Global Automotive Steering Systems Market was valued at USD 30.68 Billion in 2021, and is expected to reach USD 44.30 Billion by 2029, exhibiting a CAGR of 4.7 % during the forecast period (2022-2029)
Automotive Steering Systems Market Overview
The Automotive Steering Systems Market’s drivers, restraints, technical advancements, product developments, Market opportunities, restrictions, growth strategies, and Market prospects, as well as the forecast period, has been covered in the report in detail. The report offers an in-depth look at the Automotive Steering Systems industry, including key figures such as Automotive Steering Systems Market size, Market share, revenue growth, and CAGR for the forecast period (2020 to 2029).
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Automotive Steering Systems Market Report Scope and Research Methodology
The Automotive Steering Systems Market report covers the competitive landscape, recent development trends, and the growth status of key regions. It provides the Market size, percentage share and product cost of the industry with the growth aspects of various industry sectors and predicts the growth rate forecast from 2021 to 2029. The Market report includes information on value & volume based of various segments and their sub-segments. A detailed global Market overview including Market valuation, profits estimates, and Market statistics is integral to the report. The report aims to help clients understand the competitive spectrum of the Market. The competitive landscape in the report includes the progress of major players based on crucial parameters, including Market share, new developments, global reach, local competition, production, and price. The report provides an in-depth analysis of the competition in the global Market. SWOT analysis was conducted to provide the strengths and weaknesses of the Market while the bottom-up approach was used to estimate the Market size (global and regional Markets).
Market Regional Insights
The study includes a region-wise detailed analysis of the Automotive Steering Systems Market. It demonstrates how the most significant regional divides, such as North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa, have global influence.
Market Segmentation
The automotive steering system market is divided into three categories based on the kind of vehicle: passenger cars, light commercial vehicles, and heavy commercial vehicles. Due to increased sales and production in emerging countries in the Asia Pacific, the passenger vehicle segment is anticipated to dominate the automotive steering system market over the forecast period. This segment of the automotive steering system market is anticipated to develop faster due to the rising popularity of electric power steering systems in passenger cars. In the area of light commercial vehicles, the market for automotive steering systems is also anticipated to expand. Light commercial vehicles frequently have hydraulic power steering systems.Also, the market for automobile steering systems in this sector is anticipated to rise due to the increasing demand for logistical operations for trade activities. Due to lower commercial vehicle sales and manufacturing volume when compared to passenger cars, the heavy commercial vehicle category is anticipated to experience moderate market growth in the near future.
The electric power steering (EPS), manual steering, hydraulic power steering (HPS), and electro-hydraulic power steering segments make up the automobile steering system market (EHPS). Electric power steering is likely to dominate the automotive steering system market over the forecast period because automakers are rapidly integrating it into all vehicle types. This segment of the market for automotive steering systems is anticipated to grow faster than average due to developments in electric power steering and steer-by-wire technology. The hydraulic power steering category is anticipated to expand in the market over the course of the projection period as a result of its widespread application in commercial vehicles. Electric power steering is not used in commercial vehicles due to its limited load-bearing capacity. Moreover, road vibrations can be reduced with hydraulic power steering.
Because to its enhanced fuel efficiency and steering feel, the dual pinion sector, which is based on pinion-type, is predicted to dominate the market for automotive steering systems. Dual pinion reduces the risk of leg injury in the case of a collision by allowing for additional design alternatives for where to place the motor and controller as well as helping the mechanism opposite the driver side. Also, throughout the projection period, the dual pinion segment in the market is projected to rise because to the increasing penetration of the C and D vehicle sectors.
Market Key Players
● China Automotive Systems, Inc.
● Nexteer Automotive
● Hitachi Automotive Systems Americas, Inc.
● Hyundai Mobis
● JTEKT Corporation
● The Mando Corporation
● NSK Ltd.
● Robert Bosch GmbH
● Showa Corporation
● ThyssenKrupp AG
● Magna International
● Mitsubishi Electric Corporation
● Denso Corporation
● Sona Corporation
● Knorr-Bremse AG
● ZF Friedrichshafen AG
● Rollax GmbH & Co. KG
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Key Questions answered in the Automotive Steering Systems Market Report are:
- What is the sales value, production value, consumption value, import and export of Automotive Steering Systems globally (North America, Europe, Asia-Pacific, South America, Middle East, and Africa)?
- Who are the major players in the Automotive Steering Systems Industry on a worldwide scale?
- What is the state of business of Market players? (capacity, production, sales, pricing, cost, gross, and revenue)?
- What are the Market opportunities and restraints for suppliers in the global industry?
- Which application, end-user, or product category might be looking for new growth opportunities? What is each type’s and application’s Automotive Steering Systems Market share?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by segments with their sub-segments and Region
- Competitive Landscape – Top Key Players and Other Prominent Players
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