Automotive Steering System Market Share, Demand, Trends, Growth Drivers, Revenue, Challenges, Opportunities and Future Strategies Till 2033


Automotive Steering System Market Share, Demand, Trends, Growth Drivers, Revenue, Challenges, Opportunities and Future Strategies Till 2033: SPER Market Research

 Published: Apr-2024
 Author: SPER Analyst

Automotive Steering System Market is projected to be worth USD 39.83 billion by 2033 and is anticipated to surge at a CAGR of 4.81%.

The automotive steering system is a collection of components that helps the person driving guide the car in the proper direction and change course as necessary. The components of the vehicle steering system include the rack and pinion mechanism, steering column, universal joints, and hand-operated steering wheel. The development resulted in the switch from a manual to a power-assisted steering system. Because it cannot be replaced and is necessary for the vehicle to be handled safely and effectively, the automotive steering system is considered an essential component of automobiles. 

Global Automotive Steering System Market Driving Factors and Challenges
Due to rising consumer disposable income, there is a growing demand for automobiles, which is driving the market's expansion. Furthermore, the use of power steering systems in cars is to blame for this market's expansion. The car's strong steering mechanism is the reason for its improved fuel economy. Because of this, the need for steering systems increases along with the market for fuel-efficient automobiles. Customers also place a high priority on mobility and ease of use when driving an automobile. The use of an effective steering system contributes to driving comfort, which in turn drives up demand for steering systems and leads to market expansion. 

Articulated steering is used by the majority of mining and construction equipment, including articulated dump trucks, motor graders, and wheeled loaders. With an articulated steering mechanism, the car is split into two sections that are connected by a hydraulic system that permits the steering of either part of the vehicle. With this kind of technology, power steering is typically supplied by a hydraulic system that moves the vehicle's body using double-acting cylinders. This is holding back the growth of the automotive steering market since mining and construction equipment's electrified steering mechanisms will create a massive demand for original equipment manufacturers of automotive steering systems.

Impact of COVID-19 on Global Automotive Steering System Market
The automotive sector has suffered from COVID-19, especially the steering market. Government lockdowns and laws related to the epidemic have caused manufacturing factories to close, which has significantly reduced the output of automobiles and automotive components. Travel restrictions, logistics, and a shattered supply chain that has stopped the global shipment of raw materials are just a few of the commercial domains that have been affected by the pandemic. Furthermore, a lot of businesses have moved their operations facilities abroad, which has shrunk the market.

Global Automotive Steering System Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Magna International, Mando Corporation, Mitsubishi Electric Corporation, Robert Bosch Gmbh, Showa Corporation, Nsk Ltd, Nexteer Automotive Group Limited, Jtekt Corporation, Hyundai Mobis Co., Ltd., Hitachi Automotive System, And Others.

Global Automotive Steering System Market Segmentation:

By Technology: Based on the Technology, Global Automotive Steering System Market is segmented as; Electric Power Steering, Hydraulic Power Steering and Electrically Assisted Hydraulic Power Steering.

By Component: Based on the Component, Global Automotive Steering System Market is segmented as; Hydraulic Pump, Steering Column/Rack, Electric Motor, Sensor and Others.

By Vehicle Type: Based on the Vehicle Type, Global Automotive Steering System Market is segmented as; Passenger Vehicle, Light Commercial Vehicle, Heavy Duty Trucks, Bus and Coaches.

By Sales Channel: Based on the Sales Channel, Global Automotive Steering System Market is segmented as; OEM and Aftermarket.

By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe. 

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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