The global intelligent steering key components market was valued at $9.2 billion in 2023, and is projected to reach $31.5 billion by 2033, growing at a CAGR of 13.3% from 2024 to 2033.
Intelligent key steering components are advanced systems designed to enhance the functionality, security, and convenience of modern vehicles. These components are integral to intelligent steering mechanisms, allowing for features like keyless entry, steering lock control, and immobilization through wireless communication and electronic integration. The term combines intelligent key and steering components, highlighting their role in providing secure and seamless interaction between the driver and the vehicle's steering system. These systems are essential for the automotive industry, particularly with the growing focus on connected and autonomous vehicles. Intelligent key steering components prioritize safety, precision, and user convenience by incorporating advanced driver-assistance systems (ADAS) and innovative biometric and wireless technologies. Companies in the automotive sector are actively investing in R&D and forming partnerships to advance these technologies, enabling secure, efficient, and innovative solutions that align with the evolving demands of modern mobility.
The rapid growth of the automobile sector across all segments has fueled the growth of the automotive steering market. Moreover, there is an increase in production of electric & hybrid electric vehicles that require effective power steering and new technologies such as drive-by-wire are expected to boost the demand for steering systems during the forecast period. However, the complexity in system integration is anticipated to hamper the growth of the market. On the contrary, the aftermarket for steering system is anticipated to grow along with a rise in OEM demand for electronic power steering system, which will provide lucrative opportunities for the market.Market economy is responsible for driving the automotive steering system market by establishing new production plants for steering systems. Furthermore, power steering innovation and its manufacturing have also been seen in many developing countries. The countries such as China, India, Brazil, South Africa, and others are growing economy. Thus, the manufacturing sector is anticipated to grow at a significant rate in these countries, thereby providing lucrative opportunities for the growth of the automotive steering system. In addition, in some underdeveloped countries, automobile sales are growing steadily, which is expected to escalate the growth of the automotive steering system market. In addition, an increase in the service life of vehicles is expected to create opportunities.
The intelligent key steering components market is segmented into components, vehicle type and region. By component, the market is divided into sensor, electronic control units, motor, steering columns, and others. On the basis of vehicle type, the market is classified into passenger cars and commercial vehicles. Region-wise, the intelligent steering key components market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Russia, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). The key players operating in the intelligent key steering components market include Johnson Electric Holdings Limited, Nexteer Automotive Holdings Co., Ltd., HELLA GmbH & Co. KGaA, FUTEK Advanced Sensor Technology, Inc., Methode Electronics Inc., Continental AG, Robert Bosch GmbH, JTEKT Corporation, Nidec Corporation, and GKN Automotive.
Intelligent key steering components are advanced systems designed to enhance the functionality, security, and convenience of modern vehicles. These components are integral to intelligent steering mechanisms, allowing for features like keyless entry, steering lock control, and immobilization through wireless communication and electronic integration. The term combines intelligent key and steering components, highlighting their role in providing secure and seamless interaction between the driver and the vehicle's steering system. These systems are essential for the automotive industry, particularly with the growing focus on connected and autonomous vehicles. Intelligent key steering components prioritize safety, precision, and user convenience by incorporating advanced driver-assistance systems (ADAS) and innovative biometric and wireless technologies. Companies in the automotive sector are actively investing in R&D and forming partnerships to advance these technologies, enabling secure, efficient, and innovative solutions that align with the evolving demands of modern mobility.
The rapid growth of the automobile sector across all segments has fueled the growth of the automotive steering market. Moreover, there is an increase in production of electric & hybrid electric vehicles that require effective power steering and new technologies such as drive-by-wire are expected to boost the demand for steering systems during the forecast period. However, the complexity in system integration is anticipated to hamper the growth of the market. On the contrary, the aftermarket for steering system is anticipated to grow along with a rise in OEM demand for electronic power steering system, which will provide lucrative opportunities for the market.Market economy is responsible for driving the automotive steering system market by establishing new production plants for steering systems. Furthermore, power steering innovation and its manufacturing have also been seen in many developing countries. The countries such as China, India, Brazil, South Africa, and others are growing economy. Thus, the manufacturing sector is anticipated to grow at a significant rate in these countries, thereby providing lucrative opportunities for the growth of the automotive steering system. In addition, in some underdeveloped countries, automobile sales are growing steadily, which is expected to escalate the growth of the automotive steering system market. In addition, an increase in the service life of vehicles is expected to create opportunities.
The intelligent key steering components market is segmented into components, vehicle type and region. By component, the market is divided into sensor, electronic control units, motor, steering columns, and others. On the basis of vehicle type, the market is classified into passenger cars and commercial vehicles. Region-wise, the intelligent steering key components market trends are analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Russia, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). The key players operating in the intelligent key steering components market include Johnson Electric Holdings Limited, Nexteer Automotive Holdings Co., Ltd., HELLA GmbH & Co. KGaA, FUTEK Advanced Sensor Technology, Inc., Methode Electronics Inc., Continental AG, Robert Bosch GmbH, JTEKT Corporation, Nidec Corporation, and GKN Automotive.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the intelligent steering key components market analysis from 2023 to 2033 to identify the prevailing intelligent steering key components market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the intelligent steering key components market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global intelligent steering key components market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Component
- Sensors
- Electronic Control Unit
- Motor
- Steering Columns
- Others
By Vehicle Type
- Passenger Cars
- Commerical Vehicles
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Johnson Electric Holdings Limited
- Nexteer Automotive Holdings Co., Ltd.
- FUTEK Advanced Sensor Technology, Inc.
- Methode Electronics Inc.
- Robert Bosch GmbH
- JTEKT Corporation
- GKN Automotive
- HELLA GmbH & Co. KGaA
- Continental AG
- NIDEC CORPORATION
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: INTELLIGENT STEERING KEY COMPONENTS MARKET, BY COMPONENT
CHAPTER 5: INTELLIGENT STEERING KEY COMPONENTS MARKET, BY VEHICLE TYPE
CHAPTER 6: INTELLIGENT STEERING KEY COMPONENTS MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Companies Mentioned
- Johnson Electric Holdings Limited
- Nexteer Automotive Holdings Co., Ltd.
- FUTEK Advanced Sensor Technology, Inc.
- Methode Electronics Inc.
- Robert Bosch GmbH
- JTEKT Corporation
- GKN Automotive
- HELLA GmbH & Co. KGaA
- Continental AG
- NIDEC CORPORATION
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 324 |
| Published | March 2025 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value ( USD | $ 9.2 billion |
| Forecasted Market Value ( USD | $ 31.5 billion |
| Compound Annual Growth Rate | 13.3% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
