Global Automotive Steering System Market | Share, Size

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The Global Automotive Steering System Market
Likely to Progress with 5.28 CAGR by 2028
Triton Market Research presents the Global
Automotive Steering System Market report
segmented by Vehicle Type (ICE-driven, Electric
Vehicles PHEV (Plug-in Hybrid Electric Vehicle),
BEV (Battery Electric Vehicle), FCEV (Fuel Cell
Electric Vehicle), HEV (Hybrid Electric
Vehicle)), by Type (Electric Steering System
Electric Power Steering System by Type Column
Assist Type (C-EPS), Pinion Assist Type (P-EPS),
Direct Drive Type (D-EPS), Rack Assist Type
(R-EPS), Electric Power Steering System by
Components Steering Rack/Column, Sensor,
Steering Motor, Other Component Types,
Hydraulic Steering System, Electro-hydraulic,
Steer by Wire), and by Geographical Region (North
America, Europe, Asia-Pacific, Latin America, the
Middle East and Africa), discussing Market
Summary, Industry Outlook, Impact of COVID- 19,
Key Insights, Porters Five Forces Analysis,
Market Attractiveness Index, Vendor Scorecard,
Key Impact Analysis, Key Market Strategies,
Drivers, Challenges, Opportunities, Competitive
Landscape, Research Methodology Scope, Global
Market Size, Forecasts Analysis (2021-2028).
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Triton Market Research, in its report on the
Global Automotive Steering System Market, implies
that this industry would develop with a CAGR of
5.28 during the forecasting duration from 2021
to 2028. An electric control unit has multiple
functions, which ensures the smoother functioning
of steering systems. There is a growing demand
for ECUs with multiple functions, which is
expected to drive the market for automotive
steering systems. On the contrary, automotive
vehicles are expensive. Further, a growing trend
of autonomous vehicles can be seen. These factors
are hampering the growth of the market. The
Asia-Pacific is the largest market for automotive
steering systems globally, and is expected to
continue its reign until the end of the
forecasted period. The growth of this region can
be attributed to the availability of skilled,
cost-competitive workforces and raw materials
needed to produce automotive steering systems.
Further, globally renowned companies and startups
are leveraging the opportunities in the region by
setting up new manufacturing plants. Such factors
are estimated to further foster the growth of the
automotive steering system market in the APAC
over the forecast period. Mitsubishi Electric
Corporation, JTEKT Corporation, Hyundai Mobis,
NSK Ltd, Nexteer Automotive Corporation, Denso
Corporation, Mando Corporation, ZF
Friedrichshafen AG, Thyssenkrupp AG, Hitachi
Astemo Ltd, Robert Bosch GmbH, China Automotive
Systems Inc, and Honda Motor Company are the
eminent players present in this market. Though a
number of new players can be seen entering this
market, it is largely dominated by a few big
names. The global players have been consistently
engaged in RD, and are introducing new
innovative products with superior characteristics
to strengthen their position in the industry. The
existing players have also been consolidating
their business through product developments and
capacity expansions. The prominent players
generally try to expand their global reach by
devising various strategies like partnerships and
distribution agreements with other market
players. Implementing such strategies helps
increase their market footprints in different
economies.
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