Electric Vehicle Steering System Market (By Type: Electric Power Steering and Steer-by-wire; By Application: BEV and PHEV; By Region: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) Industry Size, Share, Growth, Trends 2025 to 2034
The global electric vehicle steering system market size was valued at USD 4.35 billion in 2024, is projected to reach USD 22.39 billion by 2034, growing at a 17.8% CAGR as the adoption of electric vehicles and advanced steering technologies continues to rise.
| Reports Attributes | Statistics |
| Market Size in 2024 | USD 4.35 Billion |
| Market Size in 2025 | USD 5.13 Billion |
| Market Size in 2031 | USD 13.7 Billion |
| Market Size by 2034 | USD 22.39 Billion |
| CAGR 2025 to 2034 | 17.8% |
| Base Year | 2024 |
| Forecast Period | 2025 to 2034 |
| Regions | Shares (%) |
| North America | 30% |
| Asia Pacific | 40% |
| Europe | 25% |
| LAMEA | 5% |
| Segments | Shares (%) |
| Electric Power Steering | 80% |
| Steer-by-wire | 20% |
| Segments | Shares (%) |
| BEV | 70% |
| PHEV | 30% |
Published by Ajit Bansod
