Market Overview
In terms of value, Automotive Steering System market is anticipated to reach US$ 42,323 Mn by 2033 from US$ 25,668.6 Mn in 2022, registering the growth rate at 5.7 % during the forecast period. In terms of volume, Automotive Steering System market is anticipated to reach 137,739 thousand units by 2033 from 88,568 thousand units in 2022, registering the growth rate at 5.0% during the forecast period.

Report Scope

Report Attributes	Description
Market Size in 2022	USD 27,243 Million
Market Forecast in 2033	USD 42,323 Million
Market Size in 2022 (Volume)	96,737 Units
Market Forecast in 2033 (Volume)	137,739 Units
CAGR % 2023-2033 (Value)	5.7%
CAGR % 2023-2033 (Volume)	5.0%
Base Year	2022
Historic Data	2019-2021
Forecast Period	2023-2033
Report USP	Production, Consumption, company share, company heatmap, company production capacity, growth factors and more
Segments Covered	Type, Component, Technology, Pinion type, Steering gear type, vehicle type, mechanism
Regional Scope	North America, Europe, APAC, South America and Middle East and Africa
Country Scope	U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria
Key Companies	Nexteer Automotive Group Limited, JTEKT Corporation, Dongil Machinery Industry Co., Ltd. , ThyssenKrupp AG, NSK Ltd., Mitsubishi Electric Corporation, China Automotive Systems Inc., Sona Koyo Steering Systems Limited, Robert Bosch Limited, Showa Corporation, Hyundai Mobis CO., Ltd, Others

Several governments throughout the world have enacted strict vehicle emission and fuel economy regulations. Fleet-level requirements have been implemented by regulatory authorities such as the National Highway Traffic and Safety Administration (NHTSA) in the United States, the International Council on Clean Transportation (ICCT) in Europe, and other associations.
These regulations establish an average emission level that automobile OEMs must adhere to. These regulations have forced OEMs to invest more in fuel-efficient steering technology like electric power steering. When compared to typical hydraulic steering systems, electrically assisted power steering systems are lower in weight and have a simpler structure.
Moreover, electrically assisted power steering systems are easier to maintain for car owners, as there are no fuels involved. According to the US Department of Energy (DOE), in ideal conditions, EPS systems can improve fuel efficiency by 2% to 4%, reduce fuel consumption by up to 6%, and reduce CO2 emissions by 8 g/km. For instance, according to Nexteer Automotive Estimations the EPS systems have helped save almost 3 billion gallons of gas since 1999.
Furthermore, these systems use power only when the wheels are turned, unlike hydraulic systems that pump fluid all the time while the engine is running. As a result, the fuel economy is increased.
Hence, the demand for electrically assisted steering systems is surging due to stringent fuel efficiency norms which is further bolstering the growth of global automotive steering system market during the forecast period.
The increased production of automobiles in developing countries, such as China and India is expected to bolster the automotive steering system market growth during the forecast period. The abundant availability of raw material as well as labour at cheaper costs in developing countries are likely to help in boosting the growth of the production rate of automobile manufacturers, which, in turn, would simultaneously propel the demand for steering system.
The rising sale of automobiles in the developing countries such as China and India, owing to the rising disposable income of the individuals would also result in the growth of the automotive steering system market. Hence, the global automotive steering system market is expected to witness an escalating growth rate over the forecast period.

Major Companies

• Nexteer Automotive Group Limited
• JTEKT Corporation
• Dongil Machinery Industry Co., Ltd.
• ThyssenKrupp AG
• NSK Ltd.
• Mitsubishi Electric Corporation
• China Automotive Systems Inc.
• Sona Koyo Steering Systems Limited
• Robert Bosch Limited
• Showa Corporation
• Hyundai Mobis CO., Ltd
• Others

By Type
Column-EPS (C-EPS)
Pinion-EPS (P-EPS)
Rack-EPS (R-EPS)

By Pinion Type
Single
Dual

By Component
Hydraulic pump
Steering column
Steering Angle Sensor
Electric Motor

By Mechanism
Collapsible EPS
Rigid EPS

By Technology
Electric power steering (EPS)
Electrically assisted hydraulic power steering (EHPS)
Hydraulic power steering (HPS)

Region
North America
• U.S.
• Canada
• Mexico
Europe
• Germany
• U.K.
• France
• Spain
• Italy
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia pacific
South America
• Brazil
• Argentina
• Rest of South America
Middle East & Africa
• GCC
• South Africa
• Rest of MEA

Impact of COVID
The declaration of coronavirus as a global pandemic has dealt a huge blow to the Automotive Steering System market. All markets had come to a halt due to the closure of borders, the suspension of public and private transportation, self-isolation, and quarantine administration in major cities.
The decision to self-isolate was shown to be effective in slowing the spread of the virus, giving optimism that humanity will be able to overcome this global calamity. Recovery of losses made by business owners and important players, on the other hand, may prove more difficult than anticipated. Lockdowns were enacted in cities, provinces, and countries. Businesses (including factories) were shuttered or operated at a reduced capacity.
COVID-19 has had a swift and devastating effect on the worldwide automotive industry. Chinese parts exports have been disrupted, large-scale industrial disruptions have occurred across Europe, and assembly operations in the United States have closed. Major companies suspended their operations in different locations due to the lockdown and social distancing norms.
Furthermore, after initial supply and manufacturing disruptions, the industry is now experiencing a demand shock with uncertain recovery timeline due to shelter -in -place regulations. Some OEMs have low liquidity to power through a long period of missing revenues, with limited room to cut fixed costs.
During the COVID-19 crisis, there are four significant issues across the whole automotive value chain:
• Limited Supply of Vehicle Parts - Starting in China, suppliers all around the world quarantined or shut down production lines completely. In addition, legal and trade constraints, such as closed borders, exacerbated the shortage of necessary parts and restricted supply distribution.
• Shut Down of Manufacturing - OEMs were forced to shut down production due to a lack of components and a just-in-time production strategy, as well as quarantine measures and a decreased workforce. The necessity to secure liquidity and control overproduction as a result of lower sales exacerbates this.
• Declining Working Capital/Liquidity - The drop in demand resulted in a decrease in cash inflow, despite the fact that short-term commitments and salaries must still be paid.
• Drop in New Vehicle Sales - Curfews, factory closures, office and dealership shutdowns along with the resultant dismissals of short-term workers, as well as the fear of a recession, all led to a drop in sales.
• The automobile field had undergone significant delay due to structural modification openings with the goods and services tax, axle‐load reforms, shift to shared mobility, liquidity crunch, and so on. Powered by these factors, industries faced major effect and were completely at a halt due to the COVID‐19 induced lockdown.
During the lockdown in 2020, the market was badly hit, although it recovered in 2021.
Average Pricing Analysis
Several aspects comes under cost analysis of the industrial product. Major product specific attributes (raw material, labor cost)to company related cost (factory automation cost), sales and others (marketing and logistics). Raw material cost captured a major share in the total cost of the final product. In case of steering gear box, six major input products together cost around US$ 9,499 which is near to 63% of the total. Marketing and logistics cost contribute approximately 13% of the total while factor automation cost is around 7% of the total. Labor cost of the product is nearly 15% per product. Input product price majorly varies with prices of metal such as steel, aluminum, etc. Other costs such as labor cost and factory automation cost depends on company production efficiency. Remaining factors such as marketing and logistic cost, and other overhead expenses depends on the overall conditions of the country economy or average prices in the market.

Raw Material Cost
Major Parts in Steering Gear Box	Average Selling Price (US$)
Steering wheel	3,334
Steering column or shaft	3,979
Steering gear	2,070
Ball joints	55
Steering arm	45
Stub axle	16
Total Average Cost	9,499

Source: We Market Research (WMR)

Pinion Type Insights
In terms of Pinion-type, the duel type pinion segment accounts for a notable share of the market. The sports betting segment accounted for 58.3 % share of the market in 2021 and reach a value of 24,989.4 Mn by 2033. The growth is primarily attributed due to increasing global demand for modern passenger vehicles The Demand for passenger automobiles and light commercial vehicles has soared majorly across the developing countries. Thus, significant automotive titans are embracing innovative driving technologies to improve comfort across prominent autos. The introduction of self-driving cars has increased demand even further.
These factors anticipated to boost the market of duel pinion type further with significant growth rate. Other segment, single type pinion expected to grow with CAGR 5.5% during forecast period.
Single Type Pinion segment is projected to create a total absolute $ opportunity of USD 6,624 Million between 2022 to 2033. Single Type Pinion segment is expected to expand at CAGR of 5.5% during the forecast period. Double Type Pinion segment is projected to create a total absolute $ opportunity of USD 10,030.0 Million between 2022 to 2033. Double Type Pinion segment is expected to expand at CAGR of 5.9% during the forecast period.

Type Insights
In terms of Type, the Pinion-EPS (P-EPS) segment accounted for 42.4% share of the market in 2021 and expected to reach a value of 18,144.7 Mn by 2033. Because P-EPS can steer vehicle types ranging from mid-sized automobiles to full-sized trucks, it is expected to show significant growth during forecast period. Customers' shifting preferences from passenger cars to compact SUVs and higher-end vehicles are also likely to promote P-EPS category growth.
Rack-EPS (R-EPS) also anticipated to grow at significant growth rate in coming years. The high demand for powerful light commercial vehicles in the United States is likely to fuel the expansion of the R-EPS category even more. The Rack-EPS (R-EPS) segment accounted for 31.3% share of the market in 2021 and expected to reach a value of 12,588.8 Mn by 2033.
Column-EPS (C-EPS) segment is projected to create a total absolute $ opportunity of USD 4,454.1 Million between 2022 to 2033. Column-EPS (C-EPS) segment is expected to expand at CAGR of 5.5% during the forecast period. Pinion-EPS (P-EPS) segment is projected to create a total absolute $ opportunity of USD 7,269.8 Million between 2022 to 2033. Pinion-EPS (P-EPS) segment is expected to expand at CAGR of 5.9% during the forecast period.

Components Insights
In terms of Component, the Steering column segment accounted for 58.3% share of the market in 2021 and expected to reach a value of 24,958.5 Mn by 2033. High demand for automotive is the primary driving reason for the worldwide steering column market. More efficient steering column systems have been developed as a result of technological advances. These enhance the whole driving experience and provide better safety than previously. Their popularity among users has grown dramatically as a result of their multi-functionality and greater safety. Demand for high mileage is also propelling the worldwide steering column market.
Hydraulic pump and electric motor also have significant share in the global automotive steering system market. Both segment expected to grow at CAGR 5.5% and 5.6% respectively during forecast period. Growing demand for EPS anticipated to affect the demand for hydraulic pump in coming years. Hydraulic pump segment is projected to create a total absolute $ opportunity of USD 2,818.5 Million between 2022 to 2033. Hydraulic pump segment is expected to expand at CAGR of 5.5% during the forecast period.
Steering column segment is projected to create a total absolute $ opportunity of USD 9,983.7 Million between 2022 to 2033. Steering column segment is expected to expand at CAGR of 5.8% during the forecast period. Steering angle sensor segment is projected to create a total absolute $ opportunity of USD 1,365.5 Million between 2022 to 2033. Steering angle sensor segment is expected to expand at CAGR of 5.5% during the forecast period.

Technology Insights
In terms of technology, the Electric power steering (EPS) segment accounted for 88.9% share of the market in 2021 and expected to reach a value of 37,822.4 Mn by 2033. EPS is currently employed in passenger cars and light commercial vehicles, with just a little presence in big trucks. With technological developments, EPS systems might have a higher load-bearing capability and be employed in commercial vehicles as well. Hydraulic power steering (HPS) systems now dominate the commercial vehicle industry due to their greater load-bearing capability than EPS systems. Hydraulic power steering (HPS) systems use engine power, reducing fuel economy.
Electrically assisted hydraulic power steering (EHPS) segment expected to grow at CAGR 5.4% during forecast period. This technology is majorly preferred in the light commercial vehicles. Electric power steering (EPS) segment is projected to create a total absolute $ opportunity of USD 15,014.0 Million between 2022 to 2033. Electric power steering (EPS) segment is expected to expand at CAGR of 5.8% during the forecast period.
Electrically assisted hydraulic power steering (EHPS) segment is projected to create a total absolute $ opportunity of USD 599.3 Million between 2022 to 2033. Electrically assisted hydraulic power steering (EHPS) segment is expected to expand at CAGR of 5.4% during the forecast period.

Mechanism Insights
In terms of Mechanism, the collapsible EPS segment accounted for 63.0% share of the market in 2021 and expected to reach a value of US$ 88,151.0 Mn by 2033. Collapsible steering gives a convenient solution for older adults and physically handicapped individuals. When the steering column is collapsible, greater room is created for the driver to enter and exit the car.
Because vehicle safety is important, the automobile collapsible steering column market provides driver safety. The steering column falls upward during a frontal collision, eliminating the possibility of shifting the steering wheel closer to the driver. As a result of increased safety precautions in vehicles, the market for automotive collapsible steering columns is growing.
Rigid EPS expected to grow at CAGR 4.7% during forecast period and anticipated to reach at US$ 49,588.0 Mn in year 2033. Collapsible EPS segment is projected to create a total absolute $ opportunity of USD 10,935.6 Million between 2022 to 2033. Collapsible EPS segment is expected to expand at CAGR of 5.9% during the forecast period. Rigid EPS segment is projected to create a total absolute $ opportunity of USD 5,719.4 Million between 2022 to 2033. Rigid EPS segment is expected to expand at CAGR of 5.4% during the forecast period. Rigid EPS segment is projected to create a total absolute $ opportunity of USD 5,719.4 Million between 2022 to 2033. Rigid EPS segment is expected to expand at CAGR of 5.4% during the forecast period.

Steering Gear Type Insights
In terms of Steering Gear Type, Recirculating ball nut, and Rack and pinion together accounts more than 50% of the global automotive steering system market. Recirculating ball nut anticipated to reach at US$ 14,662.7 Mn and rack & pinion expected to reach at US$ 14,132.8 Mn in year 2033. these two types are majorly preferred in most of the modern vehicles which boosting their market. The rack and pinion form is by far the most prevalent, although the recirculating ball style is still used on some trucks and bigger vehicles, and it always employs a Pitman arm to transfer movement to the steering linkage.
Other segments such as Worm and sector, worm and roller, or cam and double lever also expected to grow with CAGR near to 5% during forecast period. These remaining six segment combine accounts around 32% in year 2022 out of total automotive steering system market.
Worm and sector segment is projected to create a total absolute $ opportunity of USD 832.1 Million between 2022 to 2033. Worm and sector segment is expected to expand at CAGR of 5.4% during the forecast period. Worm and roller segment is projected to create a total absolute $ opportunity of USD 530.5 Million between 2022 to 2033. Worm and roller segment is expected to expand at CAGR of 5.5% during the forecast period.
Cam and double lever segment is projected to create a total absolute $ opportunity of USD 886.8 Million between 2022 to 2033. Cam and double lever segment is expected to expand at CAGR of 5.6% during the forecast period. Worm and ball bearing nut segment is projected to create a total absolute $ opportunity of USD 1,464.6 Million between 2022 to 2033. Worm and ball bearing nut segment is expected to expand at CAGR of 5.8% during the forecast period.

Vehicle Type Insights
In terms of Vehicle Type, Passenger car (PC) segment accounted for 73.4% share of the market in 2021 and expected to reach a value of 31,311.6 Mn by 2033. Vehicle electrification minimizes a vehicle's reliance on fuels for auxiliary power, making the vehicle more fuel-efficient. This aspect promotes the need for power-assisted steering systems, particularly electric-assisted power steering (EPS), in passenger vehicles. The introduction of EPS is being driven by weight reduction and increased energy efficiency in cars. Because EPS contains fewer components, it is easier to install in the vehicle system.
The light commercial vehicles also anticipated to growth with significant growth rate during forecast period. Hydraulic system is majorly preferred in the light and heavy commercial vehicle which anticipated to boost with it in coming years. Surge in the logistics operations across the globe also expected to surge their demand in coming years. Light commercial vehicles anticipated to grow with the CAGR 5.7% during forecast period and expected to reach at US$ 8,658.8 Mn in year 2033.
Passenger car (PC) segment is projected to create a total absolute $ opportunity of USD 12,475.4 Million between 2022 to 2033. Passenger car segment is expected to expand at CAGR of 5.8% during the forecast period. Light commercial vehicle (LCV) segment is projected to create a total absolute $ opportunity of USD 3,380.7 Million between 2022 to 2033. Light commercial vehicle (LCV) segment is expected to expand at CAGR of 5.7% during the forecast period.
North America segment is projected to create a total absolute $ opportunity of USD 4,216.7 Million between 2022 to 2033. North America segment is expected to expand at CAGR of 5.7% during the forecast period. Europe segment is projected to create a total absolute $ opportunity of USD 1,770.5 Million between 2022 to 2033. Europe segment is expected to expand at CAGR of 5.4% during the forecast period.
Asia Pacific segment is projected to create a total absolute $ opportunity of USD 9,244.9 Million between 2022 to 2033. Asia Pacific segment is expected to expand at CAGR of 5.9% during the forecast period. South America segment is projected to create a total absolute $ opportunity of USD 360.2 Million between 2022 to 2033. MEA segment is expected to expand at CAGR of 5.5% during the forecast period.

Regional Insights
In terms of region, Asia Pacific accounted for 53.7% share of the market in 2022 and expected to reach a value of 23,024.1 Mn by 2033. Increasing vehicle production in post covid period willl support the growth of the regional market of automotive steering system. China and Japan, for example, are major automotive manufacturing centers in the region. Country-level markets, such as China, Japan, and India, dominate the market in this region.
North America is anticipated to grow with significant CAGR of 5.7% during the forecast period. As the need for fuel-efficient vehicles grows, so does the demand for steering systems. Furthermore, buyers desire driving comfort in their automobiles, which includes smooth driving and agility. Driving comfort is achieved by using an effective steering system, which leads to an increase in demand for steering systems, resulting in market growth.

Competitive Landscape
Some of the major companies operating within the market are Nexteer Automotive Group Limited, JTEKT Corporation, Dongil Machinery Industry Co., Ltd. , ThyssenKrupp AG, NSK Ltd., Mitsubishi Electric Corporation, China Automotive Systems Inc., Sona Koyo Steering Systems Limited, Robert Bosch Limited, Showa Corporation, Hyundai Mobis CO., Ltd, Others

Recent News
• In December 2021, in a joint venture with Rane Group, ZF acquired a majority stake. ZF, a global technology company supplying systems for passenger cars, commercial vehicles and industrial technology, announced an increase in its holding in Rane TRW Steering Systems to become the majority shareholder. ZF and the Rane Group have partnered to form Rane TRW Steering Systems, which is a 50-50 joint venture. ZF has now increased its stake in the company to 51%.
• In October 2021, with its new Modular Column-Assist EPS System, Nexteer Automotive expanded its Electric Power Steering (EPS) offering (mCEPS). This cutting-edge system features a cost-effective, modular platform design that allows Nexteer to scale up and satisfy the needs of a wide range of OEMs.

Why to buy this Report?
The report provides quantitative and qualitative aspect for the market in terms of value and volume, along with supporting market trends, challenges, restraints.
The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.
The report provides competitive analysis of around 30-50 companies operated in the market, these companies are bifurcated into niche players, the leaders and major contenders. The companies are analyzed in terms of following factors such as:
 Business Model
 Production Capacity, Revenue, Sales, Gross Margin
 Key Business Strategy
 SWOT Analysis
In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:
 Company Share Analysis from 2018-2022
 Company Analysis by Revenue and Sales
 Company Production Capacity, Gross Margin
 Company Share Analysis by Application/End Use
 Company Share Analysis by Product/Specification