Press release
Automotive Steering System Market To Witness Heightened Growth During Period 2022 - 2032 : Fact.MR
Historically, between 2016 and 2020, sales of automotive steering systems expanded close to 4%, closing in at nearly US$ 23 Bn by the end of the aforementioned period. As the COVID-19 pandemic took hold, prospects dipped significantly in the initial quarters, attributed to substantial shortfalls in automotive output amid mandatory lockdowns. However, since Q4 2020, restrictions have lifted, restoring projections.
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Manufacturers are majorly driven by the objective of reducing emissions, prompting numerous innovations and product launches across key regions. For instance, in 2018, WABCO Holdings Inc. signed a MoU with Valeo to develop short and mid-range sensor technologies for next-generation advanced driver assistance systems. Such initiatives are boding well for autonomous steering systems demand.
Key Segments Covered
Type
Hydraulic Powered Automotive Steering System
Electrically Powered Automotive Steering System
Vehicle Type
Automotive Steering Systems for Passenger Vehicles
Automotive Steering Systems for Light Commercial Vehicles (LCV)
Automotive Steering Systems for Heavy Commercial Vehicles (HCV)
Sales Channel
Automotive Steering Systems for OEMs
Automotive Steering Systems for Aftermarkets
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Key Takeaways from Market Study
By type, electrically powered automotive steering systems to expand at over 5% CAGR until 2031
Heavy commercial vehicles (HCV) to remain primary end user, accounting for around 40% revenue
Aftermarket sales of automotive steering systems to emerge dominant, amid constant maintenance requirements
U.S to comprise bulk of North American demand, expanding at around 4% CAGR
East & South Asia to jointly account for 60% of global automotive steering systems demand
China, Japan and India to dominate the automotive steering system market.
Competitive Landscape
Automotive steering system companies are focusing on providing comfortable and hassle-free rides that would not harm the environment.
In July 2021, Bosch and VW have announced integration of swarm intelligence. The company is focusing on improving road safety that would make assistance robust and convenient for drivers. Furthermore, the real time information for high resolution maps updates about real road traffic.
Key manufacturers in the automotive steering systems include Nexteer Automotive Group Limited, JTEKT Corporation, ThyssenKrupp AG, NSK Ltd., Mitsubishi Electric Corporation, China Automotive Systems Inc., Sona Koyo Steering Systems Limited and Robert Bosch Limited.
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