Steering Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Steering market in 2023?

The global steering market is projected to reach a market size of USD 40.5 billion by 2023, growing at a Compound Annual Growth Rate (CAGR) of 4.2% during the forecast period. The increasing demand for advanced steering systems in vehicles, the rise in automotive production, and the growing focus on driver safety and comfort are driving the growth of the steering market. The market is witnessing a gradual shift towards electric power steering systems due to their higher efficiency, better fuel economy, and reduced emissions. Additionally, the integration of advanced technologies such as steer-by-wire systems and adaptive steering systems is further propelling the market growth.

COVID-19 Impact on the Steering Market

The COVID-19 pandemic had a significant impact on the steering market, causing disruptions in the global supply chain, manufacturing operations, and vehicle demand. With lockdowns and restrictions in place, automotive production and sales were severely affected, leading to a decline in the demand for steering systems. Companies faced challenges such as labor shortages, component shortages, and reduced consumer purchasing power, impacting the overall market dynamics. However, as the automotive industry gradually recovers and adopts new safety measures, the steering market is expected to witness a resurgence in demand, driven by the recovery of vehicle production and sales.

Steering market Dynamics

Driver: Advancements in Steering Technology
The continuous advancements in steering technology, such as the integration of electronic control units, sensors, and actuators, are driving the growth of the steering market. These advancements enable the development of smart steering systems that offer enhanced precision, responsiveness, and safety features. Manufacturers are focusing on developing steering systems that improve vehicle stability, maneuverability, and driver assistance functionalities, thereby enhancing the overall driving experience.

Restraint: Fluctuating Raw Material Prices
Fluctuations in raw material prices, such as steel, aluminum, and plastic, pose challenges for steering system manufacturers in terms of production costs and profitability. The volatility in raw material prices can impact the overall pricing strategy of steering systems and affect the profit margins of companies. Manufacturers need to implement effective supply chain management strategies to mitigate the impact of fluctuating raw material prices on the steering market.

Opportunity: Growing Demand for Autonomous Vehicles
The increasing demand for autonomous vehicles presents a significant growth opportunity for the steering market. Autonomous vehicles require advanced steering systems that can support automated driving functionalities, such as lane-keeping assistance, adaptive cruise control, and self-parking capabilities. The development of steer-by-wire and autonomous steering technologies is crucial to meet the requirements of next-generation vehicles and cater to the evolving preferences of consumers towards autonomous driving experiences.

Challenge: Regulatory Compliance and Safety Standards
Meeting stringent regulatory compliance and safety standards is a major challenge for steering system manufacturers. Regulations related to vehicle safety, emissions, and performance require steering systems to meet specific criteria and undergo rigorous testing procedures. Ensuring compliance with these standards while maintaining product quality, reliability, and performance poses a challenge for companies operating in the steering market.

Segments and Related Analysis of the Steering market

The steering market can be segmented based on technology, product type, vehicle type, and region. By technology, the market can be classified into hydraulic power steering, electric power steering, and steer-by-wire systems. By product type, the market includes steering columns, steering racks, steering pumps, and steering wheels. Based on vehicle type, the market can be segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. Geographically, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

Steering market analysis report by Region

Asia Pacific Steering market report

The Asia Pacific steering market is witnessing significant growth due to the rise in automotive production, increasing vehicle sales, and technological advancements in steering systems. Countries like China, Japan, South Korea, and India are major contributors to the regional market, with a strong focus on electric power steering and autonomous driving technologies. The presence of key market players and the growing demand for fuel-efficient vehicles are driving the growth of the steering market in the Asia Pacific region.

South America Steering market report

The South America steering market is characterized by a growing automotive industry, rising disposable income, and the adoption of advanced steering technologies. Countries like Brazil, Argentina, and Chile are witnessing an increase in vehicle production and sales, driving the demand for steering systems. The shift towards electric power steering systems and the emphasis on driver safety and comfort are shaping the steering market landscape in South America.

North America Steering market report

The North America steering market is driven by technological innovations, stringent safety regulations, and the presence of leading automotive manufacturers. The region is experiencing a surge in the adoption of electric power steering systems, steering assist technologies, and autonomous driving features. The United States and Canada are key markets for steering systems, with a focus on enhancing vehicle performance, fuel efficiency, and driver assistance functionalities.

Europe Steering market report

Europe is a prominent market for steering systems, supported by the presence of major automotive OEMs, increasing investments in research and development, and a strong focus on vehicle safety and performance. Countries like Germany, France, Italy, and the United Kingdom are key contributors to the European steering market. The adoption of advanced steering technologies, such as steer-by-wire systems, adaptive steering systems, and electric power steering, is driving the growth of the market in the region.

Middle East and Africa Steering market report

The Middle East and Africa steering market are witnessing steady growth due to the expansion of the automotive industry, increasing urbanization, and the demand for luxury vehicles. Countries like the UAE, Saudi Arabia, and South Africa are witnessing a rise in vehicle sales and technological advancements in steering systems. The focus on driver comfort, vehicle aesthetics, and advanced safety features is driving the demand for steering systems in the Middle East and Africa region.

Steering market analysis report by Technology

The steering market can be segmented based on technology into the following categories:

• Hydraulic Power Steering
• Electric Power Steering
• Steer-by-Wire Systems

Steering market analysis report by product

The steering market can be segmented based on product type into the following categories:

• Steering Columns
• Steering Racks
• Steering Pumps
• Steering Wheels

Key Growth Drivers and Key Market Players of Steering market and competitive landscape

Key Growth Drivers:
- Increasing demand for advanced steering systems in vehicles
- Rise in automotive production globally
- Growing focus on driver safety and comfort
- Adoption of electric power steering systems
- Integration of advanced technologies in steering systems

Key Market Players:
- Bosch
- ZF Friedrichshafen AG
- JTEKT Corporation
- NSK Ltd.
- Nexteer Automotive Group Limited

Steering market trends and future forecast

The steering market is expected to witness steady growth in the coming years, driven by technological advancements, regulatory compliance requirements, and the increasing focus on autonomous driving capabilities. The adoption of electric power steering systems, steer-by-wire technologies, and driver assistance features is expected to shape the future landscape of the steering market. Key trends such as lightweighting, integration of sensors and actuators, and the development of smart steering systems are likely to influence market dynamics and drive innovation in steering technologies.