Automotive Steering System Market Scope:

Global Automotive Steering System Market size was valued at USD 31.04 billion in 2019 and is poised to grow from USD 32.44 billion in 2023 to USD 46.13 billion by 2031, growing at a CAGR of 4.5% during the forecast period (2024-2031).

Automotive Steering System Market Driver
The adoption of strict pollution regulations all over the world is expected to raise the market for electric vehicles, which would lead to a rise in demand for automotive steering systems. The automotive steering system market is also being driven forward by an increasing customer trend toward enhanced drive aid systems in cars.

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Automotive Steering System Market Size research report 2024 offers an in-depth assessment of revenue growth, market definition, segmentation, industry potential, and influential trends for understanding the future outlook and current prospects for the market.

This report is quite popular as the different industries use the Automotive Steering System Market demand analysis. It helps to understand how much consumer demand exists for a particular product or service for the period of 2024 – 2031. The best thing about this analysis is that it allows the management to determine if their business could effectively enter a market. It also helps the company to generate enough profits that could be beneficial to advance its business operation. It is essential for the business to understand the market demand for a particular product and service to help them make an effective business decision. And market demand analysis is the perfect process that helps to understand the customer demand for a product or service in a target market.

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Key players covered in the report:

• Robert Bosch GmbH
• JTEKT Corporation
• Nexteer Automotive Group Limited
• NSK Ltd.
• ThyssenKrupp AG
• ZF Friedrichshafen AG
• TRW Automotive
• China Automotive Systems Inc.
• Mitsubishi Electric Corporation
• Hyundai Mobis Co. Ltd.
• Mando Corporation
• Federal-Mogul Corporation
• NSK Ltd.
• NSK-RHP Europe Ltd.
• Showa Corporation
• China Automotive Systems Inc.
• Federal-Mogul Corporation
• Robert Bosch Automotive Steering GmbH

Recent Developments

• In January 2022, IMUZAK, a leading developer of molding technology-based products headquartered in Japan, unveiled a 3D floating display for automated vehicles at CES 2022. It can project visual driver notifications from behind the steering wheel. The novel technology utilizes a proprietary microlens system for producing free-standing notifications that notify drivers of several highway features, key distances, and oncoming challenges.
• In October 2021, Nexteer Automotive, an automotive parts supplier based in the U.S., launched its latest Modular Column-Assist EPS System (mCEPS) to broaden its Electric Power Steering (EPS) portfolio. The company aims to make drivers feel more connected to the road by introducing high-performance, custom-developed rotation and torque angle sensors for providing an accurate and smooth steering feel.

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Research Methodology

For precise determination of the market potential, the Automotive Steering System Market is studied using Porter’s Five Force Model and a SWOT analysis has been conducted for a better understanding of the business environment.

Major Table of Contents for Research Report:

• Introduction
• Executive Summary
• Market Dynamics
• Key Market Growth Insights
• Market Analysis, Insights, and Forecast, 2024-2031
• Competitive Landscape
• Revenue Growth, Automotive Steering System Market Industry Share Analysis, By Key Players
• Company Profiles
• Conclusion

Key Questions Answered:

• What is the size of the Automotive Steering System Market in terms of revenue, sales volume, or number of users/customers?
• Who are the key players in the Industry, and what are their market shares?
• What are the trends and drivers shaping the Automotive Steering System Market, and what are the challenges and opportunities?
• What are the different segments of the Automotive Steering System Market, and how are they expected to grow?
• What are the key products and services offered in the Automotive Steering System Market?
• What are the pricing strategies and competitive landscape of the Automotive Steering System Market?
• What is the production and production value of the global Automotive Steering System Market?
• What are the growth factors driving the market demand?
• What are the future prospects and growth potential of the Automotive Steering System Market?

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