Automotive Steering Systems Market to Exhibit a CAGR of 4.5% by 2028 | Industry Analysis and Future Scope

·6 min read

Over the duration of the forecast period, EPS cybersecurity-focused advancements are projected to present new opportunities for OEMs operating in the automotive steering systems market.

Luton, Bedfordshire, United Kingdom, Aug. 12, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Automotive Steering Systems Market.

The global automotive steering systems market is expected to grow at 4.5% CAGR from 2019 to 2028. It is expected to reach above USD 40 billion by 2028 from USD 27 billion in 2019.

An automotive steering system is a collection of parts that enable the driver navigate the car as needed and regulate the direction of the vehicle's motion. The vehicle steering system component includes the hand-operated steering wheel, steering column, universal joints, and rack & pinion mechanism. The transition from manual steering to power assist steering was made as a result of the development. The automotive steering system is an essential part of cars since it is regarded as non-replaceable and is responsible for efficient control. Due to the necessity of having a steering system in cars, the market for automotive steering systems is quite competitive.

The automotive steering system market will be shaped in the future by highly automated level 4 and level 5 vehicles. EPS cybersecurity-focused innovations are likely to open new avenues for OEMs active in the automotive steering systems market over the forecast period. With the dramatic evolution of the connected, autonomous, and semi-autonomous vehicle ecosystem, leading automakers ought to prioritize the safety and security concerns associated with automotive steering systems – especially electric power steering systems (EPS).

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In the US, there was an increase in demand for both passenger cars and light commercial vehicles. As a result, well-known automakers are utilising innovative driving technologies to raise the level of comfort in well-known vehicles. The introduction of autonomous driving technologies has increased demand even more.

Emphasizing Flexibility to Increase Demand for Automotive Steering Systems

The steering column, steering wheel, front wheel, brakes, and clutches are all parts of the automotive steering system. This makes it easy for the driver to steer the car in the direction they want.

Modern auto systems have been built to make driving efficient and simple. As a result, these systems, which have great flexibility and provide automatic assistance, have replaced earlier, rigid vehicle steering systems.

As a part of Automotive Steering Systems Market segmentation, our study exhibits a market analysis based on type, Market application and Historic Data:

REPORT ATTRIBUTES

DETAILS

STUDY PERIOD

2019-2028

BASE YEAR

2021

FORECAST PERIOD

2019-2028

HISTORICAL PERIOD

2017-2021

UNIT

Value (USD Billion)

KEY COMPANIES PROFILED

China Automotive Systems Inc., JTEKT Corporation, Nexteer Automotive, Mando Corporation, ThyssenKrupp Presta AG, Robert Bosch Automotive Steering GmbH, Showa Corporation, NSK Ltd, Mitsubishi Electric Corporation

SEGMENTS COVERED

by Vehicle Type, by Technology, by Region

CUSTOMIZATION SCOPE

Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.

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Automotive Steering Systems Market Segmentation

Automotive Steering Systems Market by Vehicle Type, 2019-2028, (In USD Billion)

  • Passenger Vehicle

  • Commercial Vehicle

  • Light Commercial Vehicles

  • Heavy Commercial Vehicles

Automotive Steering Systems Market by Technology, 2019-2028, (In USD Billion)

  • Electronic Power Steering

  • Hydraulic Power Steering

  • Electro-Hydraulic Power Steering

Automotive Steering Systems Market by Region, 2019-2028, (In USD Million)

  • North America

  • Europe

  • Asia Pacific

  • South America

  • The Middle East and Africa

Important Countries In All Regions Are Covered.

Key advantages for the market for automotive steering systems:

  • In order to identify potential investment areas, this study delivers an analytical review of the automobile steering system market together with current trends and future projections.

  • To comprehend the beneficial trends and establish a stronger footing, the market's potential as a whole is determined.

  • With a thorough impact analysis, the study provides information on the major market drivers, inhibitors, and opportunities.

  • To benchmark the financial competency, the existing market is quantitatively analysed from 2022 to 2028.

  • The strength of the customers and suppliers in the industry is demonstrated through Porter's five forces analysis.

Finally, researchers throw light on the pinpoint analysis of Global Automotive Steering Systems Market dynamics. It also measures the sustainable trends and platforms which are the basic roots behind the market growth. The degree of competition is also measured in the research report. With the help of SWOT and Porter’s five analysis, the market has been deeply analyzed. It also helps to address the risk and challenges in front of the businesses. Furthermore, it offers extensive research on sales approaches.

Checkout Our Related Research Key Updates:

Electric Power Steering Market

The global Electric Power Steering Market size is USD 23.10 Billion in 2020 and is expected to grow till USD 39.15 Billion by 2029, at a Compounded annual growth rate (CAGR) of 6.25%. An electric motor is used in an automotive electric power steering system to aid the driver. It improves the driving experience as well as fuel efficiency. The consistency of the steering has increased over time, allowing it to compete in practically every vehicle category. The motor, which is connected to either the steering gear or the steering column, applies assistive torque after the automotive electric power sensors detect the position and torque of the steering column.

https://exactitudeconsultancy.com/reports/7695/electric-power-steering-market/          

Automotive Pumps Market

The global Automotive Pumps Market is expected to grow at 4.2% CAGR from 2022 to 2029. It is expected to reach above USD 19.74 billion by 2029 from USD 13.75 billion in 2020. The automotive pump is used in automobiles to circulate fluids under pressure. The performance of several systems, such as steering, coolant, transmission, fuel supply, and lubrication, is hampered when the automotive pump fails. Furthermore, an automotive pump has been employed to increase vehicle efficiency and performance. Furthermore, the automotive pump is critical in lowering vehicle emissions.

https://exactitudeconsultancy.com/reports/7493/automotive-pumps-market/

Automotive Seats Market

The global Automotive Seats Market is expected to grow at a 3.6% CAGR from 2022 to 2029. It is expected to reach above USD 67.81 billion by 2029 from USD 50.19 billion in 2020. Automotive Seats Market is predicted to grow as a result of technological advancements, with the incorporation of electrical components projected to boost comfort and provide a range of functionalities like heating, ventilation, and massaging. Another important factor contributing to the market for car seats’ increased adoption of technology is automated seat modification that uses sensors to ensure comfort.

https://exactitudeconsultancy.com/reports/7504/automotive-seats-market/

Automotive Camera Market

The global automotive camera market is projected to reach USD 14.37 billion by 2029 from USD 6.19 billion in 2020, at a CAGR of 9.8% from 2022 to 2029. The automotive camera is a reversing camera that monitors the real-time image of the surrounding environment and recommends the steering angle for the wheel turn. It facilitates car parking. It is purposefully built to collect the greatest quality images and videos possible in order to improve driver safety. The car camera is equipped with cutting-edge technology such as computer vision algorithms, which can extract critical information for driver assistance.

https://exactitudeconsultancy.com/reports/7442/automotive-camera-market

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