The global automotive steering systems market is expected to grow at 4.5% CAGR from 2019 to 2028. It is expected to reach above USD 40 billion by 2028 from USD 27 billion in 2019.
Exactitude Consultancy, offers 2022 Report for Automotive Steering Systems Market. This is the most comprehensive report available for this Market and covers 60 geographies, helping you get a truly global outlook.
Rising demand for automobiles worldwide is driving the global automotive steering system market. Competitors are focused on promoting the production of vehicles that are fuel efficient and easy to tune. This has supported the growth of companies in the global automotive steering system market. The steering system is an important component that helps you steer your vehicle, avoid obstacles and turn. The direct interface between the driver and the vehicle is the steering system. Steering wheels, steering columns, intermediate shafts, tie rods, hydraulic pumps, etc. make up the steering system of an automobile.
Increase in Demand for Fuel-efficient Vehicles Drives Market Growth
The growing demand for automobiles around the world is driving the worldwide automotive steering system market forward. Market competitors are concentrating their efforts on boosting the manufacture of fuel-efficient vehicles that are easily adjustable.
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Recent Developments->
China’s autonomous driving enters ‘fast lane’ with commercial operations
GUANGZHOU – On Aug 8, driverless robo taxi services were launched in designated areas in the Chinese cities of Wuhan and Chongqing, marking a significant step in the country’s exploration of the commercialization of autonomous driving.
Thanks to continuous technology innovation and policy support, China has made steady strides in autonomous driving, from running trials in semi-closed areas to venturing it on open roads, as the market potential of this technology continues to grow in the country.
Regional Share-> Asia Pacific (30%) accounts for the largest share of the global automotive steering system market due to significant presence of key market players in the region.
Some key Automotive Steering Systems Market players are China Automotive Systems Inc., JTEKT Corporation, Nexteer Automotive, Mando Corporation, ThyssenKrupp Presta AG, Robert Bosch Automotive Steering GmbH, Showa Corporation, NSK Ltd, Mitsubishi Electric Corporation, Sona Koyo Steering Systems Ltd., and Hyundai Mobis Co. Ltd, and others.
Market Trends: Market key trends which include Increased Competition and Continuous Innovations.
Opportunities and Drivers: Identifying the Growing Demands and New Technology
Porters Five Force Analysis: The report provides with the state of competition in industry depending on five basic forces: threat of new entrants, bargaining power of suppliers, bargaining power of buyers, threat of substitute products or services, and existing industry rivalry.
Automotive Steering Systems Market Segmentation: Automotive Steering Systems Market by Vehicle Type, 2019-2028, (In USD Billion)
Passenger Vehicle
Commercial Vehicle
Light Commercial Vehicles
Heavy Commercial Vehicles
Automotive Steering Systems Market by Technology, 2019-2028, (In USD Billion)
Electronic Power Steering
Hydraulic Power Steering
Electro-Hydraulic Power Steering
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The Report’s Table of Contents includes
1. Summary
- Characteristics of the Automotive Steering Systems Market
- Market trends and strategies for Automotive Steering Systems
- Impact of COVID-19 on car care products
Five. Market size and growth of Automotive Steering Systems
…… 27. Competitive Environment and Company Profiles in the Automotive Steering Systems Market
- Major mergers and acquisitions in the Automotive Steering Systems Market
- Future Outlook and Potential Analysis of Automotive Steering Systems Market
30 appendix
This report covers the trends and market dynamics of the Automotive Steering Systems Market in the key countries of Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and US. The report also includes consumer research and various future opportunities of the Market.
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