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GLOBAL AUTOMOTIVE STEERING SYSTEM MARKET FORECAST 2021-2028

·3-min read

KEY FINDINGS The global automotive steering system market is forecasted to register a CAGR of 5. 42% over the estimated years of 2021 to 2028. The market growth is propelled by key drivers such as the rapid rise in the production of automobiles, the increasing demand for additional functions in electronic control units (ECU), and rigorous fuel efficiency norms.

New York, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "GLOBAL AUTOMOTIVE STEERING SYSTEM MARKET FORECAST 2021-2028" - https://www.reportlinker.com/p06188363/?utm_source=GNW


MARKET INSIGHTS
The steering system of the car comprises the steering wheel, in addition to the steering rack, shaft, and pinion, also termed the gearbox, and the linkage connecting to the wheels. In automobiles, the steering wheel, linkages, gears, and other components are utilized to control the direction of a vehicle’s motion.
Although the average fuel economy of vehicles continues to improve, the progress rate has slowed over recent years. Fuel Economy in Major Car Markets’ look at fuel economy development in the period 2005-2017 for the Global Fuel Economy Initiative (GFEI) depicts that the average amount of fuel needed to travel 100 kilometers improved by 1.3% in 2016 and 2017, indicating a decline from 2% annually between 2013 and 2015. Nations with policies (purchase incentives and fuel economy standards) experienced more stable and faster improvements compared to nations without the same. This highlights the need for robust policy frameworks in order to incentivize and regulate more efficient, light-duty vehicles, including enforcement and compliance.

REGIONAL INSIGHTS
The global automotive steering system market growth assessment constitutes the evaluation of Europe, North America, Asia-Pacific, and Rest of World.The Asia-Pacific is set to be the dominating and leading region during the forecasted years.

The regional market’s substantial growth is accredited to the presence of market leaders heavily investing in electric mobility services, the vast capacity expansion in China as well as India, and the availability of cost-competitive raw materials and workforces required for the manufacture of automotive steering systems.

COMPETITIVE INSIGHTS
Intense competitive rivalry exists in the global automotive steering system market as vendors compete to establish product and service differentiation.Besides, leading companies, through significant investments, attempt to develop and enhance their existing product portfolio in order to fortify their market position among rivals.

Therefore, the competition is set to be high.
The top firms operating in the market are Hyundai Mobis Co Ltd, Mando Corporation, JTEKT Corporation, etc.

Our report offerings include:
• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation cater to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments

Companies mentioned
1. CHINA AUTOMOTIVE SYSTEMS INC
2. DENSO CORPORATION
3. HITACHI ASTEMO LTD
4. HONDA MOTOR CO LTD
5. HYUNDAI MOBIS CO LTD
6. JTEKT CORPORATION
7. MANDO CORPORATION
8. MITSUBISHI ELECTRIC CORPORATION
9. NEXTEER AUTOMOTIVE CORPORATION
10. NSK LTD
11. ROBERT BOSCH GMBH
12. THYSSENKRUPP AG
13. ZF FRIEDRICHSHAFEN AG
Read the full report: https://www.reportlinker.com/p06188363/?utm_source=GNW

About Reportlinker
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