JTEKT

·       Nexteer

·       ZF TRW

·       Robert Bosch Automotive Steering

·       NSK

·       Showa

·       ThyssenKrupp

·       Others
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Automotive Steering Systems Market – Latest Developments

  • In December 2022, China Automotive Systems (CAAS) announced new electric power steering deals with EV maker BYD Auto. After “18 months of preparation and close collaboration between both R&D teams”, CAAS said, it won the BYD design contracts for C-EPS, DP-EPS, and R-EPS for all model series.
  • In October 2023, The Japanese dealer, Hitachi Astemo developed a prototype steer-by-wire steering device that removes the conventional steering wheel and increases cabin space. “Its new technology links the steering and turning actuators via electric signals to steer the car providing, the supplier claimed, “the benefit of improved safety and comfort, as well as flexibility for interior design”.

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Automotive Steering Systems Market – Technologies and Innovations

Some of the innovations garnering attention in the steering systems technology are ZF’s existing offerings and their new electric power steering (EPS) system, NSK’s solutions, and Nexteer’s solutions.

Nexteer’s Solutions: In March 2022, Nexteer Automotive announced a new eDrive product line with the launch of a 48-volt integrated belt-driven starter generator (iBSG) which, it said ‘hybridises’ conventional internal combustion engine (ICE) vehicles.

ZF’s New Electric Power Steering (EPS) System: ZF demonstrated its new electric power steering system and latest ADAS suite of safety technologies during a recent Technology Day event at the Transportation Research Center just outside Columbus, Ohio.

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Automotive Steering Systems Market Segmentation by Sectors

The key sectors in the steering systems market are RD EPS, CD EPS, PR&P, and DPD EPS, among others. In 2023, RD EPS garnered the largest share among all steering systems components, followed by CD 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 (%)

Automotive Steering Systems Market Analysis by Sectors, 2023 (%)

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Automotive Steering Systems Market Segmentation by Region

The key regions in the steering systems market are Asia-Pacific, Europe, North America, South America, and MEA. In 2023, Asia-Pacific leads the automotive steering systems market, followed by Europe, and North America. Bosch is the leading manufacturer in Asia-Pacific.

The steering systems market in Asia Pacific is experiencing significant growth. The region is witnessing an increasing demand for automobiles, leading to a rise in the adoption of advanced steering systems. Factors such as urbanization, improving living standards, and increasing disposable income are driving the market growth. Additionally, advancements in technology, such as electric power steering systems and autonomous vehicles, are further contributing to the market expansion.

Automotive Steering Systems Market Analysis by Region, 2023 (%)

Automotive Steering Systems Market Analysis by Region, 2023 (%)

Buy The Full Report for the Regional Automotive Steering Systems Market Outlook or Download A Free Sample Report.

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 (%)

Automotive Steering Systems Market Analysis by Companies, 2021 (%)

Buy The Full Report for More Information on the Automotive Steering Systems Market Companies Or Download A Free Sample Report

Key Segments Covered in this Report.

Automotive Steering Systems Sector Outlook (Volume, Million Units, 2018-2028)

  • RD EPS
  • CD EPS
  • PR&P
  • DPD EPS
  • Others

Automotive Steering Systems Regional Outlook (Volume, Million Units, 2018-2028)

  • Asia-Pacific
  • Europe
  • North America
  • South America
  • MEA

Scope

This report provides an overview of current industry scenario regarding the future outlook in terms of ingredients, product claims, labeling, and packaging. 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.

Key Players

JTEKT
Nexteer
ZF TRW
Robert Bosch Automotive Steering
NSK
Showa

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

List of Tables

List of Tables

Table 1: Main trends in the Steering systems sector

Table 2: Steering suppliers technology matrix

Table 3: Market fitment/penetration rates of electric power hydraulic steering systems fitted to newly-assembled light vehicles, 2016-2036, (%)

Table 4: Market volumes of electric power hydraulic steering systems fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 5: Market fitment/penetration rates of column drive electric power steering systems fitted to newly-assembled light vehicles, 2016-2036, (%)

Table 6: Market volumes of column drive electric power steering systems fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 7: Market fitment/penetration rates of single pinion drive electric power steering systems fitted to newly-assembled light vehicles, 2016-2036, (%)

Table 8: Market volumes of single pinion drive electric power steering systems fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 9: Market fitment/penetration rates of dual pinion drive electric power steering systems fitted to newly-assembled light vehicles, 2016-2036, (%)

Table 10: Market volumes of dual pinion drive electric power steering systems fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 11: Market fitment/penetration rates of rack drive electric power steering systems fitted to newly-assembled light vehicles, 2016-2036, (%)

Table 12: Market volumes of rack drive electric power steering systems fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 13: Market fitment/penetration rates of power rack and pinion steering systems fitted to newly-assembled light vehicles, 2016-2036, (%)

Table 14: Market volumes of power rack and pinion steering systems fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 15: Market fitment/penetration rates of manual rack and pinion steering systems fitted to newly-assembled light vehicles, 2016-2036, (%)

Table 16: Market volumes of manual rack and pinion steering systems fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 17: Market volumes of recirculating ball steering systems fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 18: Market fitment/penetration rates of recirculating ball steering systems fitted to newly-assembled light vehicles, 2016-2036, (%)

Table 19: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in Australia, 2015-2036, (% share)

