Automotive Steering Systems Market Value Projected To Reach USD 44.30 Billion By 2029, Registering A CAGR Of 4.7%.


Automotive Steering Systems Market Overview: 

The Automotive Steering Systems Market research report analyses and evaluates market’s position over the projected period.It is a thorough investigation that focuses on fundamental and secondary drivers, market share, leading segments, and geographical analysis. The study also looks at key players, large collaborations, mergers, and acquisitions, as well as trending innovation and corporate strategies.

Automotive Steering Systems Market: Constant technical innovations in the automotive sector, as well as the creation of novel solutions to enhance the entire travelling experience, have substantially enhanced the quality of vehicles produced two decades ago.

Request a Free Sample Copy or View Report Summary@ 

Automotive Steering Systems Market Scope:

We investigated the Automotive Steering Systems Market from every angle, using both primary and secondary research methods.This aided us in developing a grasp of current market dynamics, such as supply-demand imbalances, price trends, product preferences, consumer behaviors, and so on. The data is then assembled and evaluated using a variety of market estimation and data validation approaches. In addition, we have an in-house data forecasting model that predicts market growth until 2029.

The top authors, researchers, and analysts collated and summarised the evaluation of the impact of recommendations on market activity. The research contains data based on the market’s historical and present situations, as well as other components impacting the market’s development path. It includes the most recent and up-to-date information on the worldwide Automotive Steering Systems market landscape. The analysis goes into information about demand, revenue forecasts, volume, share, growth, kinds, applications, and sales, among other things. The research examines a variety of crucial restrictions, including item pricing, manufacturing capacity, profit and loss figures, and distribution methods.

Automotive Steering Systems Market Segmentation: 

by Component
1. Hydraulic Pump
2. Steering Column
3. Electric Motor
4. Steering Wheel Speed Sensor

by Technology
1. Electric power steering (EPS)
2. Electrically assisted hydraulic power steering (EHPS)
3. Hydraulic power steering (HPS)

Electric power steering (EPS), manual steering, hydraulic power steering (HPS), and electro-hydraulic power steering (EHPS) are the four technology-based segments of the vehicle steering system market. 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. Furthermore, road noise can be reduced with hydraulic power steering.

by EPS Type
1. Column-EPS (C-EPS)
2. Pinion-EPS (P-EPS)
3. Rack-EPS (R-EPS)

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. Additionally, R-EPS saves vital engine compartment space and is simple to adapt to other vehicle platforms. According to Nexteer Automotive Group Limited, 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 increase over the course of the forecast period due to the high demand for powerful light commercial vehicles in the United States.

by Pinion-Type
1. Single
2. Dual

Due 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. Additionally, 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.

by Mechanism
1. Collapsible EPS
2. Rigid EPS

by Vehicle Type
1. Passenger Car (PC)
2. Light Commercial Vehicle (LCV)
3. Heavy Commercial Vehicle (HCV)

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. Additionally, the market for automobile steering systems in this sector is anticipated to rise due to the increasing demand for logistical operations for trade activities.

Request a Free Sample Copy or View Report Summary@ 

Automotive Steering Systems Market Key Players:

The analysis also focuses on the worldwide key industry players of the Automotive Steering Systems Market, including information such as company biographies, product pictures and specifications, capacity, production, price, cost, revenue, and contact information. This research looks at the Automotive Steering Systems Market Trend, volume, and value on a global, regional, and corporate level. This study shows the entire Automotive Steering Systems Market Size from a worldwide perspective by analyzing historical data and prospects. The research covers leading Automotive Steering Systems market companies and evaluates their market rankings. The players highlighted in this report are as follows:

1. China Automotive Systems, Inc.
2. Nexteer Automotive
3. Hitachi Automotive Systems Americas, Inc.
4. Hyundai Mobis
5. JTEKT Corporation
6. The Mando Corporation
7. NSK Ltd.
8. Robert Bosch GmbH
9. Showa Corporation
10. ThyssenKrupp AG
11. Magna International
12. Mitsubishi Electric Corporation
13. Denso Corporation
14. Sona Corporation
15. Knorr-Bremse AG
16. ZF Friedrichshafen AG
17. Rollax GmbH & Co. KG

To know more details, visit in depth study Report@ 

Regional Analysis:

The study offers a comprehensive overview of the sector, including both qualitative and quantitative data. It gives an overview and prognosis of the worldwide Automotive Steering Systems market by segment. It also offers market size and forecast projections for five key regions, including North America, Europe, Asia-Pacific, the Middle East Africa, and South America, from 2022 to 2029. Each region’s Automotive Steering Systems market is further subdivided by respective regions and segments. The research analyses and forecasts different countries, as well as existing trends and prospects in the region.

COVID-19 Impact Analysis on Automotive Steering Systems Market:

We have studied and analyzed in detail, Global Automotive Steering Systems  Market Development Strategy post-COVID-19, by corporate strategy analysis, landscape, type, application, and leading countries, which encompasses and analyses the global Automotive Steering Systems industry’s potential, providing statistical information about market dynamics, growth factors, major challenges, PORTAL analysis, and market entry strategy analysis, opportunities, and forecasts. The report’s main focus is to give firms in the sector a strategic analysis of the impact of COVID-19. Simultaneously, this research examined the markets of key nations and introduced the market potential of these countries.

Key Questions Answered in the Automotive Steering Systems Market Report are:

  • What are some of the most promising high-growth opportunities in the global Automotive Steering Systems market by product type and End User and Region?
  • Which Automotive Steering Systems market segments will expand the fastest, and why?
  • Which regions will develop quicker, and why?
  • What are the primary elements influencing Automotive Steering Systems market dynamics? What are the market drivers and challenges for the Automotive Steering Systems market?
  • What are the Automotive Steering Systems market’s business risks and threats?

About Us

Maximize Market Research is one of the fastest-growing market research and business consulting firms serving clients globally. Our revenue impact and focused growth-driven research initiatives make us a proud partner of majority of the Fortune 500 companies. We have a diversified portfolio and serve a variety of industries such as IT telecom, chemical, food beverage, aerospace defense, healthcare and others.

Our Address

Leave a Comment