Automotive Steering System Market Size- By Technology, By Component, By Vehicle Type, By Sales Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
Automotive Steering System Market Introduction and Overview
According to SPER Market Research, ‘Automotive Steering System Market Size- By Technology, By Component, By Vehicle Type, By Sales Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the Automotive Steering System Market is estimated to reach USD 39.83 billion by 2033 with a CAGR of 4.81%.
A steering system for an automobile is a collection of parts that work together to regulate the direction of travel and assist the person driving in navigating the vehicle as needed. The automotive steering system component is made up of the rack and pinion mechanism, universal joints, hand-operated steering wheel, and steering column. A power assist steering system has replaced the manual steering system as a result of this advancement.
The COVID-19 pandemic caused a significant drop in output and sales for the automotive sector. Lockdowns were implemented by governments across the globe to stop the pandemic’s spread, forcing many manufacturers to temporarily halt operations. Due to the high capital requirements of industrial manufacturing, numerous component firms were in danger of going bankrupt. After the lockdowns were lifted, minimal vehicle manufacturing continued.
Scope of the Report:Report Metric Details
Market size available for years 2020-2033
Base year considered 2023
Forecast period 2024-2033
Segments covered By Technology, By Component, By Vehicle Type, By Sales Channel
Regions covered North America, Asia-Pacific, Latin America, Middle East & Africa and Europe
Companies CoveredMagna International, Mando Corporation, Mitsubishi Electric Corporation, Robert Bosch Gmbh, Showa Corporation, Nsk Ltd, Nexteer Automotive Group Limited, Jtekt Corporation, Hyundai Mobis Co., Ltd., Hitachi Automotive System, And Others.
Automotive Steering System Market Key Segments Covered
By Technology:Based on the Technology, Global Automotive Steering System Market is segmented as; Electric Power Steering, Hydraulic Power Steering and Electrically Assisted Hydraulic Power Steering.
By Component:Based on the Component, Global Automotive Steering System Market is segmented as; Hydraulic Pump, Steering Column/Rack, Electric Motor, Sensor and Others.
By Vehicle Type:Based on the Vehicle Type, Global Automotive Steering System Market is segmented as; Passenger Vehicle, Light Commercial Vehicle, Heavy Duty Trucks, Bus and Coaches.
By Sales Channel: Based on the Sales Channel, Global Automotive Steering System Market is segmented as; OEM and Aftermarket.