Automotive Steering System Market Size, Shares, Growth, Segments, Industry Analysis 2018-2024

Our latest research report entitled Automotive Steering System Market (by type (electronic, electro-hydraulic, hydraulic power steering), vehicle type (heavy commercial vehicle, light commercial vehicle, passenger vehicles)) provides complete and deep insights into the market dynamics and growth of Automotive Steering System. Latest information on market risks, industry chain structure Automotive Steering System cost structure and opportunities are offered in this report. The past, present and forecast market information will lead to investment feasibility by studying the essential Automotive Steering System growth factors.

The forecast Automotive Steering System Market information is based on the present market situation, growth opportunities, development factors, and opinion of the industry experts. An in-depth analysis of the company profiles, Automotive Steering System on global and regional level and applications is conducted. The analysis of downstream buyers, sales channel, raw materials, and industry verticals is offered in this report. According to report, the global automotive steering system market is projected to grow at a CAGR of 7.3% over the forecast period of 2018-2024.

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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 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.

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 is 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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