Automotive Steering Systems Market Forecasted to Achieve USD 44.30 Billion by 2029 with a Solid 4.7% CAGR from 2023

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:

The comprehensive report by Maximize Market Research explores growth prospects for Automotive Steering Systems Market suppliers, presenting a detailed analysis of market dynamics, regional insights, and key players. It outlines the major growth drivers, obstacles, upcoming challenges, and prevailing opportunities in the global Automotive Steering Systems market.

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Automotive Steering Systems Market Report Scope and Research Methodology:

The automotive industry has accelerated the electrification of numerous typically mechanical systems in order to meet the demand for lower emissions. Everything has been electrified, including power steering and supercharging, to lower emissions while improving safety, expediting processes, and improving the driving experience.

Automotive Steering Systems Market Dynamics:

Under ideal circumstances, EPS (Electronic Power Steering) systems can reduce fuel consumption by up to 6%, increase fuel efficiency by 2% to 4%, and lower CO2 emissions by 8 grams per kilometer. These systems only use power when the wheels are spinning, in contrast to hydraulic systems, which continuously pump fluid while the engine is running.

Automotive Steering Systems Market Regional Insights:

The report offers a region-wise detailed analysis covering North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. This includes market dynamics, regional market structure, and profiles of key players in each region.

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:

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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Key Questions answered in the Automotive Steering Systems Market Report are:

• What is the expected Automotive Steering Systems market size in 2029?
• How the major segments of the global Automotive Steering Systems market are expected to develop during the forecast period?
• Who are the top suppliers and producers in the Automotive Steering Systems industry?
• What is the expected Automotive Steering Systems market size by the end of the forecast period?
• Which regional market held the largest Automotive Steering Systems market share in 2022?
• Who are the key players in the Automotive Steering Systems industry?
• What are the Automotive Steering Systems market segments?
• Which Automotive Steering Systems market segment is expected to grow at a high rate during the forecast period?

Automotive Steering Systems Market Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and Price Curve by Region (2018 to 2022)
• Market Size, Share, Size & Forecast by Different Segments (2023−2029)
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – Detailed Analysis by Application, Technology, Type, End-User, and Region
• Competitive Landscape – Profiles of Selected Key Players by Region in a Strategic Perspective
  • 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
• Recommendations

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