Automotive Steering System Market Size

Automotive Steering System Market size was over USD 23.81 billion in 2024 and is poised to reach USD 37.98 billion by the end of 2037, growing at around 3.8% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of automotive steering system is assessed at USD 24.51 billion. The growth of the market can be attributed to the growing number of autonomous cars along with the rising demand for power steering systems amongst automobile users worldwide. Autonomous cars are driven by themselves by using in-vehicle technologies and sensors. Nowadays, key manufacturers are investing huge amounts of money to enhance the features of such cars and the trend of owning autonomous cars is notably prevalent in the global population. For instance, it was found that there were more than 30 million autonomous cars being driven on road globally in 2019 globally.

Global automotive steering system market trends such as recent advancements in power steering technology and electronic control units (ECUs), the demand for power steering systems is on the rise amongst automotive users, which in turn, is expected to create massive revenue generation opportunities for the key players operating in the global automotive steering system market during the forecast period. It is estimated that some modern motor vehicles have up to 150 ECUs. Also, the electric power steering electronic control unit (ECU) calculates the need for assisting power based on the torque being applied to the steering wheel, the steering wheel position, and the vehicle's speed. Hence, such factors are anticipated to boost market growth over the forecast period.