The global automotive steering system market was valued at US$ 22,501.01 million in 2020 and is projected to reach US$ 30,875.8 million by 2028; it is expected to grow at a CAGR of 4.3% during 2021–2028.
There is an increase in use of buses and trucks worldwide, especially for logistics and public transportation. In Asia, Oceania, and Europe, public transportation is preferred over private transportation, while in North America, private cars are the primary mode of transportation. As the population in urban areas is growing, there is a need for increased public transit, and the current transportation infrastructure is proving inadequate. OEMs worldwide are now focused on lowering global carbon emissions, which is leading to increase in use of electric cars. Passenger cars and taxis are concentrating more on the introduction of greener technology as the demand increases. The manufacturers are concentrating their efforts on electrification of vehicles, especially passenger cars. Several countries worldwide are putting a lot of work into creating green transportation. For example, in May 2019, China's Ministry of Transport and other ministries jointly released the Green Travel Action Plan for 2019–2022, which encourages the use of green vehicles. In addition, the country will continue to improve public transportation and information systems that promote green transportation.
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The report includes an inside and out valuation concerning the future progressions depending on the past information and current conditions of the market. It gives a comprehensive perspective on the worldwide Automotive Steering System market to settle on astute choices with respect to future changes. The examination group has researched administrators, central participants on the lookout, topographical fracture, item type, and its depiction, and market end-customer applications. It gives assessed deals income from every single section alongside every district. The report includes essential and optional information which is introduced as diagrams and pie graphs for better arrangement. The general report is introduced in a powerful way that includes a fundamental framework, arrangements, and certain realities according to reassurance and cognizance.
Major Product Type of Automotive Steering System Market Research report:
Electronic Power Steering, Hydraulic Power Steering, and Electro-Hydraulic Power Steering
Application Automotive Steering System Market Research Report:
Passenger Cars and Commercial Vehicles
Key Offerings:
· Market Size & Forecast by Revenue | 2028
· Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
· Market Segmentation – A detailed analysis by product, types, end-user, applications, segments, and geography
· Competitive Landscape – Top key vendors and other prominent vendors.
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Type Segment Insights
Based on type, the automotive steering system market is segmented into electronic power steering, hydraulic power steering, and electro-hydraulic power steering. The electronic power steering accounted for the largest share in the global market in 2020. In the event of an accident, the collapsible steering column is a mechanism consisting of an upper column and a lower shaft, with the lower shaft going into a housing. In passenger cars and light commercial vehicles, this column is mounted. The primary factors driving the growth of collapsible steering columns in EPS systems are the growing development of passenger cars and light commercial vehicles, and increasing government mandates on road safety.
Vehicle Type Segment Insights
Based on vehicle type, the automotive steering system market is bifurcated into passenger vehicles and commercial vehicles. In 2020, the passenger vehicle segment accounted for a larger share in the global market. Because of the improved economic situation and increase in consumers' disposable incomes, the global automotive industry has seen steady growth in demand for and sales of passenger cars. From transportation to comfortable/convenient transportation, and from convenient transportation to luxurious and secure transportation, the world has seen a gradual change.
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Over the last few years, in developing countries such as China, India, Mexico, Turkey and others, the global automotive steering system market is anticipated to witness a gain superior traction globally.
Additionally, growing trend of electric vehicle coupled with new technology for instance steering by wire are estimated to give positive potential to the market throughout the foreseeable time period.RestraintsEstablished players are giving tough competition to the regional players as well as tech giants such as Apple are entering in the global market with future automotive steering technology prospects, for instance autonomous car, on the basis of this phenomenon the global market could hamper by these factors by the end of 2028.Regional Market OutlookThe global Automotive Steering System market is segmented into the following regions – North America, Latin America, Europe, APAC and Middle East and Africa.
In Europe, the global market is estimated to grow with noteworthy growth rate.
In North America region the market is anticipated to gain significant traction due to increasing electric vehicle particularly inU.S.
In Middle East and Africa, the market is projected to grow with double digit CAGR owing to increasing tourism activity, throughout the forecast period.Request For Table of Contents:https://www.trendsmarketresearch.com/report/requesttoc/3112Key PlayersKey players for the global Automotive Steering System market are:Nexteer Automotive Group Ltd.• ThyssenKrupp AG• Sona Koyo Steering System Ltd.• NSK Steering System Co. ltd.• ZF Friedrichshafen AG• ATS Automation Tooling System Inc.• JTEKT Corporation• Showa Corp.• Hitachi Automotive System Ltd.• Robert Bosch Automotive Steering GmbH• Mando Corp.• Magal Engineering Limited• Hyundai MobisResearch Methodology:TMR surveys a number of companies in order to estimate the data covered in the report through triangulation methodology.
A detailed market understanding and assessment of the drive and application segments covered in the study.
