Revolutionizing Automotive Control: Exploring the Dynamics of the Automotive Steering System Market

Market Insights 

According to MRFR analysis, the Automotive Steering System Market is expected to register a CAGR of~5.1% from 2023 to 2032 and hold a value of over USD 25.50 billion by 2032. The Automotive Steering System Market refers to the global market for all the components and systems that are involved in the steering of a vehicle. This includes the various mechanical and electronic components that make up the steering system, as well as the software and other technologies that are used to control and optimize the steering function. The automotive steering system market is a critical component of the broader automotive industry and is subject to various factors, including technological innovation, regulatory requirements, and consumer preferences.

The COVID-19 pandemic had a significant impact on the global Automotive Steering System Market. The pandemic disrupted global supply chains, leading to shortages of raw materials and components required for manufacturing steering systems. The closure of factories and dealerships during lockdowns also led to a decrease in demand for new vehicles, resulting in a decline in sales of steering systems.

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Regional Analysis

The largest region for the Automotive Steering System Market is Asia Pacific (APAC. The region is the largest producer and consumer of automobiles in the world and has a rapidly growing middle class, which has led to increased demand for personal vehicles.

The growth in the APAC region is being driven by factors such as the increasing disposable income of consumers, favorable government initiatives to promote the automotive industry, and the presence of major automotive manufacturers and suppliers in the region. In addition, the region has seen a significant shift towards electric and hybrid vehicles, which require advanced steering systems. 

Market Segmentation

The Automotive Steering System Market has been segmented into steering system and components.

Based on the steering system, the market has been segmented into manual, electrically powered, electro-hydraulic powered and hydraulic powered.

 Based on the component, the market has been segmented into hydraulic pump, steering sensor & column and electric motor.

Key Players

Some of the key market players are:

• TRW Automotive Holdings (US)
• Mitsubishi Electric Corporation (Japan)
• Sona Koyo Steering System Ltd (India)
• JTEKT Corporation (Japan)
• Nexteer Automotive (US)
• Thyssenkrupp Presta (US)
• Robert Bosch Automotive Steering Gmbh (Germany)
• China Automotive System Inc (China)

Table of Content:

1 Introduction

1.1 Definition 11

1.2 Scope Of The Study 11

1.3 Assumptions 11

1.4 Market Structure 12

2 Research Methodology

2.1 Research Process 13

2.2 Primary Research 14

2.3 Secondary Research 14

2.4 Market Size Estimation 14

2.5 Forecast Model 16

3 Market Dynamics

3.1 Drivers 17

3.1.1 Booming Automotive Industry 17

3.1.2 Cut Throat Competition In The Automotive Industry 18

3.2 Restraints 18

3.2.1 Capital Intensive Market 18

4 Market Factor Analysis

4.1 Supply Chain Analysis 19

4.2 Porter’s Five Forces Analysis 20

4.2.1 Threat Of New Entrants 20

4.2.2 Bargaining Power Of Suppliers 21

4.2.3 Bargaining Power Of Buyers 21

4.2.4 Threat Of Substitutes 21

4.2.5 Rivalry 21

5 Global Automotive Steering Systems Market, By Vehicle Type

5.1 Introduction 23

5.2 Overview 23 ……

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