Automotive Steering Systems Market report puts light on several factors such as Market size in various countries around the world, projected CAGR of the Market to grow in the forecast period 2022-2029, base year calculated in the report, key factors driving the market, most influencing segment growing in the market, top companies that hold the Market share in the market, region to provide more business opportunities in the coming years and more. This business document delivers the best analytics through exhaustive research methodologies. A detailed qualitative analysis of the factors responsible for driving and restraining growth of the Market opportunities have also been discussed in the realistic Automotive Steering Systems Market report.
In a global economy, a significant change in the industry makes it essential for professionals to keep themselves updated with the recent Market situations. Automotive Steering Systems Market research report aims of helping them to take prominent decisions. Such report not only guides to different individuals, industries, associations, and organizations but also to management consultants, investment bankers, distributors, suppliers, and regulatory authorities. With the Market size and forecast determination efforts, an extensive secondary research was initially completed to gain a good perspective of the Market in each region. Several secondary sources such as encyclopedia, directories, and databases have been used to identify and collect information useful for this extensive techno-commercial study.
Data Bridge Market Research analyses that the automotive steering systems market was valued at USD 35, 832.98 million in 2021 and is expected to reach USD 53,143.66 million by 2029, registering a CAGR of 5.05 % during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Key Players Mentioned in the Automotive Steering Systems Market Research Report:
Mando Corp. ( South Korea), ZF Friedrichshafen AG (Germany), Robert Bosch GmbH (Germany), MAHLE GmbH (Germany), Hanon Systems (South Korea), Schaeffler AG (Germany), JTEKT Corporation. (Japan), thyssenkrupp AG (Germany), COBO (China), DENSO CORPORATION. (Japan), Eaton. ( Ireland), HELLA GmbH Co. KGaA (Germany), Kongsberg Automotive (Switzerland), Leopold Kostal GmbH Co. KG (U.S.), NSK Ltd. (Japan), Pailton Engineering (U.S.)
Automotive Steering Systems Market Competitive Analysis
The Automotive Steering Systems Market witnesses significant product launches and implementations of several strategic approaches, such as expansion, collaboration, mergers acquisitions, and product launches. Mature industry players invest strategically in research and development activities and foster their expansion plans
The report provides an excellent overview of the main macroeconomic factors having a significant impact on the growth of the Automotive Steering Systems market. It also provides the absolute dollar opportunity analysis which can be crucial in identifying revenue generation and sales increasing opportunities in the Automotive Steering Systems market. Market players can use the qualitative and quantitative analysis provided in the report to get a good understanding of the Automotive Steering Systems Market and make strong strides in the industry in terms of growth. The overall Automotive Steering Systems Market size and that of each segment studied in the report are accurately calculated based on various factors.
Automotive Steering Systems Market Dynamics
Drivers
Growing adoption of power steering system in automotive sector
The automotive trade has developed from manual steering systems to power steering systems, which use especially mechanical linkages such as pinion and rack. The manual steering system has some limitations relating to fuel potency and auto mobility. However, the ability of power steering system has electronic and mechanics element which helps in comfortable driving and at the same time increase the potency of the automotive. Hence, the ability of power steering system has been extensive and diverse all over the globe. Therefore, an increase in the power steering system is accountable for increasing the demand for the automotive steering system and are expected to drive the market growth rate.
Stringent fuel efficiency norms
Many governments have introduced strict energy frugality regulations and emigration for vehicles across the globe. Regulatory authorities such as the International Council on Clean Transportation (ICCT) in Europe and National Highway Traffic and Safety Administration (NHTSA) in U.S. and other associations have imposed line- position regulations. These regulations indicate an emission limit which requires to be maintained by automotive OEMs. Thus, all these factors regulate the electrically supported power steering systems.
Opportunities
Use of electric power steering systems (EPS) in commercial vehicles
Electric power steering is currently used in light marketable vehicles and passenger vehicles and has a limited presence in the heavy vehicles. With the technological advancements, EPS (Electric power steering) systems could have a superior load bearing capacity due to this it is used in both commercial and marketable vehicle which will create immense opportunities for the market growth rate in upcoming years.
Also, Robert Bosch, the manufacturer of steering system, has introduced a new Servotwin electro-hydraulic steering system for heavy commercial vehicles. These developments are anticipated to create immense opportunities for EPS systems in the commercial vehicle section in the upcoming years.
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Automotive Steering Systems Market Segmentations:
Type
Hydraulic Power Steering
Electronic Power Steering
Electro-Hydraulic Power Steering System
Vehicle Type
Passenger Vehicle
Commercial Vehicle
Components
Hydraulic Pump
Steering Sensor
Column Electric Motor
Technology
Electric power steering (EPS)
Electrically assisted hydraulic power steering (EHPS)
Hydraulic power steering (HPS)
Pinion Type
Single
Dual
Mechanism
Collapsible
Rigid
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Recent Development
In September 2020, Schaeffler Group has announced a partnership with Robert Bosch Automotive Steering GmbH which is a subsidiary of Robert Bosch GmbH, to increase its intelligent rear wheel steering portfolio. In this partnership, Robert Bosch Automotive Steering will provide software and electronics in the form of steering control units for the introduction of advanced steering and Schaeffler will offer mechatronic iRWS systems.
In May 2020, Koyo Canada Inc. Which is a consolidated subsidiary of JTEKT Corporation had acquired the assets of a Halifax that is Nova Scotia RD facility previously which has owned by a Canadian company, KSR International Inc. (KSR). This acquisition strengthened JTEKT’s ECU for the development of driveline products and vehicle steering.
Key Benefits:
- This research offers a comprehensive analysis of current trends, projections, and dynamics for the years, with the goal of assisting in the identification of current market opportunities.
- The individual market revenue of the major countries in each area is mapped.
- The research examines the Automotive Steering Systems Market circumstances on a regional and country-by-country basis.
- The Automotive Steering Systems market’s major participants have been identified.
- To understand the competitive environment across geographies, this study assesses the competitive landscape and conducts a value chain analysis.
- An in-depth analysis of the Automotive Steering Systems market’s segmentation within the market has been offered, which is predicted to aid in the current market opportunities.
Table of Contents
- Part 01: Executive Summary
- Part 02: Scope of the Automotive Steering Systems Market Report
- Part 03: Automotive Steering Systems Market Landscape
- Part 04: Automotive Steering Systems Market Sizing
- Part 05: Automotive Steering Systems Market Segmentation By Product
- Part 06: Five Forces Analysis
- Part 07: Customer Landscape
- Part 08: Geographic Landscape
- Part 09: Decision Framework
- Part 10: Drivers and Challenges
- Part 11: Market Trends
- Part 12: Vendor Landscape
- Part 13: Vendor Analysis
New Business Strategies, Challenges Policies are mentioned in Table of Content, Request TOC @ : https://www.databridgemarketresearch.com/toc/?dbmr=global-automotive-steering-systems-market
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