Automotive Steering System Market to Grow at a CAGR of 4.3% to reach US$ 30,875.8 Million from 2020 to 2027

 

The global automotive steering system market was valued at US$ 22,501.01 million in 2020 and is projected to reach US$ 30,875.8 million by 2028; it is expected to grow at a CAGR of 4.3% during 2021–2028.

There is an increase in use of buses and trucks worldwide, especially for logistics and public transportation. In Asia, Oceania, and Europe, public transportation is preferred over private transportation, while in North America, private cars are the primary mode of transportation. As the population in urban areas is growing, there is a need for increased public transit, and the current transportation infrastructure is proving inadequate. OEMs worldwide are now focused on lowering global carbon emissions, which is leading to increase in use of electric cars. Passenger cars and taxis are concentrating more on the introduction of greener technology as the demand increases. The manufacturers are concentrating their efforts on electrification of vehicles, especially passenger cars. Several countries worldwide are putting a lot of work into creating green transportation. For example, in May 2019, China's Ministry of Transport and other ministries jointly released the Green Travel Action Plan for 2019–2022, which encourages the use of green vehicles. In addition, the country will continue to improve public transportation and information systems that promote green transportation.

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The report includes an inside and out valuation concerning the future progressions depending on the past information and current conditions of the market. It gives a comprehensive perspective on the worldwide Automotive Steering System market to settle on astute choices with respect to future changes. The examination group has researched administrators, central participants on the lookout, topographical fracture, item type, and its depiction, and market end-customer applications. It gives assessed deals income from every single section alongside every district. The report includes essential and optional information which is introduced as diagrams and pie graphs for better arrangement. The general report is introduced in a powerful way that includes a fundamental framework, arrangements, and certain realities according to reassurance and cognizance.

Major Product Type of Automotive Steering System Market Research report:

Electronic Power Steering, Hydraulic Power Steering, and Electro-Hydraulic Power Steering

Application Automotive Steering System Market Research Report:

Passenger Cars and Commercial Vehicles

Key Offerings:

·         Market Size & Forecast by Revenue | 2028

·         Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities

·         Market Segmentation – A detailed analysis by product, types, end-user, applications, segments, and geography

·         Competitive Landscape – Top key vendors and other prominent vendors.

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Type Segment Insights

Based on type, the automotive steering system market is segmented into electronic power steering, hydraulic power steering, and electro-hydraulic power steering. The electronic power steering accounted for the largest share in the global market in 2020. In the event of an accident, the collapsible steering column is a mechanism consisting of an upper column and a lower shaft, with the lower shaft going into a housing. In passenger cars and light commercial vehicles, this column is mounted. The primary factors driving the growth of collapsible steering columns in EPS systems are the growing development of passenger cars and light commercial vehicles, and increasing government mandates on road safety.

Vehicle Type Segment Insights

Based on vehicle type, the automotive steering system market is bifurcated into passenger vehicles and commercial vehicles. In 2020, the passenger vehicle segment accounted for a larger share in the global market. Because of the improved economic situation and increase in consumers' disposable incomes, the global automotive industry has seen steady growth in demand for and sales of passenger cars. From transportation to comfortable/convenient transportation, and from convenient transportation to luxurious and secure transportation, the world has seen a gradual change.

 

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