JERSEY CITY, N.J., Jan. 24, 2023 /PRNewswire/ — Verified Market Research® recently published a report, “Automotive Steering System Market” By Type (Electro-Hydraulic Power Steering, Electronic Power Steering), By Vehicle-Type (Commercial Vehicle, HCV, LCV), and By Geography.
As per the deep research carried out by Verified Market Research®, the global Automotive Steering System Market size was valued at USD 29.70 Billion in 2021 and is projected to reach USD 44.14 Billion by 2030, growing at a CAGR of 4.5% from 2023 to 2030.
Browse in-depth TOC on “Automotive Steering System Market“
202 – Pages
126 – Tables
37 – Figures
Global Automotive Steering System Market Overview
A steering system for a vehicle is made up of a number of parts that work together to regulate the direction of the vehicle’s motion and let the driver navigate the car as needed. The steering system of the automobile consists of the steering column, rack & pinion mechanism, universal joints, and hand-operated steering wheel. The improvement led to the switch from conventional to power assist steering for the steering system. The steering system in cars is a non-replaceable part that is essential for efficient vehicle handling, making it a key part.
All vehicles must have a steering system, thus there is a lot of competition in the market for these components. The steering system is composed of steering wheels, linkages, gears, and more parts that assist in controlling and directing the path of the vehicle’s movements. They spin the front wheels of the vehicle in an angular direction by using the steering wheel to convert circular motion.
The expansion of the industry is primarily driven by an increase in demand for automobiles as a result of rising consumer disposable income. Furthermore, the growth of this market is due to the introduction of power steering systems in automobiles. Because every automotive steering system is a fundamental part of the whole product, an increase in automobile production is directly related to the demand for automotive steering systems by original equipment manufacturers. The expansion of the Automotive Steering System Market is likely to be aided by increased vehicle production in markets such as China, Japan, and India.
Furthermore, automobile manufacturers are preparing for long-term service contracts with OEM players, which are expected to boost the Automotive Steering System Market significantly throughout the forecast period. Consumer attraction towards electric vehicles has been noted in recent years as a result of continual technological improvements combined with increased awareness about environmental safety. Furthermore, various national and municipal governments are providing electric vehicle incentives, such as tax credits and subsidies. These reasons are driving up demand for electric vehicles, which means the Automotive Steering System Market has an amount of opportunity to develop.
Verified Market Research® narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements that interests the client. The “Global Automotive Steering System Market” is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.
The “Global Automotive Steering System Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Mando Corp., Nexteer Automotive, JTEKT Corp., Nexteer Automotive, NSK Ltd., Thyssenkrupp Presta AG, TRW Automotive, ZF Lenksysteme, Showa Corporation, Sona Koyo Steering Systems Ltd., and Hyundai Mobis Co. Ltd.
Based on the research, Verified Market Research® has segmented the global Automotive Steering System Market into Type, Vehicle-Type, and Geography.
- Automotive Steering System Market, by Type
- Electro-Hydraulic Power Steering
- Electronic Power Steering
- Hydraulic Power Steering
- Manual Steering
- Automotive Steering System Market, by Vehicle-Type
- Commercial Vehicle
- Passenger Vehicle
- Automotive Steering System Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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