Press release
Global Automotive Steering System Market to Reach US$ 99.75 billion by 2028
The rising sales of automobile vehicles are mostly due to the rising disposable income. During the anticipated period, the market for automotive steering systems is anticipated to grow as demand for vehicles with safety and comfort features increases. Technology developments are facilitating the growth of web-based sales channels, which has led to more bookings being made through online channels.
Numerous actions are being taken by governments all around the world to reduce CO2 emissions. To encourage the use of electric vehicles in public transportation, such as e-trucks and e-buses, they are offering tax breaks and incentives. Several examples of electric vehicle models include the BYD K9, Mercedes Benz electric truck, and Tata Star bus Hybrid e-buses. Recent commercial vehicle launches include electric buses from some manufacturers and promises to switch full-size trucks and pickup trucks to battery-powered models from others. Consequently, the market for automotive steering systems is expanding globally as a result of the growing demand for electric vehicles.
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Read Market Research Report, "Global Automotive Steering System Market By Vehicle Type (Passenger Cars, Light Commercial Vehicles, And Heavy Commercial Vehicles), Technology (Electronic Steering, Hydraulic Steering, Manual Steering, Electric-Hydraulic Steering), and Region -Forecast and Analysis 2022-2028" by SkyQuest
The automobile steering system market in the Asia-Pacific region is anticipated to expand significantly. It is caused by the presence of numerous developed and developing nations, including China, Japan, and India. Additionally, during the study period, the region's expanding car sector will support the expansion of the automotive steering system market. The market for vehicle steering systems would also benefit from increased per capita income and population growth.
In the US, there was an increase in demand for both passenger cars and light commercial vehicles. As a result, well-known automakers are utilizing innovative driving technologies to raise the level of comfort in well-known vehicles. The introduction of autonomous driving technologies has increased demand even more.
Some German automakers struggled to obtain regulatory approval as the European Union moved toward the Worldwide Harmonized Light Vehicle Test Procedure. Production was also slowed down at the same time by large dealership markdowns to get rid of inventory before the new regulations took effect.
Due to the strict regulations put in place by government agencies to reduce vehicle pollution, Europe is predicted to hold the second-highest proportion of the market for automotive steering systems. During the study period, increased consumer desire for fuel-efficient and lightweight automobiles will also boost the market for automotive steering systems.
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The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions.
What does this Report Deliver?
Market Estimation for 20+ Countries
Automotive steering system Market demand by Region, Sub-Region, and Country
Customization on Segments, Regions, and Company Profiles
100+ tables, 150+ Figures
Global, Regional and Country specific Automotive steering system Market Trends
Comprehensive Mapping of Automotive steering system Industry Parameters
Attractive Investment Proposition in the Global Automotive steering system Industry
Competitive Strategies Adopted by Automotive steering system Market Key Players
Drivers, Restraints, Opportunities, Challenges and the impact on the Automotive steering system Market Size
Market growth rate till 2028
Regulatory scenario, regional dynamics, and Automotive steering system market insights of leading countries in each region
In-depth Market insights by Region and Country
Market Segmentation Trend Analysis, Opportunities and Growth
Porter's five force analysis to know the market's condition
Pricing Analysis and Automotive steering system Market Sales
Parent market analysis
Product portfolio benchmarking
Speak with our analyst for more information: https://skyquestt.com/speak-with-analyst/automotive-steering-system-market
SkyQuest has segmented the Global Automotive Steering System Market based on Vehicle Type, Technology, and Region:
Global Automotive Steering System Market by Vehicle Type (Revenue, USD Billion, 2022 - 2028)
Passenger Cars
HCV
LCV
Global Automotive Steering System Market by Distribution Channel (Revenue, USD Billion, 2022 - 2028)
Electronic Steering
Hydraulic Steering
Manual Steering
Electric-Hydraulic Steering
Global Automotive Steering System Market by Region (Revenue, USD Billion, 2022 - 2028)
North America
US
Canada
Mexico
Europe
Germany
France
UK
Russia
Italy
Spain
Rest of Europe
Asia Pacific
China
India
Japan
Indonesia
South Korea
Rest of Asia Pacific
Central & South America
Brazil
Argentina
Middle East & Africa
Saudi Arabia
South Africa
Rest of MEA
Key Players in the Global Automotive Steering System Market
JTEKT Corporation (Japan)
Hyundai Mobis Co., Ltd. (South Korea)
Showa Corporation (Japan)
Nexteer Automotive Group Limited (US)
NSK Ltd. (Japan)
ThyssenKrupp AG (Germany)
China Automotive Systems Inc. (China)
Mando Corporation (South Korea)
Mitsubishi Electric Corporation (Japan)
Robert Bosch GmbH (Germany)
About Us:
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
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Email: sales@skyquestt.com
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