The Steering Market size was valued at USD 35 Billion in 2022 and is projected to reach USD 53 Billion by 2030, growing at a CAGR of 6.5% from 2024 to 2030.
The steering market is a critical segment within the automotive industry, encompassing various types of vehicles that require advanced steering systems for optimal control and performance. This market is categorized by application into three major subsegments: Passenger Cars, Light Commercial Vehicles (LCVs), and Heavy & Medium Commercial Vehicles (H&MCVs). The development of steering systems for these vehicle categories has seen significant advancements in terms of technology, with an increasing focus on electric and automated steering solutions that enhance both safety and driving experience.
The Passenger Car segment represents the largest share of the steering market, driven by the rising demand for safety features, ease of handling, and comfort. The steering systems for passenger cars are designed to provide precise control and a smooth driving experience, incorporating features such as power steering, electric power steering (EPS), and steer-by-wire systems. With an increasing shift towards electric vehicles (EVs), the demand for lightweight, energy-efficient steering solutions is growing. In addition, the integration of advanced driver-assistance systems (ADAS) and autonomous driving technology is pushing the development of next-generation steering systems. These systems must adapt to the evolving needs of consumers, such as improved maneuverability, reduced weight, and better fuel efficiency, while ensuring minimal impact on the environment. Moreover, regulatory requirements for vehicle safety are encouraging manufacturers to innovate further, leading to the adoption of systems that optimize driver control, reduce effort, and improve road safety.
The Light Commercial Vehicle (LCV) segment includes vehicles such as vans, small trucks, and delivery vehicles used for both business and personal purposes. The demand for steering systems in LCVs is driven by the need for reliability, enhanced comfort, and lower operational costs. LCVs require steering systems that can handle varying loads and diverse driving conditions. Electric Power Steering (EPS) systems are becoming increasingly popular in LCVs due to their energy efficiency and ability to offer a smooth, responsive steering feel. Additionally, manufacturers are focusing on integrating technologies such as lane-keeping assist and automated parking to increase the operational efficiency and safety of LCVs. The growing e-commerce sector, along with the increase in last-mile delivery services, is likely to drive the demand for steering systems in this segment. Furthermore, innovations in steering technologies that reduce the weight of these systems are important for improving fuel efficiency, an essential aspect for fleet operators aiming to reduce operating costs.
Heavy and Medium Commercial Vehicles (H&MCVs) include large trucks, buses, and other freight vehicles that are used primarily for transportation of goods and passengers over long distances. The steering systems in this segment must meet demanding requirements, including durability, reliability, and high torque to handle the increased load and operational stress of these vehicles. Hydraulic power steering (HPS) has traditionally been the most common system in H&MCVs due to its high-torque capacity, but recent trends show a shift toward Electric Power Steering (EPS) and electro-hydraulic systems, which offer better fuel efficiency and reduce the carbon footprint. These systems must be engineered to function optimally in harsh conditions, from extreme weather to rough road infrastructure. Additionally, safety features such as stability control, lane departure warnings, and enhanced driver visibility are pushing the demand for more sophisticated steering technologies. The growing logistics and transportation sectors globally are major drivers of demand for H&MCVs and their steering systems, as businesses look to modernize their fleets and comply with stricter environmental regulations.
Download In depth Research Report of Steering Market
By combining cutting-edge technology with conventional knowledge, the Steering market is well known for its creative approach. Major participants prioritize high production standards, frequently highlighting energy efficiency and sustainability. Through innovative research, strategic alliances, and ongoing product development, these businesses control both domestic and foreign markets. Prominent manufacturers ensure regulatory compliance while giving priority to changing trends and customer requests. Their competitive advantage is frequently preserved by significant R&D expenditures and a strong emphasis on selling high-end goods worldwide.
Jtekt
Robert Bosch Automotive Steering
ZF TRW Automotive Holdings
NSK
Nexteer Automotive
Mando
Thyssenkrupp
Hyundai Mobis
Showa
China Automotive Systems
North America (United States, Canada, and Mexico, etc.)
Asia-Pacific (China, India, Japan, South Korea, and Australia, etc.)
Europe (Germany, United Kingdom, France, Italy, and Spain, etc.)
Latin America (Brazil, Argentina, and Colombia, etc.)
Middle East & Africa (Saudi Arabia, UAE, South Africa, and Egypt, etc.)
For More Information or Query, Visit @ Steering Market Size And Forecast 2024-2030
One of the most significant trends in the steering market is the shift towards electric power steering (EPS). EPS offers several advantages over traditional hydraulic steering systems, including better fuel efficiency, reduced weight, and the possibility of integrating advanced driver assistance systems (ADAS). Additionally, the growing demand for electric vehicles (EVs) has accelerated the development of EPS solutions, as these vehicles require lightweight and energy-efficient components.
Another important trend is the adoption of steer-by-wire technology, which eliminates mechanical linkages between the steering wheel and the wheels. This innovation enables more flexible vehicle design and can potentially reduce weight and space requirements. Steer-by-wire is particularly relevant for autonomous vehicles, as it offers more precise control and the ability to reconfigure the vehicle’s interior layout.
