Automotive steering market seen reaching $59.9 billion by 2033

By AI, Created 7:10 AM UTC, May 25, 2026, /AGP/ – Persistence Market Research expects the global automotive steering market to grow from $40.1 billion in 2026 to $59.9 billion by 2033, powered by electronic power steering, electric vehicles and autonomous driving demand. Asia Pacific leads the market now, while steering manufacturers are investing in smarter, lighter systems to capture the next wave of vehicle innovation.

Why it matters: - The automotive steering market sits at the center of the shift to electric and autonomous vehicles. - Growth in advanced steering systems affects vehicle handling, safety, fuel efficiency and driver-assistance features. - The market’s expansion signals more demand for electronic components, sensors and smart mobility hardware across automakers and suppliers.

What happened: - Persistence Market Research valued the global automotive steering market at US$40.1 billion in 2026. - The firm projects the market will reach US$59.9 billion by 2033. - That implies a 5.9% compound annual growth rate from 2026 to 2033. - The report says the market was worth US$31.3 billion in 2020. - The report was released in Brentford, London, United Kingdom, on May 25, 2026. - The report is available with a free sample. - Customization requests are available through the report page.

The details: - Electronic Power Steering holds a 70.5% share and remains the dominant technology segment. - The report links EPS growth to its lightweight design, fuel-saving benefits and compatibility with electric vehicles. - Asia Pacific leads the market with a 47.9% share. - The region’s lead is tied to large-scale vehicle production, rising ownership and expanding electric vehicle manufacturing. - Steering column and rack components account for 38.4% of the market. - The report also tracks steer-by-wire, hydraulic power steering and electro-hydraulic power steering. - The component breakdown includes electric motors, sensors, hydraulic pumps and electronic control units. - Passenger cars, light commercial vehicles, heavy commercial vehicles and off-highway or agricultural vehicles are covered in the vehicle split. - OEM and aftermarket sales channels are included in the analysis. - The report covers North America, Europe, East Asia, South Asia & Oceania, Latin America, and the Middle East & Africa. - The report highlights competitive intelligence, share analysis, pricing analysis, strategic growth initiatives and future opportunities. - The report names ZF Friedrichshafen AG, Robert Bosch GmbH, JTEKT Corporation, Nexteer Automotive, NSK Ltd., Hyundai Mobis, thyssenkrupp Steering, Hitachi Astemo, HL Mando Corporation, Schaeffler AG, Rane NSK Steering Systems Pvt. Ltd., KYB Corporation, Dana Incorporated, BorgWarner Inc., Showa Corporation and Mitsubishi Electric Corporation as key players. - The report lists January 2026 investments in EPS for electric and autonomous vehicles as a recent development. - The report also cites March 2026 expansion of advanced steering component production in Asia Pacific as a recent development.

Between the lines: - The market is being reshaped by electrification, not just by higher vehicle production. - EPS dominates because automakers want lower weight and lower energy use, especially as EV adoption rises. - Asia Pacific’s lead suggests the strongest demand is still concentrated where vehicle manufacturing is scaling fastest. - Steer-by-wire and autonomous-ready systems point to the next phase of competition, where software and control integration matter as much as mechanical hardware.

What’s next: - Persistence Market Research expects smart steering, lightweight components and intelligent mobility investments to keep driving growth through 2033. - Demand for steering systems that support advanced driver assistance and autonomous navigation should increase as more EVs reach the road. - Manufacturers are likely to keep expanding production capacity and steering innovation, especially in Asia Pacific.

The bottom line: - The automotive steering market is moving from a mechanical category to a technology-led one, with EPS and EV adoption setting the pace.