Anticipated Growth in Revenue:

The 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:

Maximize Market Research, a leading business consultancy firm, has released a comprehensive report on the “Automotive Steering Systems Market.” This report offers critical insights into the industry, covering demand trends, pricing strategies, and the competitive environment. The detailed analysis presents a thorough evaluation of the current state of the Automotive Steering Systems Market, with projections extending through Forecast Period.

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Automotive Steering Systems Market Report Scope and Research Methodology:

The Automotive Steering Systems Market Report provides an in-depth examination of the current market landscape, emphasizing the primary drivers, challenges, and opportunities within the industry. It explores various segments, such as product categories, applications, end-users, and regional factors. By highlighting the latest trends and growth potential in the Automotive Steering Systems Market, this report equips stakeholders with essential insights to make informed decisions and capitalize on emerging opportunities.

The research methodology utilized in the Automotive Steering Systems Market Report integrates both primary and secondary data sources to guarantee precision and dependability. Primary research includes direct engagement through interviews, observations, surveys, focus groups, and content analysis. In contrast, secondary research entails comprehensive data gathering from reputable sources like industry reports, corporate websites, and government publications. The Automotive Steering Systems Market report offers decision-makers a holistic perspective of the industry by applying Porter’s Five Forces and PESTEL analyses, which assess both external and internal factors, enabling a clearer understanding of the industry’s future outlook.

Automotive Steering Systems Market Dynamics:

Strict fuel economy and vehicle emissions regulations have been enacted in a number of nations worldwide. Fleet-level regulations are in place because to the efforts of regulatory agencies like the National Highway Traffic and Safety Administration in the US. Car makers have to abide by the average emission cap set by these criteria. The implementation of these regulations has forced automakers to increase their investments in fuel-efficient steering systems, like electronic power steering. Comparing electrically assisted power steering to conventional hydraulic steering, the former is lighter and more easily assembled.

What is the expected growth of Automotive Steering Systems Market By Technology Segmentation?

The automobile steering system market is divided into four segments based on technology: electro-hydraulic power steering (EHPS), manual steering, hydraulic power steering (HPS), and electric power steering (EPS). Over the course of the forecast period, the electric power steering sector is predicted to dominate the automotive steering system market due to automakers' increased integration of electric power steering into all vehicle models. This segment of the automotive steering system market is predicted to increase at a faster rate due to developments in electric power steering and steer-by-wire technologies.

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What is 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)

List of the Key Players in the Automotive Steering Systems Market:

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

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Automotive Steering Systems Market Regional Insights:

The Regional Insights section of the Automotive Steering Systems Market Report provides an in-depth analysis of the geographical trends and dynamics influencing market growth across various regions. It emphasizes significant developments, infrastructure initiatives, and demographic factors that are boosting demand for the Automotive Steering Systems Market. The market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. This section also identifies key players in each region and their contributions to the overall growth of the Automotive Steering Systems Market.

Key questions answered in the Automotive Steering Systems Market are:

• What is the current state of the Automotive Steering Systems Market?
• What was the market size of Automotive Steering Systems Market?
• What is the projected growth rate for the Automotive Steering Systems Market?
• What segments are included in the Automotive Steering Systems Market?
• Who are the major companies in the Automotive Steering Systems Market, and what products do they offer?
• What emerging applications and trends are expected in the Automotive Steering Systems Market?
• What factors are likely to drive growth in the Automotive Steering Systems Market?
• How is the Automotive Steering Systems Market segmented?
• What strategies are companies employing to expand their presence in the Automotive Steering Systems Market?
• What recent trends could help generate new revenue streams in the Automotive Steering Systems Market?
• Who are the key players in the Automotive Steering Systems Market?

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