Automotive Steering Systems Market Size, Share, Growth, Trends, Production, Consumption, Revenue and Forecast 2020 to 2027

The global automotive steering system market size is projected to reach USD 25.8 billion by 2027, exhibiting a CAGR of 5.3% during the forecast period 2020 to 2027.

The global automotive steering system market has been covered under the scope of this report. The rising demand for automobiles globally and the demand for effortless maneuverability of vehicles has propelled the growth of companies which manufacturer’s automotive steering systems. Steering system is a core element a vehicle; it directs the vehicle and helps to avoid obstacles and take a turn.. A steering system is the direct contact of the driver with the vehicle.

An automotive steering system is the most vital component of any vehicle as it is the direct line of control and communication between the driver and the vehicle. An automotive steering system consists of various parts such as steering wheel, steering column, intermediate shaft, tie rods, and hydraulic pumps among others.

Global automotive steering system market is primarily driven by the growth in demand of automotive sector in emerging markets and increasing demand fuel efficient vehicles. Automotive sectors are witnessing high demand for automotive steering systems in developing countries such as China, India, and others. The market in these regions is mainly driven by fuel efficient vehicles and demand effortless maneuverability of vehicles.

Some of the key players in the global automotive steering systems market include names such as China Automotive Systems Inc., (China), Sona Koyo Steering (India), JTEKt Corporation (Japan), Mitsubishi Electric Corporation (Japan), ZF Friedrichshafen Manufacturing Company (Germany), Nexteer Automotive (US), Hyundai Mobis Co. Ltd. (South Korea), Robert Bosch Automotive Steering GmbH (Germany), and ThyssenKrupp Presta AG Aktiengesellschaft (US) among others.

Increasing Demand for Fuel-Efficient Vehicles Helping Market Growth

The growing demand for electronically assisted automotive steering systems due to the strict guideline for fuel efficiency is one of the big reasons to drive the growth of the global market. The increasing production of vehicles and the growing preference to the highly comfortable and smooth driving experience is also fueling the demand for automotive steering systems market.

However, there are some factors that are hampering the market growth and may stop it from reaching its full potential. One major restraining factor for the development of the global automotive steering systems market is the high-cost production. Additionally, limitations on the load-bearing capacity of the EPS systems are also expected to be slow down the growth of the market.

Europe to Continue its Market Dominance

From a geographical viewpoint, the global automotive steering systems market is divided into five major regions viz. Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Of these regional markets, the Europe segment has accounted for the largest share of the market in recent years and is expected to continue its dominance in the coming years. This high growth and dominance of Europe are because of the presence of numerous leading automobile manufacturing companies in the region. Next in line is the North America market that is projected to experience a healthy growth during the forecast period. This high rate of growth is because of the impending maturity of the North America market.

In terms of the type of product, the automotive steering systems market is segmented into passenger vehicles, light commercial vehicles, and commercial vehicles. Of these, the segment of light commercial vehicles is expected to lead the market during the given forecast period. The increasing demand for high-tech automotive steering systems, particularly in the developing economies such as China and India is considered to be one of the major driving factors for the growth of the segment.

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