Automotive Steering Systems Market is expected to reach USD 44.30 Billion by 2029

 Automotive Steering Systems Market Overview

The Automotive Steering Systems Market has been thoroughly examined by Maximize Market Research. This research has identified all of the leading companies and factors in the market based on several metrics such as volume, share, growth, strategies, and so on. The research goes on to look at the elements that influence market growth. The paper also identifies and states the trends affecting growth. Other considerations discussed in the research include risks and problems faced by numerous players.

Report Scope

MMR’s research is a thorough examination of the Automotive Steering Systems market; it also identifies all of the top companies in the global market based on variables such as volume, share, strategies, and growth. The research also includes tactics for both existing industry participants and those looking to enter the market. The summarization is predicted to aid and boost their market standing.

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Impact of COVID-19 on the market

COVID-19 has generated a public health emergency and has impacted every business and industry. The research also discusses the long-term impacts of COVID-19, which may have an impact on the growth of the Automotive Steering Systems market, as well as remedies to these issues. The paper also discusses the present market’s developments and dynamics as a result of COVID-19. The updated report provides you with information on the impact of COVID-19, including insights, dynamics, changes, estimations, analyses, and forecasts.

Automotive Steering Systems Market Segment Analysis:

The automotive steering system market is divided into three categories based on the type of vehicle: passenger cars, light commercial vehicles, and heavy commercial vehicles. Due to rising sales and production in emerging countries in the Asia Pacific, the passenger car segment is anticipated to dominate the automotive steering system market during the forecast period. Electric power steering (EPS), manual steering, hydraulic power steering (HPS), and electro-hydraulic power steering are the four technology-based segments of the automotive steering system market (EHPS). Electric power steering is expected to dominate the automotive steering system market over the forecast period because automakers are increasingly integrating it into all vehicle models.

Market Key Players

● China Automotive Systems, Inc.
● Nexteer Automotive
● Hitachi Automotive Systems Americas, Inc.
● Hyundai Mobis
● JTEKT Corporation
● The Mando Corporation
● NSK Ltd.
● Robert Bosch GmbH
● Showa Corporation
● ThyssenKrupp AG
● Magna International
● Mitsubishi Electric Corporation
● Denso Corporation
● Sona Corporation
● Knorr-Bremse AG
● ZF Friedrichshafen AG
● Rollax GmbH & Co. KG

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Automotive Steering Systems Market Regional Analysis

Europe region dominated the global automotive steering systems market in 2021 and held the largest market share. In Europe, the automotive sector is crucial for the region’s prosperity. The region’s industrial solutions have been greatly enhanced, and it has been designated as Industry 4.0. The European Commission is concentrating on R&D investment to strengthen the competitiveness of the automobile sector and maintain its technical leadership. The area is the major producer of passenger automobiles and commercial vehicles, including Ford of Europe, Hyundai Motor Europe, Iveco, and Volkswagen. The automobile industry is critical to the region’s growth. In 2020, 16,921,311 units of commercial and passenger vehicles were produced. Germany is one of the largest automotive markets in the region. The country comprises major automotive manufacturers such as Daimler AG, BMW, VW, Opel, and Audi. The growing automobile production in Germany, as well as Europe is driving the automotive steering system market.

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