Automotive Steering Systems Market was valued at USD 32.12 Billion in 2022, and is expected to reach USD 44.30 Billion by 2029, exhibiting a CAGR of 4.7% during the forecast period (2023-2029)

Automotive Steering Systems Market Overview:

A newly released report offers an in-depth analysis of the Automotive Steering Systems Market , providing valuable insights into its market values, scope, and regional dynamics. The research, conducted by a dedicated team, delves into the market's segmentation, key drivers, restraints, and regional perspectives.

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Automotive Steering Systems Market Report Scope:

The report comprehensively scopes the Automotive Steering Systems Market, utilizing a robust research methodology. Revenue data from major suppliers, coupled with vendor offerings, forms the foundation for market segmentation. The bottom-up technique, incorporating the income of major firms, is employed to estimate the overall market size. This extensive research aims to deliver a detailed understanding of the primary elements influencing the growth of the Automotive Steering Systems Market industry.

Automotive Steering Systems Market Research Methodology:

Vehicle steering systems are designed with precision to eliminate the need for a drive belt, pump, and hose connected to the engine in order to use varying amounts of power. These elements are pushing the market for automobile steering systems higher and adding to the growing need for these systems.

Automotive Steering Systems Market Dynamics: 

Concurrently, the convenience of integrating technological features like electronic stability control and self-parking is contributing to their growing appeal. Owing to the versatility of EPS, a number of automakers of steering systems are working to combine it with other intelligent technologies now employed in Advanced Driver Assistance Systems (ADAS) to enhance both vehicle safety and the driving pleasure.

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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)

by EPS Type

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

by Pinion-Type

1. Single
2. Dual

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)

Automotive Steering Systems Market Key Players:

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

Automotive Steering Systems Market Regional Insights:

The research includes an extensive regional analysis, blending primary and secondary research to offer a realistic perspective. Country-level analysis considers regional stakeholders, tax laws, consumer behavior, and macroeconomic indicators. Separate market share data is presented for North America, Europe, Asia-Pacific, the Middle East and Africa, and South America, empowering analysts to conduct targeted competitive analysis.

COVID-19 Impact Analysis:

The report doesn't shy away from addressing the impact of COVID-19 on the Automotive Steering Systems Market. A complete assessment, based on import, suppliers, and market players, unveils the pandemic's influence and strategies to navigate the challenges.

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Automotive Steering Systems Market Key Questions Answered:

The Automotive Steering Systems Market Report answers pivotal questions, including:

  • Which segment dominated the Automotive Steering Systems Market share?
  • How was the competitive scenario in 2020?
  • What factors fueled the Automotive Steering Systems Market growth?
  • Which region held the maximum market share in 2020?

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