The global automotive steering system market size is expected to reach $40.54 Billion by 2028 growing at the CAGR of 4.46% from 2021 to 2028. This growth is attributed to several macro and microeconomic factors such as
- Stringent fuel efficiency norms to drive demand for electrically assisted steering systems
- Driver 2
- Driver 3
Further several factors restraining the market growth include
- The limited load-bearing capacity of EPS systems
- Failure of EPS system subcomponents
Collaborations and Alliances in the automotive steering system market is expected to generate higher avenues during the forecast period.
The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the automotive steering system market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers to adopt various strategies to stabilize the company.
In terms of COVID 19 impact, the automotive steering system market report also includes following data points:
- Impact on automotive steering system market size
- Vehicle Type Trend, Preferences, and Budget Impact
- Regulatory Framework/Government Policies
- Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
- Opportunity in automotive steering system market
Key Insight in the report:
The global automotive steering system market report covers executive summary, market dynamics, COVID impact & post COVID scenario, market size and forecast, competitive intelligence, market positioning, and product offerings.
Our report covers extensive competitive intelligence which includes following data points:
- Business Overview
- Business Segment Data
- Financial Data
- Product Segment Analysis and Specification
- Recent Development and Company Strategy Analysis
- SWOT Analysis
The report covers market sizing and forecasting at the country level as well as at the segment level. Automotive Steering System market is analyzed across below-mentioned different segments:
- Type
- Column-EPS (C-Eps)
- Pinion-EPS (P-Eps)
- Rack-EPS (R-Eps)
- Component
- Hydraulic pump
- Steering column
- Steering wheel speed sensor
- Electric motor
- Technology
- Electric power steering (EPS)
- Electrically assisted hydraulic power steering (EHPS)
- Hydraulic power steering (HPS)
- Vehicle type
- Passenger car (PC)
- Light commercial vehicle (LCV)
- Heavy commercial vehicle (HCV)
Automotive Steering System market is also analyzed across below-mentioned regions/countries:
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- Rest of the World
- South America
- Middle East & Africa
Some of the key players in automotive steering system market include:
- JTEKT Corporation
- Robert Bosch
- Nexteer Automotive Group Limited
- China Automotive Systems Inc.
- Mando Corporation
- ThyssenKrupp Presta
- Showa Corporation
- Hyundai Mobis Co. Ltd
- Sona Koyo Steering Systems Ltd.
- NSK Ltd
REPORT CONTENT BRIEF:
- High level analysis of the current and future market trends and opportunities
- Detailed analysis on current market drivers, restraining factors, and opportunities in the future
- Automotive Steering System market estimates for 2020 and forecast from 2021 to 2028
- Vendor market share analysis at each product level
- Competitor analysis with a detailed insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
Target Audience
- Manufacturers
- Suppliers and traders
- Government, associations, and industrial bodies
- Investors and trade experts
- Consulting Firms or Individual Consultant
- Anyone interested in understanding industry dynamic of automotive steering system market
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