Steering Shaft Market

Steering Shaft Market Analysis by Hydraulic Power Steering, Electronic Power Steering, and Electric Power Hydraulic Steering from 2023 to 2033

Analysis of Steering Shaft Market Covering 30+ Countries Including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Increased Production of Automotive and Long Term Contracts with OEMs to Drive the Market Growth

The global steering shaft market is set to surpass a valuation of US$ 5.7 Billion in 2023 and further expand at a CAGR of 3.3% to reach US$ 7.9 Billion by the end of 2033.

Sales of steering shaft accounted for around 20% of the overall global steering system market at the end of 2022.

Report Attributes Details

Steering Shaft Market Size (2022A)

US$ 5.4 Billion

Estimated Market Value (2023E)

US$ 5.7 Billion

Forecasted Market Value (2033F)

US$ 7.9 Billion

Global Market Growth Rate (2023-2033)

3.3% CAGR

North America Market Share (2023)

~ 14.4%

North America Market Value

(US$ Million), 2023

US$ 832.6 Million

Europe Market Share (%), 2023


Europe Market Value (US$ Million), 2023

US$ 1 Billion

China Market Share (%), 2023


China Market Value (US$ Million)

US$ 1.7 Billion

Top 3 country Market Share (%)


Key Companies Profiled

  • Changshu City Jinhua Machinery Co., Ltd
  • China Automotive Systems, Inc
  • Faw Koyo Steering Systems Co., Ltd.
  • Global Steering Systems
  • JTEKT Corporation
  • KLM Performance
  • Nexteer Automotive
  • NSK Ltd.
  • Pailton Engineering
  • Robert Bosch GmbH
  • Steering Shaft Factory
  • Zhejiang Shibao Co., Ltd.

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Sales Analysis of Steering Shaft (2018-2022) Vs. Market Forecast Outlook (2023-2033)

During the historical period from 2018 to 2022, global sales of steering shafts restrained at -3.5% CAGR, with sales being valued at US$ 5.4 Billion by the end of historical period. The declining sales of steering shafts can be attributed to pandemic, changing consumer preferences, and shifts in the automotive industry towards alternative modes of transportation.

The steering shaft market has seen significant growth in recent years, driven by various factors such as technological advancements, increasing demand for vehicles, and the growing focus on safety features. Another key factor driving the steering shaft market is the rising demand for vehicles, especially in emerging economies such as China, India, and Brazil.

The developments in the steering shaft market are focused on meeting the changing needs of customers and the automotive industry. The market is expected to continue to evolve in response to new trends and technologies by OEMs, creating new opportunities for innovation and growth. It can be predicted that steering shaft market will have a market value of US$ 5.7 Billion in 2023.

The global market is expected to witness prominent growth with an absolute dollar opportunity accounting to US$ 2.5 Billion over the forecast period. Fact.MR estimates that the sales of the global steering shaft market will be 1.4X times by 2033 and exhibit growth at 3.3% CAGR between 2023 and 2033.

  • Short Term (2023 Q1 to 2026): Growing automotive industry, with increasing production of vehicles globally, to positively influence the market growth.
  • Medium Term (2026-2029): Focus on reducing vehicle weight and improving fuel efficiency, leading to the development of lightweight and high-strength steering shafts, to contribute the market growth in mid-term.
  • Long Term (2029-2033): Rising demand for electric and hybrid vehicles, which require specialized steering systems and components, including steering shafts will improve the long-term market growth.

Steering Sector Shaft Market  Size, Share, Trends, Growth, Demand and Sales Forecast Report by Fact.MR

Market share analysis of steering shaft based on steering shaft style and region is illustrated briefly in the above image. Under the steering shaft style segment, the splined sub-segment will dominate with 64.6% market share in 2023.

What is Driving the Demand for Steering Shafts?

“Benefits of Safety Features of Steering Systems to Boost Sales”

Advanced steering systems are designed to offer greater precision and control, which can help to prevent accidents and improve safety. These systems often require specialized steering shafts that are capable of supporting these advanced features, which can drive the demand for steering shafts. In addition, modern vehicles are equipped with numerous safety sensors, including those related to steering. These sensors require high-quality and durable steering shafts that can withstand the demands of the sensor systems.

The adoption of active safety technologies, such as ABS (Antilock Breaking System), ESC (Electronic Stability Control), etc. are increasing in automotive vehicle for improved safety. The increasing implementation of these technologies will continue to positively influence the growth of the steering shaft market in the coming years.

“Advancements in Steering Technology Driving the Market Growth ”

As steering technology advances, new types of steering systems are being developed that require different types of steering shafts. For instance, electric power steering (EPS) systems require more complex and lightweight steering shafts to accommodate the electric motor and sensors, which are not needed in traditional hydraulic power steering systems.

Advanced steering systems are designed to offer greater precision and control, which puts higher demands on the steering shafts. As a result, the steering shafts need to be durable, lighter, and more responsive to meet the needs of these advanced systems. Hence manufacturers are investing heavily in research and development to produce new steering shafts, which is driving the market growth.

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What Concerns Should Steering Shaft Manufacturers Avert?

“High Costs of Lightweight Materials, a Stumbling Block”

The demand for lightweight components in the automotive industry is growing, as manufacturers seek to improve vehicle performance and fuel efficiency. However, materials such as carbon fiber and aluminum are more expensive than traditional materials such as steel or cast iron. The limited availability of these materials can be a significant constraint for manufacturers, who must balance the cost of materials with the need to produce high-quality, reliable components.

The manufacturing process for lightweight materials is often more complex, which could further increase production costs. In addition, designing lightweight components that are both durable and safe can be challenging and may require significant research and development.

