Automotive Steering Market Size Projected to Reach $59 billion by 2034 | 5.9%

According to Straits Research, the global automotive steering motors market size was valued at $15.9 billion in 2025 and is projected to grow from $16.75 billion in 2026 to $25.41 billion by 2034, registering a CAGR of 5.35% during the forecast period 2026–2034.

The Global market of Automotive Steering is anticipated to develop at an optimistic rate over the forecast period. Increased traction of high-end vehicles amongst the customers is fortifying the market development prospects. Although, the market development is only expected due to increment in the demand from the OEM sector the market development in the aftermarket segment is expected to decline through the forecast years. The use of power steering also provides better control over the automotive vehicles thus, increasing the safety standards for the vehicles. The use of power steering wheels to have better control of the vehicle on sharp turns and urban roads to increase the adoption. The steering wheels are also developed for better handling to minimize accidental fatalities and also a requirement of better traffic regulation by proper driving is a factor expected to compel manufacturers to look for better steering systems. All these prospects stand as a great aid for the market over the slated cause of time.

The development of electronic steering systems (EPS) which impart additional driver safety, convenience and comfort is stirring the market development with positive growth scenario. Additionally, the ability of EPS to enhance the implementation of innovative driver assistance systems like evasive steering support, parking assist, and traffic jams assists in increasing traction for the automotive steering market.

Key Highlights

• The automotive steering market is expected to grow at a compound annual growth rate (CAGR) of 5.35% during the forecast period.
• Market of North America is expected to dominate revenue share in the market on the back of exhaustive use of personal automobile vehicles.The encouraging scenario for autonomous driving in developed countries such as U.S. and Canada is also to improve the performance of the automotive steering market.
• Market of Asia Pacific is estimated to develop with an intense pace in the market, the growth is primarily catered by countries with large in use vehicles fleet and countries which have witnessed influx of manufacturing clusters development. Especially, countries such as China and Japan have established manufacturing clusters to serve to the OEMs operating in the region. Whereas, India has also shown optimistic scenario for the establishment of manufacturing clusters to which are poised to provide growth for the market in the country.
• Electronic power steering segment is anticipated to garner a substantial growth pace throughout the forecast years due to development of high-performing and electronic technology integrated automated vehicles.

Market Segments

1. By Component
   1. Hydraulic Pump
   2. Steering Column
   3. Steering Wheel Speed Sensor
   4. Electric Motor
   5. ECU
2. By Application
   1. PCs
   2. LCVs
   3. HCVs
3. By Electric Vehicle
   1. BEV
   2. PHEV
   3. FCEV
4. By Technology
   1. Hydraulic Power Steering (HPS)
   2. Electrically Assisted Hydraulic Power Steering (EHPS)
   3. Electric Power Steering (EPS)
   4. Steer-by-Wire
   5. Quadrasteer/Rear Axle Steer-by-Wire
5. By Electric Motor Type
   1. Brushless
   2. Brushed
6. By Off-Highway
   1. Agricultural Tractors
   2. Construction Equipment
7. By Type
   1. Column EPS
   2. Pinion-EPS
   3. Rack-EPS
8. By Pinion Type
   1. Single Pinion
   2. Dual Pinion
9. By Mechanism
   1. Collapsible EPS
   2. Rigid EPS
10. By Vehicle Type
    1. Passenger Car
    2. Light Commercial Vehicle
    3. Heavy Commercial Vehicle
11. By Sales Channel
    1. OEM
    2. Aftermarket