The global automotive steering systems market is anticipated to grow at a significant CAGR of nearly 4.6% during the forecast period (2021-2027). The steering industry is one of the significant industries for all types of vehicle industries. With the introduction of automotive steering system technology, drivers could steer heavy vehicles easily as well as it allows engineers to improve steering response. The growing popularity of self-driving vehicles is rising the demand for the electric power steering systems globally, which will propel the growth of the automotive steering systems market. These systems also reduce weight, which indirectly increases the efficiency of the vehicles.
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The COVID-19 pandemic has disrupted the manufacturing operations of various industries including automotive among others , owing to the imposition of lockdown across the globe by several government. Further, the outbreak has affected the buying behavior of the consumers, as people were more focused towards buying more essential goods. However, post outbreak of COVID-19, the automotive steering systems market has witness significant recovery, as industrial operations such as vehicle manufacturing facilities were reopened and labor swas available. In addition, the developing countries such as India, China, and others has witnessed significant growth in the demand for passenger vehicles due to the changing preference of the consumers post COVID-19 pandemic period. The population of the countries are shifting towards personal vehicles from public transportation, which will drive the
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Crude Steel Market Report Segment
By Technology
- Hydraulic Power Steering
- Electronic Power Steering
- Electro-Hydraulic Power Steering
By Mechanism
- Collapsible
- Rigid
By End-Users
- Passenger Vehicles
- Commercial Vehicles
Global Automotive Steering Systems Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global automotive steering systems market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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