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Automotive Steering System Market worth $45.53 billion by 2030, growing at a CAGR of 5.20% - Exclusive Report by 360iResearch
Automotive Steering System Market | 360iResearch
The Global Automotive Steering System Market to grow from USD 31.91 billion in 2023 to USD 45.53 billion by 2030, at a CAGR of 5.20%.
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An automotive steering system helps control the vehicle's direction and assists the driver in maneuvering the vehicle as per the requirement. Increasing automotive production with a rising focus on fuel-efficient vehicles elevates the demand for automotive steering systems. In addition, the adoption of power steering systems in vehicles is responsible for the growth of this market. However, the high cost of power steering systems impedes market growth. Increasing the introduction of technologically advanced automotive steering systems by market players is expected to expand the market scope.
The Americas represents a highly developing and innovative landscape owing to the increasing focus on electric vehicles and the rising adoption of power steering systems. The Corporate Average Fuel Economy legislation in the U.S. has set the target of 35 miles per gallon (mpg) to 36.6 mpg by 2017 and 54.5 mpg by 2025 for average fleet fuel efficiency. As per the International Energy Agency (IEA), in the United States, electric car sales doubled their market share to 4.5% in 2021, reaching 630000 sold. The increasing number of automotive vehicles and rising focus on developing lightweight automotive components in the region is expected to elevate the demand for the fabrication of automotive steering systems in the Americas. The International Organization of Motor Vehicle Manufacturers (OICA) stated that, in 2021, total car production was higher across China, Japan, India, South Korea, Malaysia, Thailand, and Indonesia. The growing automotive vehicle production in Asia-Pacific is expected to expand the usage of automotive steering systems in APAC. The ongoing expansion of the manufacturing facilities of automotive steering in EMEA is expected to fuel the market growth in the region. For instance, in November 2022, Continental AG expanded its Timișoara electronic components factory to produce 17 million units of several products, including power steering, air suspension, and many other onboard instruments.
Market Segmentation & Coverage:
This research report categorizes the Automotive Steering System Market in order to forecast the revenues and analyze trends in each of following sub-markets:
Based on Type, market is studied across Electro-hydraulic Power Steering, Electronic Power Steering, and Hydraulic Power Steering. The Electro-hydraulic Power Steering is projected to witness significant market share during forecast period.
Based on Component, market is studied across Electric Motor, Hydraulic Pump, Sensor, and Steering Column/Rack. The Hydraulic Pump is projected to witness significant market share during forecast period.
Based on Vehicle, market is studied across Commercial Vehicle and Passenger Vehicle. The Passenger Vehicle is projected to witness significant market share during forecast period.
Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa is projected to witness significant market share during forecast period.
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FPNV Positioning Matrix:
The FPNV Positioning Matrix is essential for assessing the Automotive Steering System Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).
Market Share Analysis:
The Market Share Analysis offers an insightful look at the current state of vendors in the Automotive Steering System Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.
Key Company Profiles:
The report delves into recent significant developments in the Automotive Steering System Market, highlighting leading vendors and their innovative profiles. These include Alps Electric Co., Ltd, Automotive IQ by IQPC GmbH, Ayd Infra Private Limited, Bendix Commercial Vehicle Systems LLC, Complete Steering Australia, ContiTech AG, Danfoss A/S, Delphi Technologies by BorgWarner Inc, Denso Corporation, FTL Steering Systems GmbH, GKN PLC., Global Steering Systems LLC, Hiatchi Ltd., Hyundai Mobis Co. Ltd, JIYI Robot (Shanghai) Co., Ltd., Jtekt Machine Systems Corp., Mando Corp., Mighty Auto Parts, Mitsubishi Electric Corporation, Moog by DRiV Automotive Inc., MTS Systems Corporation, Nexteer Automotive Corporation, NSK Ltd., Pailton Engineering Ltd., PSS Steering & Hydraulics, Rane Holdings Limited., Robert Bosch GmbH, Schaeffler Group, Sona Koyo Steering System Ltd, Thompson Ramo Wooldridge Inc., ThyssenKrupp AG, Trimble, Inc., and ZF Friedrichshafen AG.
Key Topics Covered:
1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Automotive Steering System Market, by Type
7. Automotive Steering System Market, by Component
8. Automotive Steering System Market, by Vehicle
9. Americas Automotive Steering System Market
10. Asia-Pacific Automotive Steering System Market
11. Europe, Middle East & Africa Automotive Steering System Market
12. Competitive Landscape
13. Competitive Portfolio
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Automotive Steering System Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Automotive Steering System Market?
3. What is the competitive strategic window for opportunities in the Automotive Steering System Market?
4. What are the technology trends and regulatory frameworks in the Automotive Steering System Market?
5. What is the market share of the leading vendors in the Automotive Steering System Market?
6. What modes and strategic moves are considered suitable for entering the Automotive Steering System Market?
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About 360iResearch
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