Market Research Future Insights:

The global electric steering market size is expected to grow at a steady rate during the forecast period of 2023 to 2032. The market is anticipated to witness a significant growth owing to the increasing demand for fuel-efficient vehicles and the growing awareness towards environmental sustainability. Additionally, the rise in the production of electric and hybrid vehicles and the increasing adoption of advanced driver assistance systems (ADAS) is expected to drive the market growth in the coming years.

Market Segmentation:

The global electric steering market is segmented by type, component, application, and region. By type, the market is segmented into rack and pinion, column assist, and others. By component, the market is segmented into motor, sensors, steering wheel, and others. By application, the market is segmented into passenger cars, commercial vehicles, and others.

Regional Analysis:

The global electric steering market is analyzed for four major regions, namely North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific is expected to dominate the market owing to the increasing demand for electric and hybrid vehicles in countries such as China, Japan, and South Korea. Additionally, the growing automotive industry in the region is expected to drive the market growth in the coming years. North America and Europe are also expected to witness significant growth owing to the presence of major automotive manufacturers and the increasing demand for fuel-efficient vehicles.

Industry Trends:

The global electric steering market is witnessing several industry trends such as the growing adoption of advanced driver assistance systems (ADAS) in vehicles. ADAS systems such as lane departure warning, adaptive cruise control, and automatic emergency braking require accurate and precise steering systems, which is expected to drive the demand for electric steering systems in the coming years. Additionally, the increasing demand for fuel-efficient vehicles and the rising production of electric and hybrid vehicles is also expected to drive the market growth in the coming years.

Key Players:

The global electric steering market share is highly competitive with the presence of several key players. Some of the prominent players operating in the market are ZF Friedrichshafen AG, Robert Bosch GmbH, JTEKT Corporation, NSK Ltd., Nexteer Automotive Group Limited, Delphi Technologies, Hitachi Automotive Systems, Ltd., Showa Corporation, Mitsubishi Electric Corporation, and Hyundai Mobis Co. Ltd. These players are focusing on strategic partnerships and collaborations to expand their market presence and increase their product offerings. Additionally, they are also investing in research and development activities to develop innovative products and stay ahead of the competition.

In conclusion, the global electric steering market is expected to witness significant growth during the forecast period of 2023 to 2030. The market is driven by several factors such as the increasing demand for fuel-efficient vehicles, the growing awareness towards environmental sustainability, and the rising production of electric and hybrid vehicles. Additionally, the growing adoption of advanced driver assistance systems (ADAS) and the presence of major automotive manufacturers are expected to drive the market growth in the coming years.

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