Table 20: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in North America, 2015-2036, (% share)

Table 21: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in Mercosur, 2015-2036, (% share)

Table 22: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in Western Europe, 2015-2036, (% share)

Table 23: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in Central Europe, 2015-2036, (% share)

Table 24: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in Russia, 2015-2036, (% share)

Table 25: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in Japan, 2015-2036, (% share)

Table 26: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in China, 2015-2036, (% share)

Table 27: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in India, 2015-2036, (% share)

Table 28: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in Korea, 2015-2036, (% share)

Table 29: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in Thailand, 2015-2036, (% share)

Table 30: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in Other Asia Pacific, 2015-2036, (% share)

Table 31: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in Iran, 2015-2036, (% share)

Table 32: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in South Africa, 2015-2036, (% share)

Table 33: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in Australia, 2015-2036, (% share)

Table 34: Global manufacturer market shares of electrically powered steering systems for light vehicles, 2010-2018, % of volume

Table 35: European manufacturer market shares of electrically powered steering systems for passenger cars and light vehicles, 2010-2021, % of volume

Table 36: North American manufacturer market shares of electrically powered steering systems for light vehicles, 2010-2021, % of volume

Table 37: Global manufacturer market shares of hydraulic steering systems for passenger cars and light vehicles, 2010-2021, % of volume

Table 38: European manufacturer market shares of hydraulic vehicle steering systems for passenger cars and light vehicles, 2010-2021, % of volume

Table 39: North American manufacturer market shares of hydraulic vehicle steering systems for passenger cars and light vehicles, 2010-2021, % of volume

List of Figures

List of Tables

Table 1: Main trends in the Steering systems sector

Table 2: Steering suppliers technology matrix

Table 3: Market fitment/penetration rates of electric power hydraulic steering systems fitted to newly-assembled light vehicles, 2016-2036, (%)

Table 4: Market volumes of electric power hydraulic steering systems fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 5: Market fitment/penetration rates of column drive electric power steering systems fitted to newly-assembled light vehicles, 2016-2036, (%)

Table 6: Market volumes of column drive electric power steering systems fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 7: Market fitment/penetration rates of single pinion drive electric power steering systems fitted to newly-assembled light vehicles, 2016-2036, (%)

Table 8: Market volumes of single pinion drive electric power steering systems fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 9: Market fitment/penetration rates of dual pinion drive electric power steering systems fitted to newly-assembled light vehicles, 2016-2036, (%)

Table 10: Market volumes of dual pinion drive electric power steering systems fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 11: Market fitment/penetration rates of rack drive electric power steering systems fitted to newly-assembled light vehicles, 2016-2036, (%)

Table 12: Market volumes of rack drive electric power steering systems fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 13: Market fitment/penetration rates of power rack and pinion steering systems fitted to newly-assembled light vehicles, 2016-2036, (%)

Table 14: Market volumes of power rack and pinion steering systems fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 15: Market fitment/penetration rates of manual rack and pinion steering systems fitted to newly-assembled light vehicles, 2016-2036, (%)

Table 16: Market volumes of manual rack and pinion steering systems fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 17: Market volumes of recirculating ball steering systems fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 18: Market fitment/penetration rates of recirculating ball steering systems fitted to newly-assembled light vehicles, 2016-2036, (%)

Table 19: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in Australia, 2015-2036, (% share)

Table 20: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in North America, 2015-2036, (% share)

Table 21: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in Mercosur, 2015-2036, (% share)

Table 22: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in Western Europe, 2015-2036, (% share)

Table 23: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in Central Europe, 2015-2036, (% share)

Table 24: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in Russia, 2015-2036, (% share)

Table 25: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in Japan, 2015-2036, (% share)

Table 26: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in China, 2015-2036, (% share)

Table 27: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in India, 2015-2036, (% share)

Table 28: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in Korea, 2015-2036, (% share)

Table 29: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in Thailand, 2015-2036, (% share)

Table 30: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in Other Asia Pacific, 2015-2036, (% share)

Table 31: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in Iran, 2015-2036, (% share)

Table 32: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in South Africa, 2015-2036, (% share)

Table 33: Market fitment/penetration rates of steering system types fitted to newly-assembled light vehicles in Australia, 2015-2036, (% share)

Table 34: Global manufacturer market shares of electrically powered steering systems for light vehicles, 2010-2018, % of volume

Table 35: European manufacturer market shares of electrically powered steering systems for passenger cars and light vehicles, 2010-2020, % of volume

Table 36: North American manufacturer market shares of electrically powered steering systems for light vehicles, 2010-2018, % of volume

Table 37: Global manufacturer market shares of hydraulic steering systems for passenger cars and light vehicles, 2010-2020, % of volume

Table 38: European manufacturer market shares of hydraulic vehicle steering systems for passenger cars and light vehicles, 2010-2020, % of volume

Table 39: North American manufacturer market shares of hydraulic vehicle steering systems for passenger cars and light vehicles, 2010-2020, % of volume

Frequently Asked Questions

The automotive steering systems market size is estimated at 85.9 million units in 2023.

The automotive steering systems market will grow at a CAGR of more than 3% during 2023-2028.

RD EPS is the leading sector of the automotive steering systems market.

Asia-Pacific is the region garnering the highest automotive steering systems market share.

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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