Global Automotive Steering Systems Market Top Leading Players with Strategies and Forecast 2022-2028

The global automotive steering systems market is anticipated to grow at a CAGR of 5.3% during the forecast period (2022-2028). The automotive system from the steering wheel to the steering shaft, rack and pinion (also known as the gearbox), all the way to the linkage which connects to the wheels themselves, is combined known as car steering systems. The market growth is majorly attributable to the key emission norms of various regions including the China-VI, Euro-6, and PROCONVE P-8 and fuel related regulations for vehicles. Authorities including the the International Council on Clean Transportation (ICCT) in Europe, National Highway Traffic and Safety Administration (NHTSA) in the US, and other organizations have regulated fleet-level regulations that mandate an average emission limit needed to be followed by the automotive OEMs. These regulations have also pushed the fuel-efficient steering technologies such as electrically assisted power steering systems.

According to the US Department of Energy (DOE) data, in ideal conditions, EPS systems can increase fuel efficiency by 2% to 4%, reduce fuel consumption by up to 6%, and decrease CO2 emissions by 8g/km. Estimations show that electronic power steering (EPS) systems have supported save almost 3 billion gallons of gas since 1999 (Source: Nexteer Automotive). Such systems use power only when the wheel turn, unlike hydraulic systems that pump fluid throughout when the engine is running. This, as a result, increases the fuel economy. This is anticipated to be the key driving factor for the growth of the global automotive steering systems market.

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Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028

• Segment Covered-
o By Vehicle Type
o By Type

• Regions covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape: Nexteer Automotive Group Ltd., Robert Bosch GmbH, and JTEKT Corp., among others.

Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?

A full report of Global Automotive Steering Systems Market is available at:
https://orionmarketreports.com/global-automotive-steering-systems-market/104361/

Global Automotive Steering Systems Market Report by Segment

By Vehicle Type
• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles

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

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This release was published on openPR.