Fact.MR, a market research and competitive intelligence provider, expected the automotive steering system market to reach nearly US$ 23 Bn in 2020.

DUBAI, UNITED ARAB EMIRATES, September 20, 2021 /EINPresswire.com/ -- As per Fact.MR’s report, between 2016 and 2020, the automotive steering system market expanded at nearly 4%, closing in at a value of nearly US$ 23 Bn in 2020.

Automotive steering system is a collection of components that includes steering column, steering wheel, front wheel, brakes, and clutches. This enables the driver to effortlessly direct the motion of the vehicle on the desired path.

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 automotive steering systems market report covers the increasing demand for advanced steering systems across the world, latest product developments pertaining to the steering system, market shares of different steering systems in both the passenger cars and commercial vehicles, and competitive landscape of the players operating in the market.

To know the scope of our report Get a Sample on Automotive steering system Market: https://www.factmr.com/connectus/sample?flag=S&rep_id=43

Key Points Covered in Automotive Steering System Industry Analysis

• Market estimates and forecast 2016-2031
• Key drivers and restraints impacting market growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Market Share Analysis
• Key Product Innovations and Regulatory Climate
• COVID-19 Impact on Automotive Steering System Market and How to Navigate
• Recommendation on Key Winning Strategies

Competitive Landscape

• The automotive steering market is dominated by several players, such as Robert Bosch GmbH, ZF Friedrichshafen AG, JTEKT Corporation, Nexteer Automotive Corporation, NSK Ltd, Mando Corporation, and Showa Corporation. These companies have been expanding their business by new innovative technologies so that they can have a competitive edge.

• In September 2017, JTEKT Corporation established JTEKT Automotive Morocco SaS (JAMO), its first manufacturing site in Morocco, and in September 2018, it started construction on the plant. The plant is scheduled to begin mass production in 2020 and has an annual production capacity of 230,000 electric power steering systems. The plant may become the company's new supply base for mainly the Moroccan and the North African market.

• Nexteer and Dongfeng Components' joint venture began steering systems production, and the start-of-production of the joint venture indicated an increasing alignment between two companies. It may be more focused on serving customers, such as Dongfeng Motor Group, and may lay the foundation for Nexteer's strategy for long-term profitable growth.

• In December 2019, Bosch expanded its range of hydraulic steering systems, including additional components that ease the installation of steering systems, at automotive workshops.

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Key Segments Covered

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

COVID-19 impact on automotive steering system market

The COVID-19 pandemic has continued to impact the production of vehicles across the globe. The pandemic has impacted not only established OEMs but also Tier-1 and Tier-2 component suppliers for steering systems. Major OEMs, such as Toyota, Ford, and General Motors, recorded a decline in production due to plant closures caused by the pandemic. This scenario is expected to adversely affect the automotive steering system market, as the market growth is directly related to the production of vehicles.

Key Benefits for Automotive Steering System Market:

• This study presents the analytical depiction of the automotive steering system market analysis along with the current trends and future estimations to depict the imminent investment pockets.

• The overall market potential is determined to understand the profitable trends to gain a stronger foothold.

• The report presents information related to the key drivers, restraints, and opportunities of the market with a detailed impact analysis.

• The current market is quantitatively analyzed from 2018 to 2025 to benchmark the financial competency.

• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Get a glimpse of the in-depth analysis through our Report https://www.factmr.com/connectus/sample?flag=AE&rep_id=43

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About Fact.MR

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Source: Fact.MR

Mahendra Singh
Fact.MR
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