Global Automotive Steering Market was valued at USD 43.68 billion and is estimated to progress grow with a CAGR of 4.7% during 2021 to 2029 | Straits Research

Automotive steering can be termed as an integral part of automobile assembly that is responsible for the control and driving performance of the vehicle. Increased traction of high-end vehicles amongst the customers is fortifying the market development prospects. Although, the market development is only expected due to an increment in the demand from the OEM sector the market development in the aftermarket segment is expected to decline through the forecast years.

The market is projected to witness decent traction due to the product innovation and keen interest of potential manufacturers to work on product diversification. The use of intelligent power systems in different vehicles is driving the consumer base and market growth.

The use of power steering also provides better control over the automotive vehicles thus, increasing the safety standards for the vehicles. The use of power steering wheels to have better control of the vehicle on sharp turns and urban roads to increase the adoption. The steering wheels are also developed for better handling to minimize accidental fatalities and also a requirement of better traffic regulation by proper driving is a factor expected to compel manufacturers to look for better steering systems. All these prospects stand as a great aid for the market over the slated cause of time.

Robert Bosch GmbH has developed an Electric Power Steering System (EPS) to aid the technology of automated driving systems. Additionally, the system is capable to operate in sports cars, small cars, mid-range cars and LCVs which is increased the focus customer base for the market. The development of technologically advanced products from the market leader is expected to significantly improve the automotive steering market demand in the forecast years.

The market of Automotive steering can be classified as a fairly consolidated market in the current scenario. Although increasing reliance on the private automobile vehicles as the mode of transportation, modifications in the designs and up gradation in the terms of employed technology is luring the customers towards the new automobiles. This scenario has encouraged multiple market participants to enter into the market which might increase market fragmentation in the automotive steering market.

Get a Sample Copy of this report with the latest Industry trends and COVID-19 Impact: https://straitsresearch.com/report/automotive-steering-market/request-sample

The Major Players Covered in this Report: Thyssenkrupp AG
Robert Bosch GmbH
Hyundai Mobis Co., Ltd
Nexteer Automotive Group Limited
China Automotive Systems, Inc
Showa Corporation
JTEKT Corporation
NSK Ltd
Mando Corporation
Mitsubishi Electric Corporation
Sona Koyo Steering System Ltd
TRW Automotive Holdings, & More...

By Product Type
Hydraulic Power Steering
Electronic Power Steering
Electro-Hydraulic Power Steering

By Vehicle Type
Passenger Vehicle
Light Commercial Vehicle
Heavy Commercial Vehicles
Electric Cars
Hybrid Vehicles

By Sales Channel Original Equipment Manufacturer (OEM)
Aftermarket

Buy Full Report with Detail Analysis with COVID-19 Impact –https://straitsresearch.com/buy-now/automotive-steering-market/global/

Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Automotive Steering in the APAC Region:
Asia-Pacific region is anticipated to hold the largest market share in the global Automotive Steering market during the forecast period 2021-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Automotive Steering and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Automotive Steering. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

COVID-19 Impact Analysis:
Global automotive sales were already expected to register a dip in the fiscal year of 2020. The pandemic disruption has further catalyzed the reduction in the market. The lockdowns and quarantine restrictions, a strong emphasis on work from home policies, obstruction from visiting public places, and prohibition for operations in the tourism industry have collectively reduced the usage and sales of automotive vehicles. The shutdown of the manufacturing sites for a prolonged time span and current operations at production facilities with minimal workforce has decreased the production efficiency of the facilities.

View Full Report @ https://straitsresearch.com/report/automotive-steering-market/

Key Highlights:
1.) The automotive steering market is expected to grow at a compound annual growth rate (CAGR) of 4.7% during the forecast period.

2.) The market of North America is expected to dominate revenue share in the market on the back of exhaustive use of personal automobile vehicles.The encouraging scenario for autonomous driving in developed countries such as U.S. and Canada is also to improve the performance of the automotive steering market.

3.) The market of Asia Pacific is estimated to develop with an intense pace in the market, the growth is primarily catered by countries with large in-use vehicles fleet and countries which have witnessed an influx of manufacturing clusters development. Especially, countries such as China and Japan have established manufacturing clusters to serve to the OEMs operating in the region. Whereas, India has also shown an optimistic scenario for the establishment of manufacturing clusters to which are poised to provide growth for the market in the country.

4.) The electronic power steering segment is anticipated to garner a substantial growth pace throughout the forecast years due to the development of high-performing and electronic technology integrated automated vehicles.

View this report with a detailed description and TOC @ 
https://straitsresearch.com/report/automotive-steering-market/toc

For more details, please contact us -
Straits Research
Email: sales@straitsresearch.com
Address: 825 3rd Avenue, New York, NY 10022
Tel: +1 646 480 7505, +44 208 068 9665
Website: https://straitsresearch.com/

About Us:
Regardless of whether you're looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with what customers purchase. We overcome the issues of our customers by recognizing and deciphering just the target group, while simultaneously generating leads with the highest precision. We seek to collaborate with our customers to deliver a broad spectrum of results through a blend of market and business research approaches.

This release was published on openPR.