Press release
Automotive Steering System Market Analysis and Forecast to 2033: COVID-19 and Post-COVID Impact, Opportunities and Trends
The Automotive Steering System Market is valued at approximately USD 18.33 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.94% from 2023 to 2033. This growth is largely driven by technological advancements that enhance the performance, safety, and efficiency of steering systems in vehicles. Innovations in areas such as electric and autonomous steering systems contribute to this upward trend. However, the market faces challenges, including high development and production costs, which can be a significant barrier to entry and expansion for many companies. Opportunities in the market are concentrated around innovations in materials and manufacturing technologies. Advances in these areas are expected to lead to more efficient, lightweight, and cost-effective steering solutions, potentially transforming the landscape of automotive steering systems. As vehicle manufacturers and suppliers continue to invest in research and development, the market is likely to see a surge in new technologies that address current limitations and open up new avenues for growth.For More Information: https://evolvebi.com/report/automotive-steering-system-market-analysis/
The report includes 10 key players in the Automotive Steering System market ecosystem that have been strategically profiled, along with the market ranking/share for major players. The key players profiled in the report are:
• JTEKT Corporation
• Robert Bosch
• Nexteer Automotive Group Limited
• China Automotive Systems Inc.
• Mando Corporation
• ThyssenKrupp Presta
• Showa Corporation
• Hyundai Mobis Co. Ltd
• Sona Koyo Steering Systems Ltd.
• NSK Ltd
The competitive landscape of the Automotive Steering System Market is characterized by the presence of several key players who are driving innovation and development in this sector. Leading companies include JTEKT Corporation, known for its advanced steering technologies and global reach, and Robert Bosch, which offers a range of high-quality steering solutions integrated with its extensive automotive expertise. Nexteer Automotive Group Limited and China Automotive Systems Inc. are prominent players with strong manufacturing capabilities and a focus on electric and hydraulic steering systems. Mando Corporation and ThyssenKrupp Presta are also significant contributors, offering cutting-edge steering systems with a focus on performance and reliability. Showa Corporation and Hyundai Mobis Co. Ltd play crucial roles with their innovative technologies and integration into broader automotive systems. Sona Koyo Steering Systems Ltd. and NSK Ltd round out the competitive landscape with their emphasis on high-quality steering solutions and research in new materials and technologies.
For sample report pages - https://evolvebi.com/report/automotive-steering-system-market-analysis/
Market Segment By Type with focus on market share, consumption trend, and growth rate of Automotive Steering System Market:
o Column-EPS (C-Eps)
o Pinion-EPS (P-Eps)
o Rack-EPS (R-Eps)
Market Segment By component with focus on market share, consumption trend, and growth rate of Automotive Steering System Market:
o Hydraulic pump
o Steering column
o Steering wheel speed sensor
o Electric motor
Market Segment By technology with focus on market share, consumption trend, and growth rate of Automotive Steering System Market:
o Electric power steering (EPS)
o Electrically assisted hydraulic power steering (EHPS)
o Hydraulic power steering (HPS)
Market Segment By vehicle type with a focus on market share, consumption trend, and growth rate of Automotive Steering System Market:
o Passenger car (PC)
o Light commercial vehicle (LCV)
o Heavy commercial vehicle (HCV)
Global Automotive Steering System Geographic Coverage:
• North America
o US
o Canada
o Mexico
• Europe
o UK
o Germany
o France
o Italy
o Spain
o Benelux
o Nordic
o Rest of Europe
• Asia Pacific
o China
o Japan
o South Korea
o Indonesia
o Austalia
o Malaysia
o India
o Rest of Asia Pacific
• South America
o Brazil
o Argentina
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Egypt
o South Africa
o Rest of the Middle East & Africa
For any customization, contact us through - https://evolvebi.com/report/automotive-steering-system-market-analysis/
Key Matrix for Latest Report Update
• Base Year: 2023
• Estimated Year: 2024
• CAGR: 2024 to 2034
Evolve Business Intelligence
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Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.
Evolve Business Intelligence is built on account of technology advancement providing highly accurate data through our in-house AI-modelled data analysis and forecast tool - EvolveBI. This tool tracks real-time data including, quarter performance, annual performance, and recent developments from Fortune's global 2000 companies.
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