The Worldwide Automotive Steering System Industry is Expected to Reach $41 Billion by 2027

DUBLIN, July 11, 2022 /PRNewswire/ -- The "Automotive Steering System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

The global automotive steering system market reached a value of US$ 30.98 Billion in 2021. Looking forward, the publisher expects the market to reach a value of US$ 41.13 Billion by 2027, exhibiting a CAGR of 4.84% during 2021-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

An automotive steering system comprises a set of components, such as steering wheels, gears, and linkages, which are used to control the direction of a vehicle. It also includes a hydraulic booster that works when the engine is running and provides the necessary force while turning the wheels. It assists in converting the rotatory movement of the steering into an angular turning of the front wheels. Besides this, it minimizes wear and tear of tires, prevents road shocks from reaching the driver and provides stability to the vehicle on the road.

The growing demand for automobiles across the globe represents one of the key factors driving the market. In addition, there is a rise in the adoption of power steering systems in vehicles as they offer better control over the vehicle. This, in turn, is propelling the growth of the market.

Moreover, effective steering systems help increase the fuel efficiency of vehicles. As a result, the rising demand for fuel-efficient vehicles worldwide is contributing to the growth of the market. Apart from this, governments of several countries are implementing fleet-level regulations to reduce carbon emissions from vehicles.

This, coupled with the escalating demand for electric power steering (EPS) systems to improve the safety and overall driving experience, is stimulating the growth of the market. Additionally, the increasing use of sensors in automotive steering systems is positively influencing the market.

Other growth-inducing factors are the expanding automotive industry and the growing advanced driver assistance systems (ADAS) and electronic control units (ECU) in automobiles. Furthermore, key market players are introducing drive-by-wire technology to eliminate any mechanical linkages and reduce the weight of the vehicle, which is projected to strengthen the market growth.

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being China Automotive Systems Inc., Denso Corporation, Georgsmarienhutte Holding GmbH, Gss Steering Systems LLC, JTEKT Corporation, Knorr-Bremse AG, Mando Corporation, Mitsubishi Electric Corporation, Nexteer Automotive (Pacific Century Motors), NSK Ltd., Robert Bosch Gmbh, Rollax GmbH & Co. KG and thyssenkrupp AG.

Key Questions Answered in This Report:

• How has the global automotive steering system market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global automotive steering system market?
• What are the key regional markets?
• What is the breakup of the market based on the type?
• What is the breakup of the market based on the component?
• What is the breakup of the market based on the vehicle type?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global automotive steering system market and who are the key players?
• What is the degree of competition in the industry?

Key Topics Covered:

1 Preface

2 Scope and Methodology

3 Executive Summary

4 Introduction
4.1 Overview
4.2 Key Industry Trends

5 Global Automotive Steering System Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast

6 Market Breakup by Type
6.1 Electric Power Steering (EPS)
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Hydraulic Power Steering (HPS)
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Electro-Hydraulic Power Steering (EHPS)
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Manual Steering
6.4.1 Market Trends
6.4.2 Market Forecast

7 Market Breakup by Component
7.1 Steering Column
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Steering Wheel Speed Sensors
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Electric Motors
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Hydraulic Pumps
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Others
7.5.1 Market Trends
7.5.2 Market Forecast

8 Market Breakup by Vehicle Type
8.1 Passenger Cars
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Light Commercial Vehicles
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Heavy Commercial Vehicles
8.3.1 Market Trends
8.3.2 Market Forecast

9 Market Breakup by Region

10 SWOT Analysis

11 Value Chain Analysis

12 Porters Five Forces Analysis

13 Price Analysis

14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 China Automotive Systems Inc.
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.1.3 Financials
14.3.2 Denso Corporation
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.3 Georgsmarienhutte Holding GmbH
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.3.3 Financials
14.3.3.4 SWOT Analysis
14.3.4 Gss Steering Systems LLC
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.5 JTEKT Corporation
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.6 Knorr-Bremse AG
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.6.3 Financials
14.3.6.4 SWOT Analysis
14.3.7 Mando Corporation
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.8 Mitsubishi Electric Corporation
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 Financials
14.3.8.4 SWOT Analysis
14.3.9 Nexteer Automotive (Pacific Century Motors)
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.10 NSK Ltd.
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.10.3 Financials
14.3.11 Robert Bosch Gmbh
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
14.3.12 Rollax GmbH & Co. KG
14.3.12.1 Company Overview
14.3.12.2 Product Portfolio
14.3.12.3 Financials
14.3.13 thyssenkrupp AG
14.3.13.1 Company Overview
14.3.13.2 Product Portfolio
14.3.13.3 Financials
14.3.13.4 SWOT Analysis

For more information about this report visit https://www.researchandmarkets.com/r/bz9war

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