Automotive Steering Systems Market Overview:
Maximize Market Research’s latest research report unveils the Automotive Steering Systems market landscape. With a primary focus on key players, their segments, business strategies, regional expansion, and cost structures, the report offers valuable insights. It delves into top players, market size, shares, drivers, challenges, opportunities, competitive landscape, attractiveness analysis, new product launches, technological advancements, and growth catalysts, all contributing to a comprehensive analysis of the Automotive Steering Systems market.
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Automotive Steering Systems Market Report Scope and Research Methodology:
The Automotive Steering Systems market report provides insights into market applications and key strategies, considering diverse driving and limiting factors. It encompasses the study of trends, volume, cost, share, supply, demand, and product analysis. Qualitative and quantitative data, gathered from primary research, free/paid databases, surveys, and Google forms, undergoes analysis using tools like SWOT and PESTLE to comprehensively understand the Automotive Steering Systems market.
Market Dynamics: The quality of automobiles manufactured two decades ago has significantly improved thanks to ongoing technical advancements in the automotive industry and the development of creative solutions to improve the complete travelling experience. Automotive OEMs (Original Equipment Manufacturers) have introduced several cutting-edge technologies that raise the visual appeal and performance of vehicles.
Automotive Steering Systems Market Regional Insights:
In a Automotive Steering Systems market research report, regional analysis provides valuable insights into the geographic variations of the Automotive Steering Systems market. This analysis entails a meticulous assessment of market trends, competitive dynamics, consumer tendencies, and regulatory frameworks unique to each region.
Automotive Steering Systems Market Segmentation:
by Component
1. Hydraulic Pump
2. Steering Column
3. Electric Motor
4. Steering Wheel Speed Sensor
by Technology
1. Electric power steering (EPS)
2. Electrically assisted hydraulic power steering (EHPS)
3. Hydraulic power steering (HPS)
Electric power steering (EPS), manual steering, hydraulic power steering (HPS), and electro-hydraulic power steering (EHPS) are the four technology-based segments of the vehicle steering system market. Electric power steering is likely to dominate the automotive steering system market over the forecast period because automakers are rapidly integrating it into all vehicle types. This segment of the market for automotive steering systems is anticipated to grow faster than average due to developments in electric power steering and steer-by-wire technology. The hydraulic power steering category is anticipated to expand in the market over the course of the projection period as a result of its widespread application in commercial vehicles. Electric power steering is not used in commercial vehicles due to its limited load-bearing capacity. Furthermore, road noise can be reduced with hydraulic power steering.
by EPS Type
1. Column-EPS (C-EPS)
2. Pinion-EPS (P-EPS)
3. Rack-EPS (R-EPS)
Based on EPS Type, R-EPS can steer a variety of vehicle types, from mid-sized cars to full-sized trucks, and as a result, it is anticipated to have the fastest growth. R-EPS category development is projected to be aided by consumers’ shifting preferences from passenger cars to compact SUVs and higher-end vehicles. Additionally, R-EPS saves vital engine compartment space and is simple to adapt to other vehicle platforms. According to Nexteer Automotive Group Limited, a significant steering manufacturer in North America, R-EPS makes up more than 90% of the full-size truck market in North America. The R-EPS segment of the automotive steering systems market is anticipated to increase over the course of the forecast period due to the high demand for powerful light commercial vehicles in the United States.
by Pinion-Type
1. Single
2. Dual
Due to its enhanced fuel efficiency and steering feel, the dual pinion sector, which is based on pinion-type, is predicted to dominate the market for automotive steering systems. Dual pinion reduces the risk of leg injury in the case of a collision by allowing for additional design alternatives for where to place the motor and controller as well as helping the mechanism opposite the driver side. Additionally, throughout the projection period, the dual pinion segment in the automotive steering systems market is projected to rise because to the increasing penetration of the C and D vehicle sectors.
by Mechanism
1. Collapsible EPS
2. Rigid EPS
by Vehicle Type
1. Passenger Car (PC)
2. Light Commercial Vehicle (LCV)
3. Heavy Commercial Vehicle (HCV)
The automotive steering system market is divided into three categories based on the kind of vehicle: passenger cars, light commercial vehicles, and heavy commercial vehicles. Due to increased sales and production in emerging countries in the Asia Pacific, the passenger vehicle segment is anticipated to dominate the automotive steering system market over the forecast period. This segment of the automotive steering system market is anticipated to develop faster due to the rising popularity of electric power steering systems in passenger cars. In the area of light commercial vehicles, the market for automotive steering systems is also anticipated to expand.
Light commercial vehicles frequently have hydraulic power steering systems. Additionally, the market for automobile steering systems in this sector is anticipated to rise due to the increasing demand for logistical operations for trade activities.
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Automotive Steering Systems Market Key Players:
1. China Automotive Systems, Inc.
2. Nexteer Automotive
3. Hitachi Automotive Systems Americas, Inc.
4. Hyundai Mobis
5. JTEKT Corporation
6. The Mando Corporation
7. NSK Ltd.
8. Robert Bosch GmbH
9. Showa Corporation
10. ThyssenKrupp AG
11. Magna International
12. Mitsubishi Electric Corporation
13. Denso Corporation
14. Sona Corporation
15. Knorr-Bremse AG
16. ZF Friedrichshafen AG
17. Rollax GmbH & Co. KG
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Key questions answered in Automotive Steering Systems Market are:
- What is the Automotive Steering Systems market size of the dominating region?
- What was the Automotive Steering Systems market size in 2022?
- What is the expected Automotive Steering Systems market size by 2029?
- What is the growth rate of the Automotive Steering Systems Market?
- Which are the factors expected to drive the Automotive Steering Systems market growth?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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