How big is the automotive steering system market | Market Size & Forecast 2025

Q: How big is the automotive steering system market size?

The automotive steering system market is expected to reach USD 52.9 billion by 2031.

Q: What is the expected CAGR of the automotive steering system market?

The automotive steering system market is forecasted to grow at a CAGR of 5.3% during the forecast period.

Q: What are the key types of automotive steering systems?

Hydraulic power steering (HPS), electro-hydraulic power steering (EHPS), and electric power steering (EPS) are key types.

Q: Which vehicle segment dominates the steering system market?

Passenger vehicles hold the largest share due to high production volumes and tech integration.

Q: What are the key challenges for the steering system market?

High development costs, system complexity in steer-by-wire, and cybersecurity risks in connected systems are major challenges.

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Code: MTA5242

Publication Date: Jul 2025

How big is the automotive steering system market?

According to 6Wresearch internal database and industry insights, Global automotive steering system market was valued at approximatelyUSD 36.7 billion in 2024 and is projected to reachUSD 52.9 billion by 2031, growing at aCAGR of 5.3% during the forecast period.

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This growth is driven by rising vehicle production, increasing demand for advanced driver assistance systems (ADAS), and growing adoption of electric power steering (EPS) systems. Additionally, government regulations promoting fuel efficiency and road safety, along with ongoing electrification of vehicles, are further supporting market expansion.

Key Growth Factors of the Automotive Steering System Market

Growing demand for safety and precision in vehicle handling
Increasing penetration of electric power steering (EPS) in modern vehicles
Technological advancements in steer-by-wire and autonomous vehicle steering
Rising production and sales of passenger and commercial vehicles
Regulatory push toward energy-efficient automotive systems
Expansion of ADAS and autonomous vehicle platforms requiring advanced steering integration

Automotive Steering System Market Trends

Automotive manufacturers are increasingly integrating EPS systems to replace traditional hydraulic steering for improved efficiency. The market is witnessing a rise in steer-by-wire R&D, especially for autonomous vehicles. High-end vehicles are now adopting four-wheel and rear-wheel steering systems for better maneuverability. Asia-Pacific remains the manufacturing hub, while North America is focused on R&D and innovation in steering electronics.

Emerging Developments in the Automotive Steering System Market

Steer-by-wire systems are being piloted for next-gen autonomous platforms. Integration of sensors and AI for lane keeping and adaptive steering is expanding. Modular steering systems are being developed to cater to different vehicle architectures. Digital twins and simulation models are being used to optimize system performance during the design phase.