Global Automotive Power Steering Gears Market Growth 2024-2030

Global Automotive Power Steering Gears Market Growth 2024-2030

According to our LPI (LP Information) latest study, the global Automotive Power Steering Gears market size was valued at US$ million in 2023. With growing demand in downstream market, the Automotive Power Steering Gears is forecast to a readjusted size of US$ million by 2030 with a CAGR of % during review period.

The research report highlights the growth potential of the global Automotive Power Steering Gears market. Automotive Power Steering Gears are expected to show stable growth in the future market. However, product differentiation, reducing costs, and supply chain optimization remain crucial for the widespread adoption of Automotive Power Steering Gears. Market players need to invest in research and development, forge strategic partnerships, and align their offerings with evolving consumer preferences to capitalize on the immense opportunities presented by the Automotive Power Steering Gears market.

The latest trend gaining momentum in the market is growing pursuit of electrohydraulic power steering in HCVS. As part of the electrification trend in the automotive industry, energy saving is one of the most important concerns for the development of new vehicles, especially for power steering systems. In a hydraulic power steering system, 70% of the fuel gets consumed by hydraulics, which can be avoided. Hence, the application of more advanced power steering systems such as electric power steering and electrohydraulic power steering can help achieve fuel economy.

Automotive is a key driver of this industry. According to data from the World Automobile Organization (OICA), global automobile production and sales in 2017 reached their peak in the past 10 years, at 97.3 million and 95.89 million respectively. In 2018, the global economic expansion ended, and the global auto market declined as a whole. In 2022, there will wear units 81.6 million vehicles in the world. At present, more than 90% of the world's automobiles are concentrated in the three continents of Asia, Europe and North America, of which Asia automobile production accounts for 56% of the world, Europe accounts for 20%, and North America accounts for 16%. The world major automobile producing countries include China, the United States, Japan, South Korea, Germany, India, Mexico, and other countries; among them, China is the largest automobile producing country in the world, accounting for about 32%. Japan is the world's largest car exporter, exporting more than 3.5 million vehicles in 2022.

Key Features:

The report on Automotive Power Steering Gears market reflects various aspects and provide valuable insights into the industry.

Market Size and Growth: The research report provide an overview of the current size and growth of the Automotive Power Steering Gears market. It may include historical data, market segmentation by Type (e.g., Hydraulic Power Steering, Electric Power Steering), and regional breakdowns.

Market Drivers and Challenges: The report can identify and analyse the factors driving the growth of the Automotive Power Steering Gears market, such as government regulations, environmental concerns, technological advancements, and changing consumer preferences. It can also highlight the challenges faced by the industry, including infrastructure limitations, range anxiety, and high upfront costs.

Competitive Landscape: The research report provides analysis of the competitive landscape within the Automotive Power Steering Gears market. It includes profiles of key players, their market share, strategies, and product offerings. The report can also highlight emerging players and their potential impact on the market.

Technological Developments: The research report can delve into the latest technological developments in the Automotive Power Steering Gears industry. This include advancements in Automotive Power Steering Gears technology, Automotive Power Steering Gears new entrants, Automotive Power Steering Gears new investment, and other innovations that are shaping the future of Automotive Power Steering Gears.

Downstream Procumbent Preference: The report can shed light on customer procumbent behaviour and adoption trends in the Automotive Power Steering Gears market. It includes factors influencing customer ' purchasing decisions, preferences for Automotive Power Steering Gears product.

Government Policies and Incentives: The research report analyse the impact of government policies and incentives on the Automotive Power Steering Gears market. This may include an assessment of regulatory frameworks, subsidies, tax incentives, and other measures aimed at promoting Automotive Power Steering Gears market. The report also evaluates the effectiveness of these policies in driving market growth.

Environmental Impact and Sustainability: The research report assess the environmental impact and sustainability aspects of the Automotive Power Steering Gears market.

Market Forecasts and Future Outlook: Based on the analysis conducted, the research report provide market forecasts and outlook for the Automotive Power Steering Gears industry. This includes projections of market size, growth rates, regional trends, and predictions on technological advancements and policy developments.

Recommendations and Opportunities: The report conclude with recommendations for industry stakeholders, policymakers, and investors. It highlights potential opportunities for market players to capitalize on emerging trends, overcome challenges, and contribute to the growth and development of the Automotive Power Steering Gears market.

Market Segmentation:

Automotive Power Steering Gears market is split by Type and by Application. For the period 2019-2030, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value.

Segmentation by type
Hydraulic Power Steering
Electric Power Steering
Other

Segmentation by application
Passenger Car
Commercial Vehicle

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
JTEKT
Bosch
NSK
Nexteer
ZF
Mobis
Showa
Thyssenkrupp
Mando

Key Questions Addressed in this Report

What is the 10-year outlook for the global Automotive Power Steering Gears market?

What factors are driving Automotive Power Steering Gears market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do Automotive Power Steering Gears market opportunities vary by end market size?

How does Automotive Power Steering Gears break out type, application?

Please note: The report will take approximately 2 business days to prepare and deliver.