This Automotive Steering Systems Market sector is rapidly evolving, with substantial growth and advancements expected by 2031. In-depth market research offers a comprehensive analysis of market size, share, and trends, providing crucial insights into its expansion. The report explores market segmentation and definitions, elucidating key components and drivers. Utilizing SWOT and PESTEL analyses, it evaluates the market's strengths, weaknesses, opportunities, and threats, as well as political, economic, social, technological, environmental, and legal factors. Expert Competitors Analysis insights and recent developments shed light on the geographical distribution and project the market's future trajectory, laying a strong foundation for strategic planning and investment.
What is the projected market size & growth rate of the Automotive Steering Systems Market?
Market Analysis and Size
The global automotive steering systems market is expected to witness significant growth during the forecast period due to the growing demand for vehicles overall the globe. The increasing popularity of comfort driving vehicles is expected to increase the integration of electric power steering systems in vehicles across the globe, which are expected to boost the demand for the automotive steering systems. Moreover, the “dual pinion” is the fastest growing pinion type segment because it provides better steering feel and better fuel economy over the forecast period. Furthermore, growing investments by governments to introduce advanced technology strengthen the global market. The growing sales of electric vehicles is another major factor that is contributing to the global automotive steering systems market growth globally.
Data Bridge Market Research analyses that the automotive steering systems market was valued at USD 35, 832.98 million in 2021 and is expected to reach USD 53,143.66 million by 2029, registering a CAGR of 5.05 % during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Browse Detailed TOC, Tables and Figures with Charts which is spread across 350 Pages that provides exclusive data, information, vital statistics, trends, and competitive landscape details in this niche sector.
This research report is the result of an extensive primary and secondary research effort into the Automotive Steering Systems market. It provides a thorough overview of the market's current and future objectives, along with a competitive analysis of the industry, broken down by application, type and regional trends. It also provides a dashboard overview of the past and present performance of leading companies. A variety of methodologies and analyses are used in the research to ensure accurate and comprehensive information about the Automotive Steering Systems Market.
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Which are the driving factors of the Automotive Steering Systems market?
The driving factors of the Automotive Steering Systems market include technological advancements that enhance product efficiency and user experience, increasing consumer demand driven by changing lifestyle preferences, and favorable government regulations and policies that support market growth. Additionally, rising investment in research and development and the expanding application scope of Automotive Steering Systems across various industries further propel market expansion.
Automotive Steering Systems Market - Competitive and Segmentation Analysis:
Global Automotive Steering Systems Market, By Type (Hydraulic Power Steering, Electronic Power Steering, Electro-Hydraulic Power Steering System), Vehicle Type (Passenger Vehicle and Commercial Vehicle), Components (Hydraulic Pump, Steering Sensor, Column Electric Motor), Technology (Electric Power Steering (EPS), Electrically Assisted Hydraulic Power Steering (EHPS), Hydraulic Power Steering (HPS)), Pinion Type (Single, Dual), Mechanism (Collapsible, Rigid) – Industry Trends and Forecast to 2031.
How do you determine the list of the key players included in the report?
With the aim of clearly revealing the competitive situation of the industry, we concretely analyze not only the leading enterprises that have a voice on a global scale, but also the regional small and medium-sized companies that play key roles and have plenty of potential growth.
Which are the top companies operating in the Automotive Steering Systems market?
Some of the major players operating in the automotive steering systems market are:
- Mando Corp. (South Korea)
- ZF Friedrichshafen AG (Germany)
- Robert Bosch GmbH (Germany)
- MAHLE GmbH (Germany)
- Hanon Systems (South Korea)
- Schaeffler AG (Germany)
- JTEKT Corporation. (Japan)
- thyssenkrupp AG (Germany)
- COBO (China)
- DENSO CORPORATION. (Japan)
- Eaton. (Ireland)
- HELLA GmbH & Co. KGaA (Germany)
- Kongsberg Automotive (Switzerland)
- Leopold Kostal GmbH & Co. KG (U.S.)
- NSK Ltd. (Japan)
- Pailton Engineering (U.S.)
Short Description About Automotive Steering Systems Market:
The Global Automotive Steering Systems market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. In 2023, the market is growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
North America, especially The United States, will still play an important role which can not be ignored. Any changes from United States might affect the development trend of Automotive Steering Systems. The market in North America is expected to grow considerably during the forecast period. The high adoption of advanced technology and the presence of large players in this region are likely to create ample growth opportunities for the market.
Europe also play important roles in global market, with a magnificent growth in CAGR During the Forecast period 2024-2031.
Automotive Steering Systems Market size is projected to reach Multimillion USD by 2031, In comparison to 2024, at unexpected CAGR during 2024-2031.
Despite the presence of intense competition, due to the global recovery trend is clear, investors are still optimistic about this area, and it will still be more new investments entering the field in the future.
This report focuses on the Automotive Steering Systems in global market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application.
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What are your main data sources?
Both Primary and Secondary data sources are being used while compiling the report. Primary sources include extensive interviews of key opinion leaders and industry experts (such as experienced front-line staff, directors, CEOs, and marketing executives), downstream distributors, as well as end-users. Secondary sources include the research of the annual and financial reports of the top companies, public files, new journals, etc. We also cooperate with some third-party databases.
Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historical data and forecast (2024-2031) of the following regions are covered in Chapters
What are the key regions in the global Automotive Steering Systems market?
- North America (United States, Canada and Mexico)
- Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
- South America (Brazil, Argentina, Columbia etc.)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
This Automotive Steering Systems Market Research/Analysis Report Contains Answers to your following Questions
- What are the global trends in the Automotive Steering Systems market?
- Would the market witness an increase or decline in the demand in the coming years?
- What is the estimated demand for different types of products in Automotive Steering Systems?
- What are the upcoming industry applications and trends for Automotive Steering Systems market?
- What Are Projections of Global Automotive Steering Systems Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about Import and Export?
- Where will the strategic developments take the industry in the mid to long-term?
- What are the factors contributing to the final price of Automotive Steering Systems?
- What are the raw materials used for Automotive Steering Systems manufacturing?
- How big is the opportunity for the Automotive Steering Systems market?
- How will the increasing adoption of Automotive Steering Systems for mining impact the growth rate of the overall market?
- How much is the global Automotive Steering Systems market worth? What was the value of the market In 2020?
- Who are the major players operating in the Automotive Steering Systems market? Which companies are the front runners?
- Which are the recent industry trends that can be implemented to generate additional revenue streams?
- What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Automotive Steering Systems Industry?
Customization of the Report
Can I modify the scope of the report and customize it to suit my requirements? Yes. Customized requirements of multi-dimensional, deep-level and high-quality can help our customers precisely grasp market opportunities, effortlessly confront market challenges, properly formulate market strategies and act promptly, thus to win them sufficient time and space for market competition.
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Detailed TOC of Global Automotive Steering Systems Market Insights and Forecast to 2031
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Market Overview
- Automotive Steering Systems Market By Type
- Automotive Steering Systems Market By Function
- Automotive Steering Systems Market By Material
- Automotive Steering Systems Market By End User
- Automotive Steering Systems Market By Region
- Automotive Steering Systems Market: Company Landscape
- SWOT Analysis
- Company Profiles
- Continued...
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Data Bridge Market Research:
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