Country-wise Insights

What are the Factors Driving Revenue Generation in China?

China is the world's largest automotive market, with a large and rapidly growing domestic auto industry. Chinese carmakers produced 27 million units in 2022, up by 3.4% year on year, as per the China Association of Automobile Manufacturers (CAAM).

Moreover, Chinese manufacturers of steering shafts have been increasing their exports to other countries in recent years. As the demand for these products increases globally, the Chinese steering shaft market is expected to grow even further.

With the Chinese government promoting the adoption of electric vehicles to reduce air pollution, the demand for steering shafts in the electric vehicle segment is also expected to rise. China is predicted to grow at a CAGR of close to 4.2% because of the aforementioned factors and reach a valuation of US$ 1.7 Billion by the end of the forecast period.

What Supports Increasing Steering Shaft Sales in the U.S.?

The U.S. is one of the largest markets for automobiles globally, with a high demand for cars, trucks, and other vehicles. In 2022, the U.S. automobile industry product an estimated 10 million vehicles, having 10% of the year-on-year growth rate.

The aftermarket sales segment in the U.S. is also a significant driver of the sales of steering shafts. Consumers often seek high-quality replacement parts for their vehicles, and the U.S. has a large and growing market for aftermarket automotive parts.

The U.S. government has implemented stringent fuel efficiency standards for vehicles, which is driving the development of advanced and efficient steering systems and components, including steering shafts. Due to these factors, the U.S. is expected to reach a valuation of US$ 741.9 Million by the end of the forecast period growing at a CAGR of 2.7%.

Know thy Competitors

Competitive landscape highlights only certain players
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Category-wise Insights

How will Passenger Vehicles Offer Lucrative Opportunities for Steering Shafts?

The demand for passenger vehicles is expected to increase significantly in the coming years, particularly in highly lucrative market such as China and India. Around 81.6 million vehicles were sold globally in 2022, down from around 82.7 million units in 2021. As the demand for passenger vehicles is increased from 56.4 million in 2021 to 57.4 million units in 2022, the demand for high-quality steering system components is also expected to rise over the forecast period.

In 2023, the demand of steering shafts for passenger vehicles is predicted to have a market share of 70.4% accounting for a market value of US$ 4 Billion, and is expected to have a huge demand in the future as well.

Why are Steel Steering Shafts Stimulating Heightened Demand?

Steel is a strong and durable material that offers high resistance to wear and tear, corrosion, and heat. These properties make steel steering shafts more reliable and long-lasting than other materials, such as aluminum. Additionally, stricter regulations and safety standards in the automotive industry have led to increased demand for high-quality steering components.

Steel steering shaft is predicted to have a market value of US$ 5.2 Billion in 2023 and is expected to capture nearly 90.7% of the demand in the steering shaft market.

Competitive Landscape

Prominent manufacturers of the steering shaft industry globally are Changshu City Jinhua Machinery Co., Ltd, China Automotive Systems, Inc., Faw Koyo Steering Systems Co., Ltd., Global Steering Systems, JTEKT Corporation, KLM Performance, Nexteer Automotive, NSK Ltd., Pailton Engineering, Robert Bosch GmbH, Steering Shaft Factory and Zhejiang Shibao Co., Ltd.

The increasing demand for electric and hybrid vehicles has led to a shift towards specialized steering systems and components, including steering shafts. Manufacturers are developing steering shafts that are designed specifically for electric and hybrid vehicles and can provide improved performance and durability.

For instance :

  • In October 2021, Nexteer Automotive launched its new Modular Column-Assist EPS System (mCEPS) as an addition to its Electric Power Steering (EPS) portfolio. The innovative system offers an affordable, modular platform design that achieves scalability for Nexteer and flexibility to meet the requirements of a wide range of OEMs.

Fact.MR has provided detailed information about the price points of key manufacturers of steering shaft positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Steering Shaft Industry Research

  • By Steering Shaft Style :

    • Splined
    • Double D
    • Smooth
  • By Mechanism :

    • HPS -Hydraulic Power steering
    • EPS- Electronic Power Steering
    • EPHS - Electric Power Hydraulic Steering
  • By Material :

    • Steel
      • Polish Stainless Steel
      • Stainless Steel
      • Steel
    • Aluminium
  • By Sales Channel :

    • OEM
    • Aftermarket
  • By Vehicle Category :

    • Passenger Vehicle
      • Compact
      • Mid-Size
      • Luxury
      • SUVs
    • Commercial Vehicle
      • LCV
      • HCV
      • Coaches & Buses
  • By Region :

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

- FAQs -

What would be the global steering shaft market size in 2023?

The global steering shaft market will be valued at US$ 5.7 Billion in 2023.

How far is the global demand expected to reach over the forecasted period?

Worldwide demand for steering shaft is anticipated to reach US$ 7.9 Billion by 2033-end.

What was the last 5 year’s market CAGR?

During 2018-2022, sales of steering shaft declined at -3.5% CAGR.

Which country is estimated to have the highest market value for steering shaft market in 2023?

China is estimated to have the highest market value of US$ 1.7 Billion in 2023.

What will be the market share of Japan in 2023 for steering shaft market?

Japan is estimated to hold an 8.8% share of global steering shaft market in 2023.

Which mechanism of steering shaft will hold the highest market share in 2023?

EPS- Electronic Power Steering is predicted to account for 90.6% share of global sales in 2023.

How much market share will OEM sales capture in 2023?

OEM sales of steering shaft is expected to hold a market share of around 93.1% in 2023.

Steering Shaft Market

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