The Global Automotive Steering System Market Likely to Progress with 5.28% CAGR by 2028

Triton Market Research presents the Global Automotive Steering System Market report segmented by Vehicle Type (ICE-driven, Electric Vehicles {PHEV (Plug-in Hybrid Electric Vehicle), BEV (Battery Electric Vehicle), FCEV (Fuel Cell Electric Vehicle), HEV (Hybrid Electric Vehicle)}), by Type (Electric Steering System {Electric Power Steering System by Type [Column Assist Type (C-EPS), Pinion Assist Type (P-EPS), Direct Drive Type (D-EPS), Rack Assist Type (R-EPS)], Electric Power Steering System by Components [Steering Rack/Column, Sensor, Steering Motor, Other Component Types]}, Hydraulic Steering System, Electro-hydraulic, Steer by Wire), and by Geographical Region (North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa), discussing Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter's Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, Key Impact Analysis, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).

Triton Market Research, in its report on the Global Automotive Steering System Market, implies that this industry would develop with a CAGR of 5.28% during the forecasting duration from 2021 to 2028.

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An electric control unit has multiple functions, which ensures the smoother functioning of steering systems. There is a growing demand for ECUs with multiple functions, which is expected to drive the market for automotive steering systems. On the contrary, automotive vehicles are expensive. Further, a growing trend of autonomous vehicles can be seen. These factors are hampering the growth of the market.

The Asia-Pacific is the largest market for automotive steering systems globally, and is expected to continue its reign until the end of the forecasted period. The growth of this region can be attributed to the availability of skilled, cost-competitive workforces and raw materials needed to produce automotive steering systems. Further, globally renowned companies and startups are leveraging the opportunities in the region by setting up new manufacturing plants. Such factors are estimated to further foster the growth of the automotive steering system market in the APAC over the forecast period.

Mitsubishi Electric Corporation, JTEKT Corporation, Hyundai Mobis, NSK Ltd, Nexteer Automotive Corporation, Denso Corporation, Mando Corporation, ZF Friedrichshafen AG, Thyssenkrupp AG, Hitachi Astemo Ltd, Robert Bosch GmbH, China Automotive Systems Inc, and Honda Motor Company are the eminent players present in this market.

Though a number of new players can be seen entering this market, it is largely dominated by a few big names. The global players have been consistently engaged in R&D, and are introducing new & innovative products with superior characteristics to strengthen their position in the industry.

The existing players have also been consolidating their business through product developments and capacity expansions. The prominent players generally try to expand their global reach by devising various strategies like partnerships and distribution agreements with other market players. Implementing such strategies helps increase their market footprints in different economies.

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