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Global Automotive Steering System Market Growth Sustained by Rapid Rise in Automobile Production
AUTOMOTIVE STEERING SYSTEM MARKET
"Browse 72 Market Data Tables and 53 Figures spread over 228 Pages, along with an in-depth TOC on the Global Automotive Steering System Market Forecast 2021-2028."
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A steering system converts the steering wheel's rotation into a pivoting movement of road wheels. As a result, the steering-wheel rim shifts a longer way, moving the road wheels a shorter way.
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Increasing Automotive Production to Propel Market Growth
The impact of COVID-19 on the automotive industry was devastating, primarily with the substantial decline in global vehicle manufacturing. According to industry sources, in 2019, while light vehicle production equated to nearly 89 million units, vehicle production decreased to around 14 million units in the following year. Regionally, North America, Europe, South Asia, comprising Southeast Asia and the Indian Subcontinent, and Northeast Asia, excluding mainland China, recorded more than a 20% decline in production. Nevertheless, industry sources forecast strong production growth from 2021, with Mainland China anticipated to lead the worldwide manufacturing growth trailing behind Europe, North America, as well as other regions of Northeast Asia. Vehicle production is also projected to rise by 6% in Mainland China, 24% in North America, 14% in Europe, and 7% in other parts of Northeast Asia.
Electric Power Steering System was the Largest Type in 2020
Electric power steering (EPS) is a notable technology utilized for highly automated driving. EPS variants fulfill the demands for relatively smaller, mid-range sports cars, in addition to light commercial vehicles. It has an electric motor controlling the vehicle's steering, as well. With an electric motor, the EPS assists and controls vehicle steering and offers an optimal steering feel. In addition, the new generation of control units delivers adequate security in case of errors. Likewise, the electric interface facilitates highly-automated driving with the highest level of security.
Asia-Pacific to Lead and Dominate the Global Market by 2028
The Asia-Pacific is anticipated to be the dominating as well as the leading region over the forecasting period. The region's significant market growth is credited to the vast capacity expansion in China as well as India, the presence of key market players profoundly investing in electric mobility services, and the obtainability of cost-competitive workforces and raw materials necessitated for manufacturing automotive steering systems.
Intense competition is observed across the global automotive steering system market as vendors compete to determine product and service differentiation. Furthermore, through significant investments, major companies aim to enhance and augment their current product portfolio to strengthen their market position among competitors. As a result, the industrial rivalry is expected to be high.
Leading companies functioning in the market are Mando Corporation, Hyundai Mobis Co Ltd, JTEKT Corporation, etc.
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