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:

This comprehensive analysis delves into various segments, industries, and geographical regions to offer profound insights into the growth trajectory of the Automotive Steering Systems Market. Additionally, the study meticulously examines the key drivers influencing market expansion while providing an exhaustive evaluation of the market's value chain.

Automotive Steering Systems Market Report Scope & Research Methodology:

The research methodology employed for assessing and forecasting the Automotive Steering Systems Market entails gathering revenue data from primary suppliers through secondary research channels. Moreover, vendor offerings are considered during the delineation of market segmentation. Utilizing the bottom-up approach, the revenue of major industry players serves as a foundational metric for determining the overall size of the Automotive Steering Systems Market.

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Automotive Steering Systems Market Dynamics:

The trajectory of the Automotive Steering Systems Market is shaped by multiple dynamic factors. Innovations like steer-by-wire systems and electric power steering (EPS) are transforming the industry, and technological advancements are crucial. These developments raise safety standards, increase fuel efficiency, and improve vehicle performance. The adoption of more effective steering solutions is also influenced by regulatory initiatives aimed at improving vehicle safety and lowering emissions. Consumer preferences that are moving in the direction of comfort, convenience, and better driving experiences are further shaping market dynamics and driving manufacturers to invest in R&D to keep up with the changing needs. In addition, the worldwide movement towards self-driving cars presents additional challenges since steering systems need to work in unison with other autonomous technologies.

Automotive Steering Systems Market Segmentation:

The Automotive Steering Systems Market is segmented based on:

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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Automotive Steering Systems Market Key Players:

The key players dominating the Automotive Steering Systems Market include:

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 Analysis:

Market share insights for North America, Europe, Asia-Pacific, the Middle East, Africa, and South America are thoroughly analyzed and presented separately. Our analysts meticulously assess competitive strengths and conduct in-depth competitive analyses on each market contender.

COVID-19 Impact Analysis on Automotive Steering Systems Market:

This report also provides a detailed examination of the COVID-19 impact on the Automotive Steering Systems Market, encompassing factors such as imports, suppliers, and key players, providing a comprehensive understanding of the market's response to the pandemic.

Key Questions Answered in the Report:

Which segment held the largest share in the Automotive Steering Systems Market?
What is the competitive landscape of the Automotive Steering Systems Market?
What are the key factors influencing Automotive Steering Systems Market growth?
Which region dominates the Automotive Steering Systems Market share?
What is the projected CAGR of the Automotive Steering Systems Market during the forecast period?
Key Offerings:

Past Market Size and Competitive Landscape
Past Pricing and price curve by region
Market Size, Share, Size & Forecast by Different Segment |
Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation – A detailed analysis by segment with their sub-segments and Region
Competitive Landscape – Profiles of selected key players by region from a strategic perspective
Competitive landscape – Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER’s analysis
Value chain and supply chain analysis
Legal Aspects of Business by Region
Lucrative business opportunities with SWOT analysis
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