The Global Automotive Steering System Market to surpass USD 41. 87 billion by 2030 from USD 27. 3 billion in 2020 at a CAGR of 5. 30% within the coming years, i. e. , 2020-30. Product Overview
New York, May 25, 2022 (GLOBE NEWSWIRE) — Reportlinker.com broadcasts the discharge of the report “Automotive Steering System Market: Segmented By Component ; By Technology ; By Vehicle Type; By Pinion-Type ; and Region – Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030” – https://www.reportlinker.com/p06280469/?utm_source=GNW
An automotive steering system is a set of parts used to management the route of the automobile’s motion and help the motive force to maneuver the automobile firmly with ease. The automotive steering system features a rack and pinion mechanism, steering column, common joints, and steering wheel. These components are made of sturdy supplies like stainless-steel, Iron, Aluminum, Copper, Magnesium, and many others. The steering system was first initiated by horses pushed buggies. The steering system is an irreplaceable part in a automobile, as it’s liable for the automobile’s efficient management. The steering system acts as an interpreter between the motive force and a automobile.
Global Automotive Steering System Market is anticipated to undertaking a notable CAGR of 5.30% in 2030.
The automotive steering system market development is anticipated to speed up due to a rise in demand for fuel-efficient automobiles and an increase in the fee of the revolutionary steering system market. This will additional create a worldwide demand for automotive steering methods throughout the globe. The shopper’s choice for snug and secure driving of their automobiles, which is accountable for maneuverability and straightforward driving has pushed the automotive business.
Global Automotive Steering System Market: Segments
EPS section to develop with the best CAGR throughout 2020-30
The Global Automotive Steering System market is segmented by Technology into Electric energy steering (EPS), Electrically assisted hydraulic energy steering (EHPS), Hydraulic energy steering(HPS). EPS section is projected to dominate the automotive steering system market over the forecast interval. The innovation of wire expertise within the steering system had propelled the market to develop intensely. Escalating gross sales in Electric Power Steering (EPS) section is additional anticipated to promote the Automotive Steering System market. In addition, even the Hydraulic energy steering section is anticipated to drive the automotive steering system market development over the forecast interval. High utilization of HPS in industrial automobiles due to the excessive functionality of managing street shocks is boosting automotive steering system market development.
Escalating Production of Automobiles in Developing Countries
The elevated manufacturing of cars in creating nations resembling India and China is projected to increase the Automotive Steering System market over the forecasted interval, globally. The profuse accessibility of uncooked supplies and labor at cheaper prices are propelling the expansion of the automotive steering system market. This in a outcome, has projected an intense growth within the Automotive Steering System market development. Furthermore, light-weight and fuel-efficiency capability in automobiles have a tendency to develop into one other prime issue to drive the market easily. The growing gross sales of cars due to rise in disposable revenue and excessive inhabitants set off the market development.
Bounded load-bearing capability of EPS methods
EPS methods have extra dominance over passenger vehicles due to gasoline effectivity and ease of automobile management. The restricted load-bearing capability has definitely revealed a optimistic improve in demand for passenger automobiles and a decline in demand for industrial automobiles. High value for an influence steering system is anticipated to hamper the expansion of the automotive business. Besides, upcoming development in autonomous vehicles and primitive prices might restraint the automotive market development.
Global Automotive Steering System Market: Key Players
Hyundai Mobis CO. ltd.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Mitsubishi Electric Corporation.
Nexteer Automotive Group Limited
Hitachi Automotive System Ltd.
Robert Bosch GmbH
Sona Koyo Steering Systems
Global Automotive Steering System Market: Regions
Global Automotive Steering System Market is segmented primarily based on regional evaluation into 5 main areas. These embrace North America, Latin America, Europe, Asia Pacific and the Middle East,, and Africa. Asia Pacific is anticipated to account for the biggest market in the course of the forecast interval. Both, creating and developed nations resembling Japan, India,, and China have proven regional market development within the automotive steering system market. The growing inhabitants and per capita revenue, and change in the usual of dwelling have been a serious contribution in market growth. Moreover, Europe grabs the second-highest share within the automotive steering system market. Rise within the sale for fuel-efficient and lightweight automobiles, and luxurious automobiles are thought of to improve the market development charge. The different outstanding key gamers available in the market are specializing in strategic attainment and numerous product launches.
Global Automotive Steering System Market is additional segmented by area into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil,, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey,, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia,, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa,, and Rest of MENA
Global Automotive Steering System Market report additionally incorporates evaluation on:
Automotive Steering System Market Segments:
Steering Wheel Speed Sensor
Electric Power Steering (EPS)
Electrically Assisted Hydraulic Power Steering(EHPS)
Hydraulic Power Steering(HPS)
By Vehicle Type
Light Commercial Vehicle(LCV)
Heavy Commercial Vehicle(HCV)
Automotive Steering System Market Dynamics
Automotive Steering System Market Size
Supply & Demand
Competition & Companies Involved within the Market
Value Chain of the Market
Market Drivers and Restraints
Automotive Steering System Market Report Scope and Segmentation
Market dimension worth in 2020
USD 27.3 billion
Revenue forecast in 2030
USD 41.87 billion
CAGR of 5.30% from 2021 to 2030
Base yr for estimation
Revenue in USD billion and CAGR from 2021 to 2030
Revenue forecast, firm rating, aggressive panorama, development elements, and traits
Component, Technology, Vehicle Type, Pinion-Type,, and Region
North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key corporations profiled
Hyundai Mobis CO. ltd., Mitsubishi Electric Corporation., NSK Ltd., Nexteer Automotive Group Limited, Showa Corporation., JTEKT, Hitachi Automotive System Ltd., Robert Bosch GmbH, ThyssenKrupp AG, Sona Koyo Steering Systems, and Other Prominent Players.
Frequently Asked Questions
How huge is the Automotive Steering System Market?
What is the Automotive Steering System Market development?
Which section is projected to bolster the Market share sooner or later?
Who are the highest gamers within the Automotive Steering System Market?
What are the elements driving the Automotive Steering System Market?
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Segmented By Component ; By Technology ; By Vehicle Type; By Pinion-Type ; and Region – Global Analysis of Market Size, Share & Trends for 2019-2020 and Forecasts to 2030 & More Latest News Update
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