Automotive Steering System Market to grow at 5.30% CAGR, which is anticipated to reach USD 41.87 billion by 2030

CRI Report has released a report titled “Automotive Steering System Market–Global Analysis of Market Size, Share & Trends for 2019 – 2020 and Forecasts to 2030” which is anticipated to reach USD 41.87 billion by 2030. According to a study by CRI Report, the market is anticipated to portray a CAGR of 5.30% between 2020 and 2030. According to the report, the Automotive steering system market is anticipated to witness lucrative growth opportunities in the coming years. The automotive steering system market growth is expected due to an increase in demand for fuel-efficient market and a rise in the cost of the revolutionary steering system market. This will further create a worldwide demand for the automotive steering system market across the globe. The consumer’s preference for comfortable and safe driving in their vehicles, which is accountable for maneuverability and easy driving has driven the automotive industry.

The market report on the Automotive steering system Market includes in-depth insights as:

• The estimated value of the market was USD 27.3 billion in the year 2020.
• Automotive steering systems in Asia Pacific held the largest market share in the year 2020.
• Based on the Component, Hydraulic Pump emerged as a key segment in the automotive steering system market.
• Based on Technology, Electric Power Steering (EPS), emerged as a key segment in the automotive steering system market.
• Based on Vehicle Type, Passenger Cars (PC), emerged as a key segment in the Automotive steering system market.
• Based on Pinion Type, the Dual segment emerged as a key segment in the Automotive steering system market.
• Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.

“The increased production of automobiles in developing countries such as India and China has projected to develop the Automotive Steering System market over the forecasted period, globally. The profuse accessibility of raw materials and labor at cheaper costs are propelling the growth of the automotive steering system market. This in result, has projected an intense development in the Automotive Steering System market growth. Furthermore, lightweight and fuel-efficiency capacity in vehicles tends to become another prime factor to drive the market smoothly. Increasing sale of automobiles due to rise in disposable income and high population trigger the market growth”

An automotive steering system is a collection of components used to control the direction of the vehicle’s movement and assist the driver to maneuver the vehicle firmly with ease. The automotive steering system includes a rack and pinion mechanism, steering column, universal joints, and steering wheel. These parts are made of durable materials like stainless steel, Iron, Aluminum, Copper, Magnesium, etc. the steering system was first initiated from horses driven buggies. The steering system an irreplaceable component in a vehicle, as it is liable for the vehicle’s effective control. The steering system acts as an interpreter between the driver and a vehicle.

Global Automotive Steering System market is segmented by technology into (Electric power steering (EPS), Electrically assisted hydraulic power steering (EHPS), Hydraulic power steering (HPS). EPS segment is projected to dominate the automotive steering system market over the forecast period. The innovation of wire technology in the steering system had propelled the market to grow intensely. Escalating sales in Electric Power Steering (EPS) segment has further expected to promote the Automotive Steering System market. In addition, even the Hydraulic power steering segment is expected to drive the automotive steering system market growth over the forecast period. High usage of HPS in commercial vehicles due to the high capability of managing road shocks is boosting automotive steering system market growth.

Key Players in the Market

• Some of the key players operating in the Automotive steering system Market are Hyundai Mobis CO. ltd., Mitsubishi Electric Corporation., NSK Ltd., Nexteer Automotive Group Limited, Showa Corporation., JTEKT, Hitachi Automotive System Ltd., Robert Bosch GmbH, ThyssenKrupp AG, Sona Koyo Steering Systems, Other Prominent Players.

Get Valuable Insights into Automotive steering system Market

In the new report, CRI Report thrives to present an unbiased analysis of the Automotive steering system Market that covers the historical demand data as well as the forecast figures for the period, i.e., 2021-2030. The study includes compelling insights into growth that is witnessed in the market. Automotive steering system market is segmented by Component into Hydraulic Pump, Steering Column, Steering Wheel Speed Sensor, & Electric Motor. Based on Technology, the market is bifurcated by Electric Power Steering (EPS), Electrically Assisted Hydraulic Power Steering(EHPS) & Hydraulic Power Steering (HPS). Based on Vehicle Type, the market is divided into Passenger Cars (PC), Light Commercial Vehicle (LCV) & Heavy Commercial Vehicle (HCV); Based on Pinion Type, the market is segmented into Single & Dual, and Others. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.