Automotive Steering Systems Market was valued at US$ 30.85 Bn. in 2021. Automotive Steering Systems Market size is estimated to grow at a CAGR of 4.69 % over the forecast period.
Automotive Steering Systems Market Overview:
Market Scope:
The Global Automotive Steering Systems Market from 2022 to 2027 is the subject of a thorough study by MMR, which includes a thorough analysis of the sector's current state and key drivers. It offers the essential information and in-depth analysis to aid in the creation of the finest business plan and the design of the most effective route for market participants to experience the greatest growth. This is done by keeping up with the most important drivers, trends, untapped potential, risks and restrictions, problems, and the most promising development areas. . A study of the Automotive Steering Systems fundamentals, which include definitions, classifications, and a market overview, comes first in the evaluation. The study then assists with product specifications, supplier networks, production techniques, and cost structures, providing you a deeper understanding of the industry's fundamentals as well as the primary forces influencing changes in market dynamics.
The categorization section looks at the impact of the segments, as well as a look at the market shares established by each component, the overall growth of each component, and the revenue attractiveness of each component.
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Market Segmentation:
With a CAGR of 5% during the forecast period, the electric power steering sector is leading the market. The electrically powered steering system (EPS), which is not dependent on a steering rack or column, is anticipated to be very well-liked. As a result, the EPS system saves money and reduces emissions. These features make the EPS system favourable to use. It also provides assistance for the kind of vehicle and the speed of the road. Because there is no possibility of leakage, the EPS technology reduces environmental hazards in addition to emissions.
Market key players:
• Nexteer Automotive Group Limited
• JTEKT Corporation
• Hyundai Mobis Co., Ltd.
• Showa Corporation
• NSK Ltd
• Robert Bosch GmbH
• Hitachi Automotive System
• Mando Corporation
• Magna International
• China Automotive Systems, Inc
• Mitsubishi Electric Corporation
• Showa Corporation
• Thyssenkrupp AG
• Denso Corporation
• Knorr-Bremse AG
• Rollax GmbH & Co. KG
By Regions
- North America (U.S., Canada)
- Europe (U.K., Germany, France, Italy)
- Asia Pacific (China, India, Japan, Singapore, Malaysia, South Korea )
- Latin America (Brazil, Mexico, Argentina, Chile)
- Middle East & Africa (Saudi Arabia, South Africa, Egypt)
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Data on investments and distribution are used to generate the geographic groupings. The regional research includes an examination of the Porter's Five Forces for the entire industry as well as the market for each region, the rate of growth for each area, and assessment and reporting based on historical data for the segment. Information on the main rivals' product offerings, manufacturing priorities, and significant financials is provided by the research. The analysis takes into account a variety of variables, including profit growth, price, revenue, product sales, industrial infrastructure, and the most recent company developments.
High lights of the reports:
- Key industry developments and key insights
- Significant marketing factors such as driver, restraints, opportunity, and challenges
- Number of significant companies and their revenue and net income
- Other market trends
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