Global Automotive Steering System Industry: Global and Regional Analysis with Forecast till 2028, Business Opportunities, Post COVID Scenario

The global Automotive Steering System market size is expected to reach $40.54 Billion by 2028 growing at the CAGR of 4.46% from 2021 to 2028.

The power steering system is what allows vehicles to be maneuvered with ease. Thus, the rise in vehicle automation contributes to the growth of the market for this product. This segment is affected by several other factors, such as the availability of a plethora of brands in the market, which makes it easier for consumers to buy a car that suits their lifestyle and preferences. In addition, countries have been implementing measures that have led to an increase in consumer spending in recent years. The increased spending has created higher opportunities for companies to develop new products.

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Key Players

Some of the major Automotive Steering System players holding high market share include JTEKT Corporation, Robert Bosch, and Nexteer Automotive Group Limited. These players use acquisition and expansion as a key strategy to gain significant market share to compete with market leaders.

The key players profiled in the report are:
● JTEKT Corporation
● Robert Bosch
● Nexteer Automotive Group Limited
● China Automotive Systems Inc.
● Mando Corporation
● ThyssenKrupp
● Showa Corporation
● Hyundai Mobis Co. Ltd
● Sona Koyo Steering Systems Ltd.
● NSK Ltd

The recently published research report on Global Automotive Steering System Market by Evolve Business Intelligence examines the industry in the context of major market aspects including market size & forecast, market shares in terms of revenues and volume, key players, and SWOT analysis. The market is analyzed based on 4 separate indications in the market dynamic chapter: Drivers, Restraints, Key Trends, and Challenges. The total sum of these sections will help you understand what strategies will be best to adopt in order to prosper through this industry over a few short years. The quantitative analysis includes our actual findings out of this research study where we provided additional insight into what our readers can do to embrace new opportunities or plan against threats that might hinder the market.

The COVID-19 pandemic has led to disruption in the supply chain leading to lower demand or supply shortages in the Automotive Steering System market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is expected to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers adopting various strategies to stabilize the company.

The New Normal

As businesses recover from the COVID-19 pandemic, they have a new set of priorities to cope with. Throughout this crisis, they were forced to deal with shifting situations and often fell short of their ultimate goals. Now that a cure has been found and the pandemic is dying down, they will need to recuperate from this epidemic by setting forth new objectives to succeed in the future.

In terms of COVID 19 impact, the Automotive Steering System market report also includes the following data points:
● COVID19 Impact on Automotive Steering System market size
● End-User/Industry/Application Trend, and Preferences
● Government Policies/Regulatory Framework
● Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
● Opportunity in Automotive Steering System market

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Segmental Analysis

Market Segment By Type with focus on market share, consumption trend, and growth rate of Automotive Steering System Market:
o Column-EPS (C-Eps)
o Pinion-EPS (P-Eps)
o Rack-EPS (R-Eps)

Market Segment By Component with the focus on market share, consumption trend, and growth rate of Automotive Steering System Market:
o Hydraulic pump
o Steering column
o Steering wheel speed sensor
o Electric motor

Market Segment By Technology with a focus on market share, consumption trend, and growth rate of Automotive Steering System Market:
o Electric power steering (EPS)
o Electrically assisted hydraulic power steering (EHPS)
o Hydraulic power steering (HPS)

Market Segment By Vehicle Type with a focus on market share, consumption trend, and growth rate of Automotive Steering System Market:
o Passenger car (PC)
o Light commercial vehicle (LCV)
o Heavy commercial vehicle (HCV)

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Key Region/ Countries Covered
● North America (US, Canada, Mexico)
● Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
● Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
● Rest of the World (the Middle East & Africa and South America)

The projected steady recovery in vehicle production will support the growth of the market in the coming years. The Asia Pacific region is home to many leading vehicle manufacturing hubs such as China and Japan. Because the Asia Pacific has large populations, increased per capita income, and improving living standards due to industrialization over the past decade that contributes to Asia Pacific’s growth of its automotive industry, Asia Pacific’s enormous regional vehicle production will see an investment boom in its automotive industry while demand for vehicles will rise.

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