Automotive Steering System Market Is Expected To Surpass A CAGR Of 4% In The 2021-2031 Assessment Period, Reaching Nearly US$ 34 Bn

• Type
  • Hydraulic Powered Automotive Steering System
  • Electrically Powered Automotive Steering System
• Vehicle Type
  • Automotive Steering Systems for Passenger Vehicles
  • Automotive Steering Systems for Light Commercial  Vehicles (LCV)
  • Automotive Steering Systems for Heavy Commercial Vehicles (HCV)
• Sales Channel
  • Automotive Steering Systems for OEMs
  • Automotive Steering Systems for Aftermarkets

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A recent study by Fact.MR on the automotive steering system market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering automotive steering systems.

The study also provides the dynamics responsible for influencing the future status of the automotive steering system market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.

A list of prominent companies operating in the automotive steering system market, along with their product portfolios, enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of automotive steering systems across the globe.

A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of automotive steering system during the forecast period. Price point comparison by region with global average price is also considered in the study.

Analysis on Market Size Evaluation

The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).

Estimates at global and regional levels for automotive steering system are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global automotive steering system market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the automotive steering system market during the forecast period.

Country-specific valuation on demand for automotive steering system has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value & volume for emerging countries has also been included in the report.

In-depth Analysis on Competition Analysis

The report sheds light on leading manufacturers of automotive steering systems, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering automotive steering systems has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.

Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the automotive steering system domain.

Following pointers are highlights from Fact.MR’s report, providing an insightful outlook on the future of global automotive steering system market through 2022.

1. In 2017, the Asia-Pacific excluding Japan (APEJ) region will be dominating the global automotive steering system market in terms of revenue. By the end of 2022, the APEJ automotive steering system market will have reached an estimated value of US$ 14.2 Bn.
2. Europe’s automotive steering system market, on the other hand, is anticipated to record revenue growth at steady CAGR during the forecast period.
3. In US and Canada, automotive steering system sales are expected to bring in US$ 7 Bn by the end of 2017.
4. Demand for electric power steering (EPS) systems is currently gaining traction. In 2017, more than US$ 12 Bn global revenues will be accounted by sales of EPS systems. Manual steering systems will lose their market presence towards the end of forecast period, recording a sluggish revenue growth at moderate CAGR.
5. By the end of 2022, more than US$ 23 Bn revenues will be accounted by sales of automotive steering systems in passenger cars across the globe. The demand for automotive steering system in other vehicle types will also be prominent, but passenger cars will be at the forefront of global automotive steering system market contribution.
6. The report expects that majority of automotive steering system sold in the world will be through OEMs. The incidence of replacing steering systems is rare, thereby lowering the presence of aftermarkets in global sales of automotive steering systems. Between 2017 and 2022, the global market for automotive steering system will witness an significant increment through sales accounted by OEMs.