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)
The report's goal is to present a thorough examination of the market together with perceptive findings, statistical data, historical data, and market information that has been verified by the sector. The market analysis for Automotive Steering Systems also looks into how major firms compare to one another in terms of their offerings, costs, financial standing, product portfolios, growth plans, and geographic reach.
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Automotive Steering Systems Market Overview:
In order to determine the total size of the Automotive Steering Systems Market by country and segments, the report conducted a micro-level analysis of each nation. Using a bottom-up approach, the size of the regional and worldwide markets is estimated. The respected Automotive Steering Systems Business Report examines the principal challenges that the sector may face in terms of sales, export, import, or revenue. This market report provides numerous market insights through a thorough investigation of the industry under review. This market research study details the key actions taken by the leading companies and brands, including advancements, product introductions, acquisitions, mergers, joint ventures, and competitive market research. It is an expert and thorough examination of the market's current situation. The large-scale Automotive Steering Systems study helps to concentrate on the important components of the market, such as what the most current market trends are or what the consumer buying habits are.
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
Regional Analysis:
On the basis of geography, the Automotive Steering Systems market is segmented into 5 main regions and they are- North America, Europe, Asia Pacific, the Middle East, Africa, and South America respectively.
This analysis helps those who use the report to evaluate the market for Automotive Steering Systems based on a number of factors including economies of scale, switching costs, brand loyalty, current distribution channels, capital investment, manufacturing rights and patents, government regulations, advertising impact and impact on The impact of consumer preferences. Key decision-makers in the industry should benefit from these condensed figures in their deliberations.
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Automotive Steering Systems Market Global Production , Automotive Steering Systems Market Growth , v Share
Mar 15, 2023
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