Pune,india, June 28, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Automotive Steering System Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2028 - COVID-19 Impact and – by Type, Product Type, and Vehicle Type”, the market size was valued at $22.50 billion in 2020 and it is projected to reach $30.87 billion by 2028; it is expected to grow at a CAGR of 4.3% from 2021 to 2028.
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Global Automotive Steering System Market: Industry Overview
The automotive steering system market is segmented on the basis of type, product type, vehicle type, and geography. Based on type, the market is segmented into electric power steering, hydraulic power steering, and electro-hydraulic power steering. In terms of product type, the market is bifurcated into column drive and rack drive. On the basis of vehicle type, the market is segmented into passenger cars and commercial vehicles. Passenger Cars segment is further divided into Class A, Class B, Class C, Class D, Class E, Class F, SUV, and MPV. Commercial vehicles segment is further segmented into LCVs, MCVs, and HCVs. Geographically, the automotive steering system market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America.
The automotive steering system market in Europe is growing significantly. Germany, France, the UK, Russia, and Italy are among the major countries in Europe. In Europe, the automotive sector is crucial for the region’s prosperity. The region has significantly upgraded its industrial solutions and is labeled as Industry 4.0. In order to reinforce the competitiveness of its automotive industry and continue its global technological leadership, the European Commission is focusing on the funding for R&D. The region is the leading producer of passenger cars and several commercial vehicle manufacturers, such as Ford of Europe, Hyundai Motor Europe, Iveco, and Volkswagen. The thriving automotive industry in the region is one of the prominent end users of automotive steering systems. Besides, the national regulatory bodies are also taking numerous initiatives to support the development of the automotive industry in the region. All these factors are contributing to the growth of automotive steering system market size in Europe.
Stringent Fuel Efficiency Norms Driving Global Automotive Steering System Market Growth during 2021-2028:
Several governments across the world have enacted strict automotive emission and fuel economy legislations. Fleet-level regulations have been enforced by regulatory bodies such as the National Highway Traffic and Safety Administration in the US and the International Council on Clean Transportation in Europe. Automobile manufacturers must adhere to the average pollution cap decided by these regulations. These regulations have pushed automakers to spend more in fuel-efficient steering systems such as electronic power steering. As opposed to conventional hydraulic steering systems, electrically assisted power steering systems are lighter in weight and have a simpler structure. According to the US Department of Energy, in ideal conditions, EPS (Electronic Power Steering) systems can improve fuel efficiency by 2% to 4%, reduce fuel consumption by up to 6%, and reduce CO2 emissions by 8 grams per kilometer. As per the estimates by Nexteer Automotive Corporation, EPS systems have saved nearly 3 billion gallons of gas since 1999. Unlike hydraulic systems, which pump fluid continuously when the engine is running, these systems only use power when the wheels are turned. The European region has the highest penetration of electrically assisted power steering, followed by North America and Asia Pacific. Thus, the various stringent government norms for ensuring fuel efficient vehicles on road are expected to influence the demand for EPS, thereby contributing to the automotive steering system market growth over the forecast period.
The automotive steering system market size in Asia Pacific is projected to witness impressive growth rates during 2022–2028. The presence of developing economies with steady growth and rising adoption of innovative and advanced technologies makes Asia Pacific the world’s fastest-growing region. APAC comprises China, India, Japan, South Korea, and the Rest of APAC. The economy of APAC is performing well due to various infrastructural and technological developments. It has a robust automotive industry, which is supported by the mounting automotive manufacturing industry in countries such as China and India. China, India, South Korea, and Japan are among the leading vehicle manufacturing countries across the world. Continuous development in the economies of China and India and presence of huge disposable incomes in countries such as South Korea and Japan, have facilitated the swift growth of the automotive sector in APAC. The automotive manufacturers prefer incorporating cutting-edge solutions in their vehicles to attract a huge customer base and generate more revenues. Hence, robust automotive sector and surge in disposable incomes of people are supporting automotive steering system market growth in APAC.
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Global Automotive Steering System Market: Competitive Landscape and Key Developments
China Automotive Systems Inc, Nexteer Automotive, Hitachi Automotive Systems Americas, Inc, Hyundai Mobis, JTEKT Corporation, Mando Corporation, NSK Ltd, Robert Bosch GmbH, HYCET Technology Co Ltd, and Thyssenkrupp AG are among the leading automotive steering system market players profiled in the market report. Several other essential automotive steering system market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help key players strategize their growth. A few developments are mentioned below:
In 2021, China Automotive Systems, Inc. launched a new EPS product to empower ADAS. This new EPS product is based upon proprietary technologies developed by CAAS' research & development team. The company had begun mass production of this product for new vehicle models of the leading Chinese automaker, Great Wall Motors. Seamlessly connected with vehicle data, CAAS' new EPS system enables drivers to adapt to different road conditions and significantly enhances user experiences.
In 2019, JTEKT Corporation was in an exhibition at the 46th Tokyo Motor Show 2019 held at Tokyo big sight from October 24 to November 4. The company showcased its electronic power steering systems.
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