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Automotive Steering Market Share, Growth | Industry Report, 2026

The global automotive steering market size is anticipated to expand at a significant CAGR during the forecast timeline, 2020u20132026, as it improves fuel efficiency and enhances comfort. Moreover, automotive steering ensures maneuverability to the consumers

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Automotive Steering Market Share, Growth | Industry Report, 2026

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  1. Welcome To Dataintelo

  2. Automotive Steering Market Share, Growth | Industry Report, 2026 The global automotive steering market size is anticipated to expand at a significant CAGR during the forecast timeline, 2020–2026, as it improves fuel efficiency and enhances comfort. Moreover, automotive steering ensures maneuverability to the consumers. Developments in the steering system have changed from manual steering systems to power assist steering system. Government bodies are implementing various rules and regulations for the use of eco-friendly vehicles. They are also levying fuel economy and emission standards on automobile manufacturers. Rise in eco-friendly initiatives, especially in the countries in Asia Pacific are expected fueling the manufacture and adoption electric vehicles in the region. Automotive steering systems are vital as they improve effective control of the vehicle; therefore, increase in adoption of electric vehicles is fueling market growth.

  3. Market Trends, Drivers, Restraints, and Opportunities: Increase in disposable income of consumers has fueled the demand for automotives, which in turn is driving the growth of the market. Development of power steering in automobiles is propelling the expansion of the market. High price of power steering is likely to restrain the growth of the market. Use of new technology such as drive-by-wire in the upcoming vehicle is projected to create opportunities in the market.

  4. Scope of the report:    The report on the automotive steering market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

  5. Automotive Steering Market Segment Insights: Increasing adoption of electronic power steering due to its characteristics is expected to boost the growth of the steering segment. In terms of types, the market has been divided into hydraulic power steering, electronic power steering, and electro hydraulic power steering. Benefits of electronic power steering include low energy consumption, weight reduction, less development cost, and high fuel efficiency; therefore, the segment accounts a large share of the market. Implementation of rules and regulations to drive the growth of the commercial vehicle segment Based on vehicle types, the automotive steering market has been bifurcated into passenger vehicles and commercial vehicles. The commercial vehicles segment has been sub-segmented into light commercial vehicles (LCVs) and heavy commercial vehicles (HCVs). Rise in implementation of rules and regulations and increase in trade and urbanization are fueling the demand for commercial vehicle, which in turn, is driving the growth of the segment. Other reasons for the surge in the growth of this segment include high demand for power steering in HVCs, which are used in construction, mining, and other industries.

  6. The market in Asia Pacific is anticipated to growth at a considerable pace in the coming years due to the expansion of various industries in the region On the basis of geography, the automotive steering market has been fragmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is expected to grow in the next few years due to growing economy, increasing urbanization, rising per capita income, and improvements in living standards. The demand for demand for better steering mechanism to improve the ride quality due to uneven road conditions is high in developing countries in the region. Competitive Landscape: Major companies in the automotive steering market include JTEKT Corporation, Robert Bosch GmbH, Nexteer Automotive, Mando Corp., Showa Corporation, Thyssenkrupp AG, ATS Automation Tooling Systems Inc., Hitachi Automotive Systems, Ltd., Magal Engineering Limited, Sona Koyo Steering System Ltd., NSK Steering System Co. Ltd, ZF Friedrichshafen AG, and Hyundai Mobis. Major companies are implementing numerous strategies such as technological upgrades, acquisitions, product launches, collaborations, mergers, agreements, and partnerships to gain market share and sustain the competition. For instance, in 2017, JTEKT acquired 50.4% share of Sona Koyo to expand its presence in the automotive steering market in India.

  7. Segments Covered in the Report    The global automotive steering market has been classified as types, vehicle types, and regions. By Type Hydraulic Power Steering Electronic Power Steering Electro Hydraulic Power Steering By Vehicle Type Passenger Vehicle Commercial Vehicle Light Commercial Vehicles (LCVS) Heavy Commercial Vehicles (HCVS) By Regions         North America Europe Asia Pacific Latin America Middle East & Africa

  8. Thank You

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