According to “Automotive Steering System Market 2019 Global Size, Share, Trends, Regional Analysis and Industry Outlook Report” published by Market Research Future, The Global Automotive Steering System Market to grow at 7% CAGR by 2023. Automotive Steering System Industry 2019 Report Segments Market for Automotive Steering System by components, steering system, vehicle type, and sales/distribution channel and region.
Automotive Steering System Global Market Key Companies Analyzed in report –
Robert Bosch Automotive Steering Gmbh (Germany), Mitsubishi Electric Corporation (Japan), TRW Automotive Holdings (U.S.), Thyssenkrupp Presta (U.S.), Nexteer Automotive (U.S.), Sona Koyo Steering System Ltd. (India), China Automotive System Inc. (China), JTEKT Corporation (Japan), and others.
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Automotive Steering System Market Insights:
Automotive steering system is witnessing constant upgradation due to the inclusion of latest technologies to provide customers with an unparalleled experience. Riding on this notion, the global automotive steering system market is expected to thrive with a 7% CAGR during the forecast period (2014-2023). Market Research Future (MRFR), in its report on the same market, has given proper clues regarding various growth opportunities that could impact the growth well.
The major factor contributing to the growth of the global automotive steering system market is the growing vehicle production across the globe. Other factors contributing to the market include the booming automotive industry, the prevalence of steering systems, the craze for self-driving cars, technological developments, and lastly, the awareness about automotive steering system among the consumers.
However, high rate of investment capital and prevalent concerns regarding the establishment of autonomous vehicles is expected to impede the growth of the market.
Market Segments Analysis:
MRFR’s plan to analyze the global automotive steering system market is focused on a proper segmentation of the market. This segmentation is based on the vehicle type, component, steering system, and sales channel. As its advantage, the study gets a closer look at the global automotive steering system market.
By vehicle type, the market divides into commercial and passenger vehicle.
Based on the steering system, the automotive steering system market comprises manual, electrically powered, electro-hydraulic powered, & hydraulic powered.
The component-based segmentation segments this market into the electric motor, hydraulic pump, and steering sensor & column.
By sales channel, the market includes OEM & aftermarket.
The Asia Pacific region stands tall with the leading share in the global automotive steering system market. The region is further anticipated to retain its market positioning as the global leader in the geographical landscape during the forecast period.
North America’s rise is also of great importance. The resurgence of the regional automotive sector is expected to play well in shaping the regional automotive steering system market. Inputs from major market players are expected to enhance market dynamics.
Europe is another significant regional market due to the high density of population, established automotive industry, high level of technological advancement that is second only to North America, and presence of many key market players. The main country-specific markets in this region are France, Germany, Italy, Spain, and the UK, followed by the remaining countries of Europe.
Table Of Contents
1. Executive Summary
2. Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3. Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Bargaining Power Of Suppliers
3.1.4 Threat Of Substitutes
3.1.5 Segment Rivalry
3.2 Supply Chain Analysis
4. Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
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