According to a new market research report published by Global Insight Services “ Automotive Steering System Market is expected to reach US$ bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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The automotive steering system is a device that helps the driver steer the vehicle in the desired direction. It consists of steering wheel, steering column, steering gear, and linkage. The steering wheel is connected to the steering column, which is connected to the steering gear. The steering gear is connected to the wheels through the linkage. The driver turns the steering wheel, which turns the steering column. The steering column turns the steering gear, which turns the wheels.
Top Key Players in Automotive Steering System market: China Automotive Systems, Inc, Hyundai Mobis Co., Ltd, JTEKT Corporation, Mando Corporation, Mitsubishi Electric Corporation, Nexteer Automotive Group Limited,
Key Trends
Electric Power Steering: Electric power steering (EPS) is an increasingly popular option in new vehicles. EPS uses an electric motor to assist the driver in steering, providing a boost of power when needed. This can improve fuel efficiency and reduce wear and tear on steering components.
Key Drivers
The automotive steering system market is mainly driven by the increasing demand for safety features in vehicles and the need for better fuel economy. The rising concerns over road accidents and the increasing stringency of emission norms are also some of the key drivers of the automotive steering system market.
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Market Segments
The automotive steering system market report is bifurcated on the basis of type, vehicle type, and region. On the basis of type, it is segmented into electric power steering, electrically assisted hydraulic power steering, and hydraulic power steering. Based on vehicle type, it is analyzed across passenger car, light commercial vehicle, and heavy commercial vehicle . Region-wise, it is studied across North America, Europe, Asia-Pacific, and rest of the World.
Reasons to buy Automotive Steering System Report:
- Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
- Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
- Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
- Develop business and M&A strategies through understanding of latest trends and emerging players in the market
- Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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Key Questions answered in the report:
- How is the market structured and what the key drivers and trends of this industry?
- How is the market segmented and what is the size of each segment?
- Which segments and geographies provide best growth opportunities?
- What’s the competitive landscape and positioning of players in this market?
- What is the impact of latest events such as Covid-19 and Russia-Ukraine conflict on the market?
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