Industry Background:
The steering system contains the components which allow the driver to turn the front wheels of the vehicle, and for a few vehicles, delivers for a limited amount of steering by the rear wheels. The overall function of the steering system has not changed much since the earliest days of the automobile. The basic function of the steering system is to permit the driver to safely and precisely steer the vehicle. Elsewhere, the steering system also provides a way to reduce driver effort by making the act of steering the vehicle easier. The mechanisms of the steering system also absorb some of the road shock before it gets to the driver. The things that have changed mainly have to do with increased ease and effectiveness of operation and longer-lasting components which require less maintenance.
Attributes | Details |
---|
Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | China Automotive Systems, Inc. (China), Hyundai Mobis Co., Ltd (South Korea), JTEKT Corporation (Japan), Mitsubishi Electric Corporation (Japan), Nexteer Automotive Group Limited (United States), TRW Automotive Holdings (United States), NSK Ltd. (Japan), Robert Bosch GmbH (Germany), Showa Corporation (Japan) and Thyssenkrupp AG (Germany) |
This growth is primarily driven by Increasing Demand of Automotive Across the Globe and Rising Adoption of Power Steering System.
Globally, a noticeable market trend is evident Rising Consumer Preference towards Driving Comfort Major Vendors, such as China Automotive Systems, Inc. (China), Hyundai Mobis Co., Ltd (South Korea), JTEKT Corporation (Japan), Mitsubishi Electric Corporation (Japan), Nexteer Automotive Group Limited (United States), TRW Automotive Holdings (United States), NSK Ltd. (Japan), Robert Bosch GmbH (Germany), Showa Corporation (Japan) and Thyssenkrupp AG (Germany), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On June 7, 2019 - NSK Ltd. and Volkswagen AG have announced today a formal cooperation agreement between the two companies' steering divisions with the aim to further increase the power of innovation in steering.
In October 2021, Hyundai Mobis developed a folding steering system technology that can fold and unfold the steering wheel. This technology is attracting attention as an innovative technology optimized for future mobility vehicles as it can secure driver's seat space and bring design innovation.
Influencing Trend:
Rising Consumer Preference towards Driving Comfort
Market Growth Drivers:
Increasing Demand of Automotive Across the Globe and Rising Adoption of Power Steering System
Challenges:
Less Penetration of Power Steering in Low Segment Vehicles
Restraints:
High Cost Associated With Steering System
Opportunities:
Advent of Drive-By-Wire Technology
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Automotive Steering Systems Market
- Analysis about New Entrants in Automotive Steering Systems Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Automotive Steering Systems Study Sheds Light on
The Automotive Steering Systems Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Automotive Steering Systems industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Automotive Steering Systems industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.