Automotive Steering System market expected to reach $39.5 billion by 2027 with 2.3% growth.

From GlobeNewswire: 2025-04-09 21:30:00

The Automotive Steering System market is expected to reach USD 39.5 billion by 2027, with a growth rate of 2.3% driven by the increasing demand for Electric Vehicles (EVs) and Advanced Driver Assistance Systems (ADAS). The integration of EPS with ADAS is boosting demand, especially in commercial EVs. Steer-by-Wire (SbW) technology is seen as the future of steering systems, enabling better autonomous mobility.

Key players in the market include JTEKT Corporation, Nexteer, Robert Bosch, Hyundai Mobis, and NSK Ltd. The market faces challenges like low customer confidence in steer-by-wire technology, but opportunities like the increasing demand for Electrically assisted Hydraulic Power Steering (E-HPS) in commercial vehicles.

Electronic components in steering systems are experiencing rapid growth, with the Asia Pacific region dominating the global market. Passenger cars are driving the adoption of Electric Power Steering (EPS) due to reduced emissions and increased fuel efficiency. Column EPS (C-EPS) is the most widely adopted EPS type, with C-EPS being popular in hatchbacks and smaller sedans, while Rack EPS (R-EPS) is expected to rise with the increasing demand for SUVs.

Asia Pacific holds the largest market share in the automotive steering system market, with over 60% of vehicle production. While the region may be less affected by global economic downturns, the demand for EPS in full-sized SUVs is expected to increase with the introduction of Electrically assisted Hydraulic Power Steering (E-HPS) for hybrid commercial vehicles.

Recent developments in the market include Nexteer’s introduction of a new EPS product, Hyundai Mobis’ launch of a Dual Actuator Rear Wheel Steering System, and NSK Ltd. and ThyssenKrupp AG exploring a joint venture. The Asia Pacific region is also expected to continue leading the market in the coming years.



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