Automotive Steering Market Shares, Trends & Forecast Analysis 2034

Automotive Steering Market Size, Demand and Innovations

The automotive steering market size is expected to increase from USD 37.9 billion in 2025 to USD 105.43 billion by 2034, growing at a CAGR of 12.04% throughout the forecast period from 2025 to 2034.

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Introduction

The automotive steering market is an integral sector of the automotive industry. This industry deals in manufacturing and distribution of steering systems for automotives. There are different types of automotive steering available in the market consisting of electric power steering (EPS), hydraulic power steering (HPS), electro-hydraulic power steering (EHPS) and manual steering. These steering systems are designed for several types of vehicles consisting of passenger cars, light commercial vehicles and heavy commercial vehicles. The rising sales of electric vehicles across the world has increased the demand for automotive steering, thereby boosting the industrial expansion to some extent. This market is projected to rise significantly with the growth of the automotive components industry in different parts of the world.

• According to the IEA, around 3.4 million PHEVs were sold in 2022 that increased to 4.5 million units in 2023.

Highlights of the Automotive Steering Market

• North America held the dominant share of the automotive thermostat market due to the presence of numerous automotive companies in U.S. and Canada.
• Asia Pacific is expected to grow with the highest CAGR due to the rising sales of commercial vehicles in China and India.
• The electronic segment dominated the market due to its numerous benefits such as precise temperature control, compatibility, reliability and some others.
• The passenger cars segment led the market due to the growing demand for compact SUVs in developed nations.

Automotive Steering: Stats and Figures

• According to the International Organization of Motor Vehicle Manufacturers, around 92724668 vehicles were sold globally in 2023.
• According to the Our World in Data, around 1.39 million electric vehicles were sold in U.S. in 2023.
• According to the CEIC stats, around 126,953 passenger cars were sold in Norway in 2023.
• According to the Marklines, around 29775 vehicles were sold in South Africa during December 2024.

Industry Leader Announcement

In January 2025, Akash Passey, the president of ZF Group India made an announcement stating that, “EasyTurn enhances agility and efficiency, supporting sustainable mobility goals.”

Competitive Landscape

The automotive steering market is a fragmented industry with the presence of numerous dominant players. Some of the crucial players in this industry consists of Hyundai Mobis CO., Ltd, JTEKT Corporation, Mitsubishi Electric Corporation, NSK Ltd, Nexteer Automotive Group Limited and some others. These market players are developing advanced steering systems for automotives and adopting numerous strategies to sustain their dominant position in this market.

• According to the annual report of Nexteer Automotive, the EPS segment generated maximum revenue of 50% from the North America region followed by APAC (28%) and EMEASA (21%).

Market Segmentations

By Type

• Electric Power Steering (EPS)
• Hydraulic Power Steering (HPS)
• Electro-Hydraulic Power Steering (EHPS)
• Manual Steering

By Vehicle Type

• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa