Automotive Steering System Market 2022-2027: Global Trends, Growth, COVID-19 Impact, Demand and Opportunities

August 25 09:50 2022
Automotive Steering System Market 2022-2027: Global Trends, Growth, COVID-19 Impact, Demand and Opportunities
IMARC Group expects the market to reach a value of US$ 41.13 Billion by 2027, exhibiting a CAGR of 4.60% during 2022-2027.

IMARC Group’s latest research report, titled “Automotive Steering System Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

The global automotive steering system market reached a value of US$ 30.98 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 41.13 Billion by 2027, exhibiting a CAGR of 4.60% during 2022-2027.

An automotive steering system consists of components such as gears, linkages, and steering wheels. It has a hydraulic booster that functions when the engine runs and provides the required forces while turning the wheels.

Covid-19 Impact:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report. The industry is segmented by size and region. The report provides an analysis of the key trends in each sub-segment of the market, along with forecasts at the global and regional level from 2022-2027. The report also includes competitive landscape of major key players in the industry along with emerging trends in the market.

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Global Automotive Steering System Market Trends and Drivers: 

One of the primary factors driving the market is the escalating demand for automobiles. In addition, the extensive application of power steering systems in vehicles is also contributing to the market growth as they provide enhance control and improve fuel efficiency of the vehicles.

Besides this, the rising demand for electric power steering (EPS) systems that improves the overall driving experience and the increasing demand for cars with safety and comfort features is strengthening the market growth. Moreover, the introduction of drive-by-wire technology to abolish mechanical linkages and reduce the weight of the vehicle, growing advanced driver assistance systems (ADAS) in automobiles, rising disposable income levels, and advancements in technology are some of the other growth-inducing factors.

Global Automotive Steering System Market 2022-2027 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

China Automotive Systems Inc. (NASDAQ: CAAS), Denso Corporation (OTCMKTS: DNZOY), Georgsmarienhütte Holding GmbH, Gss Steering Systems LLC, JTEKT Corporation, Knorr-Bremse AG, Mando Corporation, Mitsubishi Electric Corporation, Nexteer Automotive (Pacific Century Motors), NSK Ltd., Robert Bosch Gmbh, Rollax GmbH & Co. KG and thyssenkrupp AG.

The report has segmented the market on the basis of region, type, component and vehicle type.

Breakup by Type:

  • Electric Power Steering (EPS)
  • Hydraulic Power Steering (HPS)
  • Electro-Hydraulic Power Steering (EHPS)
  • Manual Steering

Breakup by Component:

  • Steering Column
  • Steering Wheel Speed Sensors
  • Electric Motors
  • Hydraulic Pumps
  • Others

Breakup by Vehicle Type:

  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles

Breakup by Region:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa


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If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.

Key highlights of the report:

  • Market Performance (2016-2021)
  • Market Outlook (2022- 2027)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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