Automotive Steering Gear Market Analysis: Global Industry Size, Growth and Forecast

Report ID : 1294957 | Published : May 2025 | Study Period : 2023-2033 | Format : PDF + Excel

The market size of the Automotive Steering Gear Market is categorized based on Type (Electric Steering Gear, Hydraulic Steering Gear, Mechanical Steering Gear) and Vehicle Type (Passenger Cars, Commercial Vehicles, Electric Vehicles) and Gear Type (Rack and Pinion, Recirculating Ball, Column) and geographical regions (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

Valued at USD 24 billion in 2023, the Automotive Steering Gear Market size is expected to grow to USD 36 billion by 2033, with a CAGR of 4.2% from 2024 to 2033. The report comprises various segments and analyzes the trends and factors playing a substantial role in the market.

The steering gear market is one of the segments of the automobile industry which is responsible for the safety, achievement of required performance, and ease of use of the vehicle. Due to the advances in technologies and change in the tastes and preferences of the consumers, changing times are necessitating the newer steering solutions. This market covers the full spectrum of products from simple mechanical systems to modern electronically controlled and hydraulically operated steering systems. It is essential to be versed with the aspects of this market so as to get in time the business ideas from the upcoming trends or new technologies. 

The recent times have been marked with significant diversifications in the automotive steering systems manufacturing because of risks like the convergence of electric vehicles, increased regulatory standards for safety compliance, and the fuel crisis. There has been a focus on producing steering systems that are light weight and cost effective since these would assist in meeting the performance and environmental measures standards. With increased connectivity and automation around, the steering gear market would see a surge which in turn will pose several dilemmas and openings for the industry players.

At Verified Industry Insights, we focus our efforts toward offering automotive steering gear market by covering market trends, competition, and technology changes. The extensive researches conducted on the market include varietal information which helps companies take informed decisions, understand the market’s intricacies and prepare themselves strategically for thriving in this fast changing industry.

 

ATTRIBUTES	DETAILS
STUDY PERIOD	2023-2033
BASE YEAR	2023
FORECAST PERIOD	2024-2033
HISTORICAL PERIOD	2023-2024
UNIT	VALUE (USD BILLION)
KEY COMPANIES PROFILED	Robert Bosch GmbH, JTEKT Corporation, ZF Friedrichshafen AG, Thyssenkrupp AG, Mando Corporation, Nexteer Automotive, Schaeffler AG, Magna International Inc., Audi AG, Denso Corporation, Aisin Seiki Co. Ltd.
SEGMENTS COVERED	By Type - Electric Steering Gear, Hydraulic Steering Gear, Mechanical Steering Gear By Vehicle Type - Passenger Cars, Commercial Vehicles, Electric Vehicles By Gear Type - Rack and Pinion, Recirculating Ball, Column By Geography - North America, Europe, APAC, Middle East Asia & Rest of World.

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Automotive Steering Gear Market Dynamics

The Automotive Steering Gear Market is undergoing significant changes due to various dynamic factors. This section delves into the key drivers, restraints, opportunities, and challenges that are shaping the market landscape.

Market Drivers

1. Technological Advancements
2. Increasing Consumer Demand
3. Regulatory Support
4. Globalization

Market Restraints

1. High Operational Costs
2. Regulatory Challenges
3. Market Saturation

Market Opportunities

1. Emerging Markets
2. Product Innovation
3. Strategic Partnerships

Market Challenges

1. Technological Disruptions
2. Supply Chain Issues
3. Changing Consumer Preferences

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Key Players in the Automotive Steering Gear Market

This report provides an in-depth analysis of both established and rising industry participants. It provides broad lists of important companies organized by the types of products they offer and other market-related factors. In addition to characterizing these companies, the report contains the year each player entered the market, which is useful for research analysis by the study's analysts.

• Robert Bosch GmbH
• JTEKT Corporation
• ZF Friedrichshafen AG
• Thyssenkrupp AG
• Mando Corporation
• Nexteer Automotive
• Schaeffler AG
• Magna International Inc.
• Audi AG
• Denso Corporation
• Aisin Seiki Co. Ltd.

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