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 Automotive Steering Systems Market research firm, has recently released an extensive analysis of the "Automotive Steering Systems Market". Renowned for its thorough market assessments, Maximize Market Research integrates substantial technological advancements within the sector into its research reports. With a specialized focus on high-tech systems and advanced production systems, the firm delivers comprehensive insights encompassing key business metrics, demand trends, pricing dynamics, and competitive landscapes within the Automotive Steering Systems Market report.
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Automotive Steering Systems Market Report Scope & Research Methodology:
This report provides a detailed analysis of the Automotive Steering Systems Market, segmenting it to anticipate revenues and track trends within each sub-market. Employing a robust research methodology, the study delves into market drivers, challenges, and opportunities, enabling stakeholders to make informed decisions. The Competition Strategic Window evaluates market competition across different geographies and applications, aiding vendors in aligning their strategies with future growth prospects.
Automotive Steering Systems Market Dynamics:
With a small amount present in heavier vehicles, EPS is primarily found in passenger cars and light commercial vehicles. Thanks to technological advancements, EPS systems may now be used in commercial vehicles and carry a greater weight. Because HPS (Hydraulic Power Steering) systems can support heavier loads than EPS systems, they currently control the majority of the commercial vehicle market. Engine control is used by HPS systems, which lowers fuel efficiency.Compared to HPS systems, the EPS system is more dependable and fuel-efficient since it draws power from the tank. Commercial vehicles will also be able to utilize this technology due to its enhanced capacity to support loads. Volvo developed electric motor-powered Volvo Dynamic Steering.
Automotive Steering Systems Market Regional Insights:
A comprehensive regional analysis covers key geographical areas such as Asia-Pacific, Europe, North America, and other regions. North America emerges as a dominant force in the global Automotive Steering Systems Market, holding a significant market share and poised for sustained growth.
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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)
Automotive Steering Systems Market Key Players:
Leading players in 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
COVID-19 Impact Analysis:
The report also assesses the impact of the COVID-19 pandemic on the Automotive Steering Systems Market, offering insights into the challenges and opportunities arising from this unprecedented event.
Key Questions Answered:
- What is the projected CAGR of the Automotive Steering Systems Market during the forecast period?
- Which segment is expected to lead the Automotive Steering Systems Market?
- Who are the prominent players driving market growth?
Key Offerings:
- Market Share, Size, and Revenue Forecast
- Market Dynamics: Growth drivers, restraints, investment opportunities, and key trends
- Market Segmentation: Detailed analysis by Asset Performance Management Market
- Landscape: Leading key players and other prominent participants
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