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 report by Maximize Market Research focuses on the Automotive Steering Systems market and provides an in-depth analysis by segments and sub-segments in global and regional markets. The report also includes drivers, restraints, and macro factors affecting the global and regional Automotive Steering Systems markets in the medium and long run. The research includes an in-depth analysis of the global Automotive Steering Systems market's trends, predictions, and monetary values. According to the report, between the years 2021 and 2029, the global Automotive Steering Systems market is predicted to grow at a significant CAGR.
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Automotive Steering Systems Market Scope
The report explores demand through forecasts period, market trends, and micro and macro determinants. Moreover, the research illustrates the variables that are driving and limiting the Automotive Steering Systems market's growth. The MMR provides existing and new market participants insight into prospective investment opportunities in Automotive Steering Systems market. To give market insights, the report employs analytical approaches such as Porter's five forces analysis and PESTLE of the Automotive Steering Systems market. In addition, the study looks at current market trends as well as estimates for the years 2021-2029. The report identified important future developments that will have an impact on demand over the forecast period in the market.
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.
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. Furthermore, road vibrations can be reduced with hydraulic power steering.
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.
- Global Automotive Steering Systems Market: Research Methodology
- Global Automotive Steering Systems Market: Executive Summary
- Market Overview and Definitions
- Introduction to Global Automotive Steering Systems Market
- Summary
- Key Findings
- Recommendations for Investors
- Recommendations for Market Leaders
- Recommendations for New Market Entry
- Global Automotive Steering Systems Market: Competitive Analysis
- MMR Competition Matrix
- Market Structure by region
- Competitive Benchmarking of Key Players
- Consolidation in the Market
- M&A by region
- Key Developments by Companies
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Challenges
- Market Dynamics
- PORTERS Five Forces Analysis
- PESTLE
- Regulatory Landscape by region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
- COVID-19 Impact
- Global Automotive Steering Systems Market Segmentation
- Global Automotive Steering Systems Market, by Component (2021-2029)
- Global Automotive Steering Systems Market, by Technology (2021-2029)
- Global Automotive Steering Systems Market, by EPS Type (2021-2029)
- Global Automotive Steering Systems Market, by Pinion-Type (2021-2029)
- Global Automotive Steering Systems Market, by Mechanism (2021-2029)
- Regional Automotive Steering Systems Market(2021-2029)
- Regional Automotive Steering Systems Market, by Component (2021-2029)
- Regional Automotive Steering Systems Market, by Technology (2021-2029)
- Regional Automotive Steering Systems Market, by EPS Type (2021-2029)
- Regional Automotive Steering Systems Market, by Pinion-Type (2021-2029)
- Regional Automotive Steering Systems Market, by Mechanism (2021-2029)
- Regional Automotive Steering Systems Market, by Country (2021-2029)
- Company Profile: Key players
- Company Overview
- Financial Overview
- Global Presence
- Capacity Portfolio
- Business Strategy
- Recent Developments
Automotive Steering Systems Market 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
The research report gives a detailed analysis of the Automotive Steering Systems market that is divided into regions. The report includes an evaluation of regional market participants operating in the competitive market, as well as findings existing in the target market. Based on the regional and country by-country, the research evaluates the market in North America, Latin America, Europe, Asia Pacific (APAC), Africa, and the Middle East. Each region's market is thoroughly studied, allowing for the discovery of regional Automotive Steering Systems market trends, constraints, and growth potential.
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Key Questions answered in the Automotive Steering Systems Market Report are:
- What is Automotive Steering Systems Market?
- What is the forecast period of the Automotive Steering Systems Market?
- What is the competitive scenario of the Automotive Steering Systems market?
- Which region held the largest market share in the Automotive Steering Systems Market?
- What are the opportunities for the Automotive Steering Systems Market?
- What are the restraining factors in the Automotive Steering Systems market?
- Who are the key players of the Automotive Steering Systems market?
Key offerings:
- Market Share, Size, and Forecast by Revenue|2022-2029
- Market Dynamics- Growth drivers, Restraints, Investment Opportunities, and key trends
- Market Segmentation: A detailed analysis by Automotive Steering Systems
- Landscape- Leading key players and other prominent key players.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include science and engineering, electronic components, industrial equipment, technology, and communication, cars, and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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