Steering Components: Market Size & Forecast 2026

The global steering components market reached USD 48.0 billion in 2025 (base year), anchored by electric power steering (EPS) at 38% of category value and held in structural tension between accelerating BEV platform adoption, ongoing HPS-to-EPS technology substitution, and a concentrated supplier base that has consolidated aggressively since 2015. The 4.2% CAGR through 2032 reflects genuine volume growth in Asia-Pacific and Latin America offsetting mature-market replacement flatness; the real story is compositional, EPS motors and columns are growing at double the headline rate while hydraulic power steering (HPS) declines at 2-4% annually. The 25% Section 301 List 3 duty on Chinese-origin steering columns and linkages, effective 10 May 2019, has reshaped the landed-cost math for buyers who built procurement strategies around low-cost Asian supply chains, and the 2025-2026 US trade regim

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