According to a market report by Lucintel, the future of the global automotive steering system market looks promising with opportunities in the Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles markets. The global automotive steering system market is expected to reach an estimated $42.0 billion by 2030 with a CAGR of 3.4% from 2024 to 2030. The major drivers for this market are increasing global appetite for automobiles, surge in the uptake of power steering systems in vehicles due to their capacity to provide enhanced control over the vehicle, as well as, rising global interest in vehicles that are fuel-efficient.

A more than 150 – page report is developed to understand trends, opportunity and forecast in automotive steering system Market to 2030 by component (sensors, steering column, mechanical rack and pinion, electric motor, ECU, and hydraulic pump), type (electronic power steering, hydraulic power steering, and electro hydraulic power steering), application (passenger cars, light commercial vehicles, and heavy commercial vehicles), and region (North America, Europe, Asia Pacific, and the Rest of the World).
In this market, electronic power steering, hydraulic power steering, and electro hydraulic power steering are the major segments of automotive steering system market by type. Lucintel forecasts that electronic power steering will remain the largest segment over the forecast period because the automakers are progressively integrating electric power steering into their entire range of vehicle models, and the evolution in electric power steering is moving toward steer-by-wire technology.

Within this market, PCs will remain the largest segment due to increasing sales and production in emerging economies, as well as, growing adoption of electric power steering systems in passenger vehicles.

APAC is expected to witness highest growth over the forecast period due to surge in sales and manufacturing by automakers in emerging markets, growing disposable incomes of customers in these regions, and their aspiration for premium luxury vehicles.

JTEKT Corporation, Robert Bosch, Showa, Thyssenkrupp, China Automotive Systems, Mando Corporation, Nexteer Automotive, Hyundai Mobis, and Mitsubishi Electric are the major suppliers in the automotive steering system market.


This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at [email protected]