Press release
Automotive Steering System Market Plying for Significant Growth During 2021-2031
According to the report, the global automotive steering system market is projected to surpass US$ 46.90 Bn by 2031, expanding at a CAGR of 4.70% during the forecast period. Rise in demand for comfortable driving vehicles and fuel-efficient cars is estimated to propel the automotive steering system market.
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The rapid expansion of small- and medium-scale industries across the globe, that are active in the manufacturing of automotive components, is likely to boost the market.
The growing integration of advanced electronics components, including sensors, in vehicles is promoting vehicle manufacturers to invest in research & development of advanced driver assistance technology. Governments of developed countries have mandated the integration of safety features in vehicles, which, in turn, is anticipated to boost the automotive steering system market. The surge in demand for fuel-efficient vehicles across the globe is projected to increase the demand for electric power steering system that is light in weight and helps enhance fuel-efficiency. This is likely to boost the global automotive steering system market.
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The COVID-19 pandemic hampered the production and sales of vehicles, and major vehicle manufacturers had to shut down their plants. The lockdowns led to the restrictions on traveling, which further restrained the automotive steering system market. The supply chain and transportation channels were also disrupted, which hindered the supply of raw materials that were required for production of vehicles.
Expansion of Automotive Steering System Market
The growing mergers and acquisitions between vehicle manufacturers across the globe is likely to fuel the automotive steering system market. Rise in awareness about the environment across the globe further fueled the demand for electric vehicles, which, in turn, is likely to drive the automotive steering system market. In May 2020, a subsidiary of JTEKT Corporation Koyo Canada Inc. (KCI) acquired the assets of a Halifax, Nova Scotia, an R&D facility previously owned by KSR International Inc. (KSR), This acquisition strengthened JTEKT's ECU development for vehicle steering and driveline products. In August 2019, Nexteer announced a joint venture with Dongfeng Motor Parts and Components Group Co., Ltd. The joint venture, Dongfeng Nexteer Steering Systems (Wuhan) Co., Ltd., is engaged in the mass production of single pinion assist electric power steering (SPEPS) systems.
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Based on vehicle type, the passenger vehicle segment dominated the global automotive steering system market, in terms of revenue, in 2020. Rise in sales of passenger vehicles across the globe is likely to significantly boost the market. Increase in adoption of electric power steering in passenger vehicles is estimated to augment the demand for automotive steering system in vehicles. The light commercial vehicle segment also held a notable share of the global market, in terms of revenue, in 2020. It is projected to expand at a significant pace during the forecast period.
In terms of technology, the global automotive steering system market has been classified into electric power steering, hydraulic power steering, and electrically assisted hydraulic power steering. The electric power steering segment held a major share of the global automotive steering system market, in terms of revenue, in 2020. Rise in demand for comfort driving vehicles across the globe is estimated to increase the integration of electric power steering systems in vehicles.
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Regional Analysis of Automotive Steering System Market
In terms of region, the global automotive steering system market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific and Europe accounted for a major share of the global automotive steering system market, in terms of revenue, in 2020. Europe is witnessing a major rise in adoption of advanced driver assist system in vehicles, which is likely to boost the market. Presence of major OEMs and tier-1 suppliers across Europe is also anticipated to propel the automotive steering system market in the region.
Rapid expansion of small- and medium-scale automotive manufacturing industries across Asia Pacific is also propelling the automotive steering system market in the region.
Automotive Steering System Market Players
Prominent players operating in the global automotive steering system market include Nexteer Automotive Group Limited, JTEKT Corporation, Hyundai Mobis Co., Ltd., Showa Corporation, NSK Ltd, Robert Bosch GmbH, Hitachi Automotive System, Mando Corporation, and Magna International.
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