The Automotive Steering Systems Market Segmentation 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)

Comprehensive Analysis of the Global Automotive Steering Systems Market:

The global automotive steering systems market is experiencing significant growth, driven by advancements in vehicle automation, increasing demand for fuel-efficient technologies, and stringent safety regulations. Manufacturers are focusing on developing innovative steering solutions, such as electric power steering (EPS) and steer-by-wire systems, to enhance vehicle performance, reduce emissions, and improve driver comfort. The rise of autonomous and connected vehicles is further fueling the adoption of advanced steering technologies. Additionally, emerging economies are witnessing a surge in automobile production, contributing to market expansion. With continuous research and development, the industry is poised for transformative changes, offering enhanced safety, precision, and efficiency in modern vehicles.

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Report Objectives:

The primary aim of this report is to deliver a thorough understanding of the global Automotive Steering Systems Market, its growth trajectory, and the factors influencing its expansion. The objectives include identifying market trends, evaluating competitive strategies, and analyzing the economic and technological developments driving market growth. Additionally, the report aims to forecast future market performance, offering strategic recommendations for stakeholders to capitalize on upcoming opportunities.

Key Features of the Study:

  • Market Size and Forecast: Analyzing historical data and forecasting future trends to provide a clear outlook for the market's growth.
  • Competitive Landscape: A comprehensive overview of key players, their market share, and competitive strategies to understand the industry structure.
  • Technological Developments: Highlighting the role of technological advancements and innovations in shaping the market dynamics.
  • Regional Insights: A deep dive into the performance and prospects of different regions, identifying the fastest-growing markets and emerging opportunities.
  • Market Drivers and Challenges: Assessing the key factors fueling market growth and the challenges that need to be overcome for sustained expansion.
  • Consumer Behavior Trends: Examining shifting consumer preferences and purchasing patterns to predict future demand trends.

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Segment Covered in the Automotive Steering Systems Market:

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)

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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

Key Questions answered in the Automotive Steering Systems Market Report are: 

  • What was the size of the Automotive Steering Systems Market in past period?
  • What is the projected size of the Automotive Steering Systems Market by forecast period?
  • What are the various segments of the Automotive Steering Systems Market?
  • Which segment of the Automotive Steering Systems Market is anticipated to experience rapid growth during the forecast period?
  • Who are the leading players in the Automotive Steering Systems Market?
  • What major trends are expected to shape the Automotive Steering Systems Market in the forecast period?
  • Which region led the global Automotive Steering Systems Market?

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