Automotive Steering Systems Market to Receive Overwhelming Hike of USD 40 Billion by 2028 with Size, Share Global Industry Trends, and Revenue Forecast Analysis

 Automotive Steering Systems Market research report presents an in-depth analysis of the Automotive Steering Systems Market size, growth, share, segments, companies, and forecast, competition landscape and growth opportunity.

The steering column, steering wheel, front wheel, brakes, and clutches are all parts of the automotive steering system. This makes it easy for the driver to steer the car in the direction they want. Modern auto systems have been built to make driving efficient and simple. As a result, these systems, which have great flexibility and provide automatic assistance, have replaced earlier, rigid vehicle steering systems.

The Automotive Steering Systems Market is expected to grow at a CAGR of 4.5% from 2022 to 2029 to reach $ 40 billion by 2028.

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Major Companies listed in this Report are China Automotive Systems Inc., JTEKT Corporation, Nexteer Automotive, Mando Corporation, Robert Bosch Automotive Steering GmbH, Showa Corporation, NSK Ltd, Mitsubishi Electric Corporation, Sona Koyo Steering Systems Ltd., and Hyundai Mobis Co. Ltd, and others.

Regional Outlook- the Asia Pacific accounts for the largest share of the global automotive steering system market due to the significant presence of key market players in the region. The Asia Pacific automotive steering system market is growing rapidly due to rapid economic growth.

January 31, 2022, Advanced Steering Technologies For The Software-Defined Vehicle

Software is becoming more important to the driving experience as OEMs attempt to launch new, more connected cars with improved safety and performance capabilities. The industry's transition away from separate Electronic Control Units (ECUs) in favour of more centralised Domain Control Units (DCUs) presents OEMs with new opportunity to improve the customer experience and increase efficiency through software-driven updates.

Over the course of the forecast period, EPS cyber security-focused advancements are projected to present new opportunities for OEMs operating in the automotive steering systems market.

Leading automakers should prioritise the safety and security issues related to automotive steering systems, especially electric power steering systems, given the rapid expansion of the connected, autonomous, and semi-autonomous car ecosystem (EPS).
According to industry experts, demand for EPS will increase over the next few years across all vehicle classes, including cutting-edge technology-based vehicles like driverless and connected automobiles.

Key Segments

Automotive Steering Systems Market by Vehicle Type, 2019-2028, (In USD Billion)

Passenger Vehicle
Commercial Vehicle
Light Commercial Vehicles
Heavy Commercial Vehicles

Automotive Steering Systems Market by Technology, 2019-2028, (In USD Billion)

Electronic Power Steering
Hydraulic Power Steering
Electro-Hydraulic Power Steering

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Automotive Steering Systems Market Primary Research:

During the first survey, we questioned various key sources of supply and demand to obtain qualitative and quantitative information related to Automotive Steering Systems Market report. Key supply sources include key industry contributors, subject matter specialists from key companies, and professionals from several major companies and organizations active in the Automotive Steering Systems market.

Secondary Research:

The second study was lead to obtain key information on the supply chain of the Automotive Steering Systems industry, the market's currency chain, pools of major companies, and market segmentation, with the lowest level, geographical Automotive Steering Systems market, and technology-oriented standpoints. Secondary data was collected and examined to reach the total market size, which was verified by the first survey in the Automotive Steering Systems Report.

 
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