Press release
Automotive Steering System Market Reflect Impressive Growth Rate to During 2021-2031 | Hyundai Mobis Co., Ltd, JTEKT Corporation, Mando Corporation, Mitsubishi Electric Corporation
Automotive Steering System Market
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.
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Key Trends
The automotive steering system is a critical component of a vehicle, providing directional control while driving. Over the years, the technology behind steering systems has evolved, with new innovations and trends emerging in the market.
Some of the key trends in automotive steering system technology include:
1. 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.
2. Variable Steering Ratio: Variable steering ratio (VSR) is another new technology that is becoming available in some steering systems. VSR allows the steering ratio to be changed, depending on the speed of the vehicle. This can improve handling at high speeds and make low-speed maneuvering easier.
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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.
The ever-increasing competition in the automotive industry is also a key driver of the automotive steering system market. Automakers are constantly looking for ways to improve the fuel efficiency of their vehicles and to offer more safety features. The steering system is one of the key components of a vehicle and plays a vital role in its performance. As a result, automakers are constantly innovating and introducing new technologies in the steering system to gain a competitive edge.
Key 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.
Key Market Players
The automotive steering system market report includes players such as China Automotive Systems, Inc, Hyundai Mobis Co., Ltd, JTEKT Corporation, Mando Corporation, Mitsubishi Electric Corporation, Nexteer Automotive Group Limited, NSK Ltd., Robert Bosch GmbH, Showa Corporation, and Thyssenkrupp AG.
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