Automotive Steering System Market worth $36.9 billion by 2025 - Exclusive Report by MarketsandMarkets™

CHICAGO, March 22, 2021 /PRNewswire/ -- According to the new market research report "Automotive Steering System Market by Technology (HPS, EHPS, EPS), EPS Type (R-EPS, C-EPS, P-EPS), Pinion Type (Single, Dual), Mechanism (Collapsible, Rigid), Components (OE & Aftermarket), Vehicle Type and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Automotive Steering System Market is projected to reach USD 36.9 billion by 2025 from USD 29.3 billion in 2020, at a CAGR of 4.7% from 2020 to 2025. The growth of this market is primarily driven by the increasing demand for fuel-efficient and better driving comfort vehicles.

Browse in-depth TOC on "Automotive Steering System Market"

153 – Tables
53 – Figures
177 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id= 940  

Steering Column to be the largest segment, by component

The steering column segment, by value, is estimated to lead the market as steering columns are installed in all types of steering systems, such as HPS, EHPS, and EPS. Steering columns have incorporated collapsible components to enhance driver safety. These columns crumble or slide together during the impact of a collision, with the columns shortening and absorbing the force. The growth of the steering column segment can be attributed to its high installation rate and its ability to enhance safety. The steering wheel speed sensor segment is expected to register the highest growth rate owing to the increasing adoption of electronics in automobiles and technological advancements in sensor technology.

EPS to be the fastest-growing segment for Automotive Steering System Market, by technology

EPS is the largest and fastest-growing segment as it offers various advantages, such as increased fuel efficiency, compact size, and reduction in the overall weight of the vehicles and front axle loads. EPS, majorly adopted in passenger cars, is increasingly adopted in light commercial vehicles as well. But it is still not used actively in heavy commercial vehicles as it is not designed for high axle loads and high steering rack force.

Request FREE Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id= 940  

Asia Oceania is estimated to be the largest market for Automotive Steering System Market.

Asia Oceania is estimated to be the largest market for automotive steering systems. The region is home to leading vehicle producers, such as China and Japan. Factors such as increasing electronics installation in vehicles and a strong base of steering manufacturers, such as JTEKT Corporation, NSK Limited, and Showa Corporation, in countries like China and Japan are expected to drive the Asia Oceania Automotive Steering System Market. The increasing focus on fuel-efficient vehicles to reduce emission levels and the high demand for comfort features are further expected to drive the market growth in this region during the forecast period.

The Automotive Steering System Market is led by globally established players such as Nexteer Automotive Group Limited (US), JTEKT Corporation (Japan), Hyundai Mobis Co., Ltd. (South Korea), Showa Corporation (Japan), NSK Ltd. (Japan), and Robert Bosch GmbH (Germany). These companies adopted several strategies to gain traction in the growing Automotive Steering System Market

Browse Related Reports:

Automotive Lightweight Material Market by Material (Metal, Composite, Plastic, Elastomer), Application & Component (Frame, Engine, Exhaust, Transmission, Closure, Interior), Vehicle Type (ICE, Electric & Hybrid), Region - Global Forecast to 2025

Drive By Wire Market by Application (Brake, Park, Shift, Steer, Throttle), Sensor (Brake Pedal, Throttle Position & Pedal, Park, Gearshift, Handwheel, Pinion), Vehicle (On & Off-Highway, BEV,PHEV,FCEV, Autonomous),Component & Region - Global Forecast to 2025

About MarketsandMarkets™ 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected] 
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/automobile-steering-systems-market.asp 
Visit Our Website: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/automobile-steering-systems.asp

SOURCE MarketsandMarkets