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 marketplace studies have a look at analyses and assesses the marketplace`s role throughout the forecast period. It is a complete exam that specializes in number one and secondary drivers, marketplace share, main segments, and geographical evaluation. Market Analysis examines major corporations, strategic alliances, mergers and acquisitions, as well as contemporary innovation and corporate strategy.
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Market Scope:
Using each primary and secondary study approaches, we researched the Automotive Steering Systems Market from each viewpoint. This helped us benefit a higher knowledge of contemporary marketplace dynamics which include supply-call for imbalances, pricing traits, product preferences, client habits, and so on. The statistics is then compiled and analysed the use of quite a number marketplace estimation and statistics validation techniques. This Automotive Steering Systems market study covers import and export consumption, supply and demand, costs, prices, shares, sales volumes, revenues, and gross profits.
Automotive Steering Systems 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 automotive steering systems market is projected to rise because to the increasing penetration of the C and D vehicle sectors.
Based on EPS Type, R-EPS can steer a variety of vehicle types, from mid-sized cars to full-sized trucks, and as a result, it is anticipated to have the fastest growth. R-EPS category development is projected to be aided by consumers' shifting preferences from passenger cars to compact SUVs and higher-end vehicles. Moreover, R-EPS saves vital engine compartment space and is simple to adapt to other vehicle platforms. According to Nexteer Automotive Group Ltd, a significant steering manufacturer in North America, R-EPS makes up more than 90% of the full-size truck market in North America. The R-EPS segment of the automotive steering systems market is anticipated to develop over the course of the forecast period due to the high demand for powerful light commercial vehicles in the United States.
Automotive Steering Systems 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
The report looks at the most recent notable breakthroughs in the Automotive Steering Systems market, as well as the major producers and inventors. The file additionally specializes in the worldwide major enterprise gamers with inside the Automotive Steering Systems Market, which include business enterprise biographies, product pictures and specs, capacity, production, price, cost, revenue, and speak to information. The have a look at examines prominent Automotive Steering Systems marketplace groups and ranks them with inside the marketplace. The following players are featured on this file:
Regional Analysis:
The Automotive Steering Systems marketplace in every region is similarly segmented into areas and segments. The have a look at examines and anticipates numerous international locations, in addition to contemporary traits and possibilities with inside the region. This search covers North America, Canada, Mexico, Europe, Germany, France, Spain, Italy, and Rest of Europe, Asia-Pacific rest of APAC, South America, Brazil, Middle East and Africa.
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Key Questions Answered with inside the Automotive Steering Systems Market Report are:
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Mar 09, 2023
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