Guiding the Future : Automotive Steering System Market Aims for $45,349.8 Million Milestone by 2025, Steering Innovation in the Driving Experience

Allied Market Research recently published a report, titled, "Automotive Steering System Market by Type (Hydraulic Power Steering, Electronic Power Steering, and Electro-Hydraulic Power Steering System) and Vehicle Type (Passenger Vehicle and Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2018 - 2025". The report offers comprehensive analyses of the current market size & forecast, key winning strategies, industry dynamics, top investment pockets, and competitive landscape. According to the report, the global automotive steering system market was valued at $29.42 billion in 2017 and is projected to reach $45.35 billion by 2025, registering a CAGR of 5.4% from 2018 to 2025.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/2317

The growth of the global automotive steering system market is driven by rise in disposable income of consumers and increase in demand for power steering systems in automotive due to their enhanced comfort and fuel efficiency, which ensure effortless driving experience, easy maneuverability, cost-effectiveness. However, the high cost of power steering systems is anticipated to impede the growth of the market. On the other hand, new technologies such as drive-by-wire is expected to be implemented in upcoming vehicles, which would provide promising prospects to the market in the near future.

Electronic power steering segment to retain dominance through forecast period

The electronic power steering (EPS) segment occupied more than three-fifths of the total market share in 2017, and is expected to maintain its lead through 2025. This is due to the fact that EPS ensures easy maneuverability and high fuel efficiency. Meanwhile, the hydraulic power steering segment is projected to witness the highest growth rate during the forecast period, registering a CAGR of 7.8%, owing to its enhanced accuracy of the steering while cornering and turning. The electro hydraulic power steering segment would witness a steady growth rate during the forecast period.

Passenger vehicles segment to retain dominance, commercial vehicles segment to manifest fastest growth through 2025

The passenger vehicle segment accounted for almost three-fourths share of the total revenue in 2017 and is expected to retain its dominance throughout the forecast period. This is due to the increased demand for sedans, luxury sedans, and mid-range vehicles that have robust steering systems to ensure seamless drivability. On the other hand, the commercial vehicle segment is expected to grow at the fastest CAGR of 7.2% through 2025, owing to the surge in need for power steering systems in heavy vehicles that are used in mining, construction, and other sectors.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 - https://www.alliedmarketresearch.com/automotive-steering-system-market/purchase-options

Asia-Pacific to retain lion's share through 2025

Asia-Pacific accounted for nearly two-fifths share of the global market in 2017, and is expected to continue its dominance through 2025 owing to continuous developments in the automotive sector and increase in production of heavy commercial vehicles coupled with higher adoption rate of such systems as compared to other regions. The automotive steering market in Europe is projected to grow at the fastest CAGR of 7.1% during 2018-2025, owing to the presence of numerous countries with a well-developed automotive industry. Such countries have massive production of automotive ranging from low-end vehicles to luxury sedans, which require advanced steering systems. The other regions analyzed in the report include North America and LAMEA (Latin America, Middle East, and Africa).

𝐋𝐢𝐬𝐭 𝐎𝐟 𝐊𝐞𝐲 𝐂𝐨𝐦𝐨𝐩𝐚𝐧𝐢𝐞𝐬;
China Automotive Systems Inc.,
JTEKT Corporation,
Nexteer Automotive,
Mando Corporation,
ThyssenKrupp Presta AG,
Robert Bosch Automotive Steering GmbH,
Showa Corporation,
NSK Ltd,
Mitsubishi Electric Corporation,
Sona Koyo Steering Systems Ltd.,
Hyundai Mobis Co. Ltd.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/2317

𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :-
https://www.alliedmarketresearch.com/passenger-car-accessories-aftermarket-market-A06108
https://www.alliedmarketresearch.com/automotive-head-up-display-market
https://www.alliedmarketresearch.com/automotive-backup-camera-market

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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