The latest report on Automotive Steering System Market by Infinium Global Research gives complete coverage of the Automotive Steering System Market by type (electronic, electro-hydraulic, hydraulic power steering), vehicle type (heavy commercial, light commercial, passenger vehicles), region (North America, Europe, Asia-Pacific, Rest of the World) in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and applications trends in the regional markets of Automotive Steering System such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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AI-Controlled Steering Wheels This, in Turn, Is Expected to Open Doors of Opportunities for the Key Players in the Automotive Steering Systems Industry
The steering system in automobiles is used to control the direction of a vehicle’s motion because of friction between the front tires and the road. Moreover, the steering system has evolved from manual steering to power assist steering. In automobiles, power steering helps drivers steer by amplifying steering effort of the steering wheel.
The shift from earlier hydraulic steering system technology to EPS (Electric power system steering) systems, as a result of the global fuel crisis and need for fuel efficient solutions, are the factors driving the need for automotive steering system market.
Additionally, factors such as the rising vehicle production globally and the growing demand for easy vehicle regulated movement have also fuelled the growth of the companies operating in the market for automotive steering systems. However, High cost associated with the power steering system is anticipated to restrain the growth of the automotive steering system market.
Furthermore, as the leading manufacturers are shifting their focus towards AI-controlled steering wheels this, in turn, is expected to open doors of opportunities for the key players in the automotive steering systems market over the upcoming years. Moreover, factors such as integration of advanced driver assistance systems in vehicles combined with the improved purchasing power of consumers across the globe are expected to expand the scope of the automotive steering system market for a considerable period.
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Growth of the Automotive Steering Market is Expected to Go Hand in Hand with the Automotive Industry
Among the geographies, Asia-Pacific is expected to dominate the automotive steering system market. Additionally, factors such as low-cost labor, subsidiaries towards local manufacturing and free trade agreement with other countries are expected to augment the market growth in the Asia-Pacific regions during the forecast period. Furthermore, North America is another region for the manufacture of the automotive steering market due to the major manufacturers and development of new technologies in the automotive market. However, the growing automobile sector in Asia-Pacific with India, China, and Japan emerging as automotive manufacture hubs is anticipated to drive the market for electric power steering systems. Thus, the growth of the automotive steering market is expected to go hand in hand with the automotive industry.
The major players in the automotive steering system market are Bosch, JTEKT, Mando, Nexteer, TRW, and Thyssen Krupp. Additionally, GKN PLC has come up with SPIDAN power steering system that features intelligent energy management that helps in the reduction of fuel consumption and CO2 emission. However, Companies like Google, Uber, Volvo, etc., have been testing autonomous vehicles and have announced the launch of their autonomous vehicles in the near future. Moreover, Nexteer and Dongfeng Components announced a joint venture for the manufacture of automotive steering systems.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the automotive steering system.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.