Automotive Steering System Market Share 2024- Global Industry Trends, Revenue, Growth Drivers, Business Challenges, Opportunities and Future Competition till 2033: SPER Market Research
A steering system for an automobile is a collection of parts that work together to regulate the direction of travel and assist the person driving in navigating the vehicle as needed. The automotive steering system component is made up of the rack and pinion mechanism, universal joints, hand-operated steering wheel, and steering column. A power assist steering system has replaced the manual steering system as a result of this advancement. The automotive steering system is a crucial component of automobiles since it is regarded as non-replaceable and is in charge of providing efficient control.
According to SPER Market Research, ‘Automotive Steering System Market Size- By Technology, By Component, By Vehicle Type, By Sales Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Automotive Steering System Market is estimated to reach USD 39.83 billion by 2033 with a CAGR of 4.81%.
The market for automotive steering systems is being driven by several factors. Global government rules place a high priority on safety, possibly requiring steering technology updates. The demand for sophisticated steering systems in new cars is also being driven by consumers’ growing discretionary money and emphasis on comfort. Due to their emphasis on efficiency and safety, Original Equipment Manufacturers (OEMs) control the majority of the sales channel. Original equipment manufacturer (OEM) steering systems are a part of a car’s architecture and are covered by warranties. Lastly, the market is divided based on technology, with electric power steering (EPS) growing at the quickest rate because of its simplicity, maintenance friendliness, compatibility with driver assistance systems, integration with fuel-efficient technologies, and lightweight vehicle designs.
Steer-by-wire systems and electric power steering (EPS) are examples of cutting-edge technology that can present production challenges due to their high costs. Companies in the automobile industry face intense rivalry, which forces them to maintain high standards of quality while offering affordable pricing. In comparison to hydraulic systems, EPS systems may cost more to diagnose and repair due to the need for certain tools and expertise on the part of the customer. Challenges also arise from shortages of semiconductor raw materials.
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Impact of COVID-19 on Global Automotive Steering System Market
The COVID-19 pandemic caused a significant drop in output and sales for the automotive sector. Lockdowns were implemented by governments across the globe to stop the pandemic’s spread, forcing many manufacturers to temporarily halt operations. Due to the high capital requirements of industrial manufacturing, numerous component firms were in danger of going bankrupt. After the lockdowns were lifted, minimal vehicle manufacturing continued. The COVID-19 pandemic has resulted in shortages of vital components for the automobile sector because of its ripple effects on worldwide supply chains.
Global Automotive Steering System Market Key Players:
North America held the highest market share among all regions. Due to the substantial presence of important industry players in the area, North America holds the biggest market share in the global automotive steering system market. Magna International, Mando Corporation, Mitsubishi Electric Corporation, Hitachi Automotive System, Robert Bosch Gmbh, Showa Corporation, Nsk Ltd, Nexteer Automotive Group Limited, Jtekt Corporation, Hyundai Mobis Co., Ltd., and others are some of the major companies in this market.
Automotive Steering System Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
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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Automotive Steering System Market Revenue
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