The global car steering systems market is anticipated to grow at a CAGR of 4.2% during the forecast period (2022-2028). The vehicle system from the steering wheel to the steering shaft, rack and pinion (also known as the gearbox), all the way to the linkage which connects to the wheels themselves, is combined known as car steering systems. The market growth is majorly attributable to the key emission norms of various regions including the China-VI, Euro-6, and PROCONVE P-8 and fuel related regulations for vehicles. Authorities including the the International Council on Clean Transportation (ICCT) in Europe, National Highway Traffic and Safety Administration (NHTSA) in the US, and other organizations have regulated fleet-level regulations that mandate an average emission limit needed to be followed by the automotive OEMs. These regulations have also pushed the fuel-efficient steering technologies such as electrically assisted power steering systems.
According to the US Department of Energy (DOE) data, in ideal conditions, electronic power steering (EPS) systems can increase fuel efficiency by 2% to 4%, reduce fuel consumption by up to 6%, and decrease CO2 emissions by 8g/km. Estimations show that EPS systems have supported to save almost 3 billion gallons of gas since 1999 (as per the Nexteer Automotive). Such systems use power only when the wheel turn, unlike hydraulic systems that pump fluid throughout when the engine is running. This, as a result, increases the fuel economy. This is anticipated to be the key driving factor for the growth of the global car steering systems market.
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Market Coverage
The market number available for – 2021-2028
Base year- 2021
Forecast period- 2022-2028
Segment Covered-
By Type
By Application
Regions covered-
North America
Europe
Asia-Pacific
Rest of the World
Competitive Landscape:
Nexteer Automotive Group Ltd., Robert Bosch GmbH, and Hitachi Ltd., among others.
Key questions addressed by the report
What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How COVID-19 impacted the market?
Deviation from the pre-COVID-19 forecast
Most affected region and segment
Who is the leader in the market?
How are players addressing challenges to sustain growth?
Where is the investment opportunity?
A full report of car steering systems market is available at:
https://orionmarketreports.com/global-car-steering-systems-market/101611/
Global Car Steering Systems Market Report by Segment
By Type
Hydraulic
Electrical
By Application
Passenger Cars
Commercial Vehicles
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