Automotive Steering Systems Market Value Forecast: USD 44.31 Billion by 2032

Market Overview

Products related to steering systems for passenger cars, light commercial vehicles, and heavy commercial vehicles are referred to as automotive steering systems. Because this market is so diverse, steering is targeted at the following segments: based on vehicle type (passenger cars and commercial vehicles); based on components (steering wheels, columns, gears/boxes, pumps/motors, electronic control units, and sensors); based on sales (Original Equipment Manufacturer and Aftermarket); and based on type (hydraulic power steering, electric power steering, and electro-hydraulic power steering). Technology exploitation, particularly in regard to the use of Advanced Driver Assistance Systems (ADAS), is another factor influencing the market.

Automotive Steering Systems Market Key Players:

JTEKT Corporation (Japan)
Nexteer Automotive Group Ltd. (United States)
Showa Corp. (Japan)
ThyssenKrupp AG (Germany)
Hitachi Automotive Systems Ltd. (Japan)
Robert Bosch GmbH (Germany)
NSK Steering Systems Co. Ltd. (Japan)
Mando Corp. (South Korea)
ZF Friedrichshafen AG (Germany)
Others

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Automotive Steering Systems Market Trend Analysis

Market Drivers

The increasing adoption of more advanced technologies like ADAS and EPS is driving the growth of the automotive steering systems market. As a result, EPS systems have become widely used in the automotive industry because to concerns from automakers about improving fuel economy and reducing emissions, as well as the fact that they are generally perceived as being more fuel-efficient and emitting less pollutants than hydraulic power steering systems. Additionally, level two features like smart parking or lane-keeping assist lead to the integration of hearing systems that are compatible with those technologies, which will further increase demand for steering solutions.

Key Attentions of Automotive Steering Systems Market Report:

The report offers a comprehensive and broad perspective on the global Automotive Steering Systems
The market statistics represented in different Automotive Steering Systems segments offer a complete industry picture.
Market growth drivers and challenges affecting the development of Automotive Steering Systems are analyzed in detail.
The report will help in the analysis of major competitive market scenarios, and market dynamics of Automotive Steering Systems.

Automotive Steering Systems Market Segmentation

By Type

Hydraulic Power Steering (HPS)
Electric Power Steering (EPS)
Electro-hydraulic Power Steering (EHPS)
Manual Steering

By Vehicle Type

Passenger Cars
Light Commercial Vehicles (LCVs)
Heavy Commercial Vehicles (HCVs)

By Technology

Conventional Steering System
Advanced Driver Assistance System (ADAS) Integrated Steering System

Regional Analysis:

North America (U.S., Canada, Mexico)
Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
South America (Brazil, Argentina, Rest of SA)

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Key questions answered in the Automotive Steering Systems Market are:

Which is the fastest growing region in the Automotive Steering Systems Market?
What is the growth rate of the Automotive Steering Systems Market?
What are the upcoming opportunities and trends for the Automotive Steering Systems Market?
What segments are covered in the Automotive Steering Systems Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Automotive Steering Systems Market?
Which are the factors expected to drive the Automotive Steering Systems Market growth?

Crucial to our report are the in-depth company profiles and competitive analysis, providing invaluable insights into market players' overview, market role, operating business segments, and financial performance. By evaluating vital metrics like production volume, sales volume, and sales margin, we establish a comprehensive understanding of their market position.

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Objectives Of The Study:

To forecast the size of the market segments with respect to 4 main regions, namely, North America, Europe, Asia Pacific (APAC)
To provide detailed information regarding the major factors influencing the growth of the Smart Home Solutions market (drivers, restraints, opportunities, and challenges)
To analyze each submarket with respect to individual growth trends, prospects, and contribution to the total market

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