Automotive Steering Market Size, Trends & Forecasts | Valuates Reports

Automotive Steering Market Size

The global market for Automotive Steering was valued at US$ 28970 million in the year 2024 and is projected to reach a revised size of US$ 35760 million by 2031, growing at a CAGR of 3.1% during the forecast period.

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Automotive is a key driver of this industry. According to data from the World Automobile Organization (OICA), global automobile production and sales in 2017 reached their peak in the past 10 years, at 97.3 million and 95.89 million respectively. In 2018, the global economic expansion ended, and the global auto market declined as a whole. In 2022, there will wear units 81.6 million vehicles in the world. At present, more than 90% of the world"s automobiles are concentrated in the three continents of Asia, Europe and North America, of which Asia automobile production accounts for 56% of the world, Europe accounts for 20%, and North America accounts for 16%. The world major automobile producing countries include China, the United States, Japan, South Korea, Germany, India, Mexico, and other countries; among them, China is the largest automobile producing country in the world, accounting for about 32%. Japan is the world"s largest car exporter, exporting more than 3.5 million vehicles in 2022.

By Type
• Electric Power Steering
• Hydraulic Power Steering

By Application
• Passenger Cars
• Commercial Vehicles

Key Companies
ThyssenKrupp (Germany), HUAYU Automotive Systems (China), Eaton (USA), JTEKT (Japan), Hitachi Automotive Systems (Japan), American Axle & Manufacturing Holdings (USA), CIE Automotive (Spain), KYB (Japan), SHOWA (Japan), Dongfeng Motor Parts And Components Group (China), Wanxiang Qianchao (China), Beijing Hainachuan Automotive Parts (China)

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This release was published on openPR.