The global automotive steering market size was estimated at USD 28.08 billion in 2024 and is projected to reach USD 45.79 billion by 2033, growing at a CAGR of 5.9% from 2025 to 2033. The market is witnessing substantial growth, primarily driven by rapid technological advancements and evolving consumer expectations for improved driving comfort, safety, and efficiency. One of the most significant developments influencing the market is the widespread adoption of Electric Power Steering (EPS), which is increasingly replacing conventional hydraulic power steering systems. EPS offers notable advantages, including improved fuel efficiency, reduced vehicle emissions, lower maintenance requirements, and enhanced steering precision, making it a preferred choice for modern vehicles across segments.

In parallel, the accelerating development and deployment of autonomous and semi-autonomous vehicles is boosting demand for advanced steering technologies such as steer-by-wire and adaptive steering systems. These solutions enable seamless integration with Advanced Driver Assistance Systems (ADAS), allowing vehicles to perform automated lane-keeping, parking, and collision-avoidance functions more effectively. Emerging innovations, including AI-driven predictive steering and smart steering systems for commercial vehicles, are further transforming the automotive steering landscape. These technologies improve real-time responsiveness, enhance vehicle stability, and significantly increase safety in complex driving conditions.

The rapid growth in electric and hybrid vehicle production is further strengthening demand for advanced steering systems. Electric vehicles benefit greatly from EPS and steer-by-wire technologies, as they eliminate the need for engine-driven hydraulic pumps, thereby improving energy efficiency and extending driving range. Additionally, government initiatives across regions such as Europe, China, and the U.S. that promote cleaner and more sustainable mobility solutions are encouraging OEMs to invest in lightweight, energy-efficient steering systems. These technologies align well with the architectural and performance requirements of EV platforms and support broader goals related to emission reduction and energy conservation.

Key Market Trends & Insights:

• Asia Pacific dominated the automotive steering industry in 2024, accounting for the largest revenue share of 38.94%. This leadership is largely attributed to strong automotive manufacturing activity and high vehicle production volumes in countries such as China, Japan, and India. China represents the largest automotive steering market within Asia Pacific, supported by robust domestic demand for passenger vehicles and electric vehicles, as well as favorable government policies promoting EV adoption and intelligent transportation systems.
• By component, the steering column/rack segment held the largest revenue share of 36.30% in 2024 and is expected to grow at a CAGR of 5.8% during the forecast period. This segment’s growth is driven by continuous improvements in steering architecture and materials that enhance durability and performance. The sensors segment is projected to grow at the fastest CAGR of 7.0% over the forecast period, reflecting the increasing importance of real-time data, vehicle feedback, and electronic control in modern steering systems.
• By mechanism, electronic power steering dominated the market and accounted for a revenue share of 69.27% in 2024. The widespread adoption of EPS is driven by its compatibility with EVs, fuel efficiency benefits, and ability to integrate with ADAS. The electrically assisted hydraulic power steering segment is anticipated to register significant growth during the forecast period, growing at a CAGR of 5.4%, particularly in certain commercial and off-road vehicle applications.
• By vehicle type, the passenger cars segment held the largest revenue share of 71.36% in 2024, supported by high production volumes and increasing adoption of advanced safety and comfort features. The commercial vehicles segment is expected to grow at the fastest CAGR of 6.4% during the forecast period, driven by rising demand for heavy-duty trucks, buses, and delivery vehicles, especially across logistics, construction, and e-commerce sectors.

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Market Size & Forecast:

• 2024 Market Size: USD 28.08 Billion
• 2033 Projected Market Size: USD 45.79 Billion
• CAGR (2025-2033): 5.9%
• Asia Pacific: Largest market in 2024

Key Companies & Market Share Insights:

Leading global automotive steering providers included in the market include Showa Corporation, Nexteer Automotive Corporation, NSK Ltd., JTEKT Corporation, and Robert Bosch GmbH, among others. These companies are actively investing in research and development to enhance steering system efficiency, precision, and sustainability. Key innovation areas include steer-by-wire technologies, advanced sensor integration, and electronic control units (ECUs) that enable adaptive, responsive, and software-defined steering performance.

Manufacturers are increasingly incorporating artificial intelligence (AI), Internet of Things (IoT), and cloud-based diagnostic tools into steering systems to improve accuracy, enable remote monitoring, and support predictive maintenance. Steering technologies are also being designed to integrate seamlessly with ADAS and autonomous driving platforms, leveraging real-time data processing, sensor fusion, and geospatial intelligence for optimal vehicle control. These advancements are aimed at delivering safer, more connected, and energy-efficient steering solutions that comply with evolving regulatory standards and rising consumer expectations.

• Showa Corporation, founded in 1938 and headquartered in Gyoda, Saitama Prefecture, Japan, is a leading automotive components manufacturer specializing in steering systems, suspension components, and shock absorbers. As a subsidiary of Hitachi Astemo, the company develops and supplies power steering systems, electronic power steering (EPS), and related components primarily for passenger vehicles and motorcycles.
• Nexteer Automotive Corporation is a motion control technology company focused on advanced steering and driveline systems. Headquartered in Auburn Hills, Michigan, Nexteer has a strong global presence, with engineering centers, manufacturing facilities, and customer support operations across North America, Europe, and the Asia Pacific region.

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Conclusion:

The global automotive steering market is poised for steady growth over the forecast period, driven by rapid technological advancements and the increasing adoption of electric and autonomous vehicles. The shift toward electric power steering and steer-by-wire systems is enhancing vehicle efficiency, safety, and driving comfort while supporting broader sustainability goals. Strong growth in Asia Pacific, particularly in China, continues to underpin market expansion due to high vehicle production and supportive government policies. Additionally, rising demand for advanced steering solutions in commercial vehicles is creating new growth opportunities. Ongoing investments in R&D, AI integration, and smart steering technologies are expected to further strengthen the market’s long-term outlook.