The development of autonomous vehicles (AVs) is also influencing the steering market. As AV technology progresses, steering systems are evolving to support automation, such as systems that can be controlled remotely or autonomously in certain conditions. This development is particularly relevant for commercial vehicles, which could benefit from reduced driver fatigue and enhanced safety on long-haul trips.
Finally, the integration of advanced driver-assistance systems (ADAS) into steering systems is driving innovation. Features such as lane-keeping assist, adaptive cruise control, and automated parking rely heavily on the steering system to function effectively. These technologies are becoming standard in many new passenger cars and LCVs, with growing demand for safer and more efficient driving experiences.
There are several growth opportunities in the steering market, particularly with the increasing demand for electric and autonomous vehicles. The transition to electric vehicles is creating a significant need for advanced steering systems that offer energy efficiency, lightweight designs, and compatibility with other electrical components in the vehicle. Manufacturers can capitalize on this trend by developing innovative steering solutions that cater specifically to the needs of EVs.
Another opportunity lies in the continued expansion of the global logistics and transportation industries, which is driving the demand for H&MCVs. As more businesses invest in fleet modernization, there is a growing need for reliable, efficient, and technologically advanced steering systems. Manufacturers can leverage this demand by offering solutions that improve the safety, fuel efficiency, and overall performance of H&MCVs.
The development of autonomous vehicles (AVs) presents a significant growth opportunity as well. The steering market can benefit from innovations such as steer-by-wire technology, which supports the need for flexible, adaptable steering solutions that align with autonomous driving systems. As regulatory frameworks evolve to support the growth of AVs, there will be further opportunities for steering manufacturers to play a critical role in shaping the future of transportation.
1. What is the role of steering in vehicles?
Steering allows the driver to control the direction of the vehicle, providing maneuverability and control.
2. What is Electric Power Steering (EPS)?
EPS is a steering system that uses an electric motor to assist the driver in turning the wheels, offering fuel efficiency and reduced weight.
3. How does power steering differ from traditional steering?
Power steering uses hydraulic or electric assistance, while traditional steering requires more manual effort from the driver.
4. What are the benefits of steer-by-wire technology?
Steer-by-wire eliminates mechanical linkages, offering more flexibility in vehicle design and reducing weight.
5. Why is the steering market shifting towards electric systems?
Electric steering systems offer energy efficiency, reduced weight, and compatibility with modern vehicle technologies like ADAS.
6. What is the difference between hydraulic and electric power steering?
Hydraulic power steering uses fluid pressure, while electric power steering uses an electric motor to assist with steering.
7. How does autonomous vehicle technology impact steering systems?
Autonomous vehicles require advanced steering systems that can function without driver intervention, such as steer-by-wire technology.
8. What are the most common types of steering systems in vehicles?
Common steering systems include hydraulic power steering, electric power steering, and steer-by-wire systems.
9. How are steering systems in commercial vehicles different from passenger vehicles?
Commercial vehicles require high-torque, durable steering systems to handle larger loads and demanding driving conditions.
10. What impact does electric vehicle adoption have on steering technology?
The adoption of electric vehicles increases demand for lightweight, energy-efficient steering systems, such as EPS.
11. Are steering systems becoming more automated?
Yes, steering systems are increasingly incorporating automation features, especially in the context of autonomous vehicles and advanced driver assistance systems (ADAS).
12. How does steer-by-wire technology improve vehicle design?
Steer-by-wire allows for more flexible interior design and eliminates the need for mechanical linkages, reducing weight and increasing space efficiency.
13. How do advanced driver assistance systems (ADAS) affect steering systems?
ADAS features like lane-keeping assist and adaptive cruise control rely on steering systems to improve safety and driving performance.
14. What factors are driving growth in the steering market?
Increased demand for electric vehicles, autonomous vehicles, and enhanced safety technologies are key drivers of growth in the steering market.
15. What are the challenges in developing advanced steering systems?
Challenges include the need for reliability, cost-effectiveness, integration with other vehicle systems, and compliance with safety regulations.
16. How does the steering system contribute to vehicle safety?
Steering systems are crucial for maneuvering and controlling the vehicle, which directly affects safety, especially in emergency situations.
17. What is the future of steering systems in autonomous vehicles?
The future of steering systems in autonomous vehicles includes innovations like steer-by-wire and advanced sensors to support driverless operation.
18. Why are manufacturers focusing on reducing steering system weight?
Reducing steering system weight helps improve fuel efficiency, especially in electric and hybrid vehicles.
19. How are steering systems evolving to meet environmental standards?
Steering systems are becoming more energy-efficient, lightweight, and compatible with electric and hybrid vehicles to meet environmental standards.
20. How do steering systems impact vehicle fuel efficiency?
Lighter, more efficient steering systems reduce energy consumption and improve overall vehicle fuel efficiency.