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Automotive Steering System Market Growth Drivers, Business Strategies and Future

Posted by mrfrblog on June 27th, 2020

Market Scope

Market Research Future (MRFR) covers the latest trends and growth opportunities in the global automotive steering market 2020 and concludes that the market can progress at a rate of 7% over the forecast timeframe, which is between 2014 and 2023

Market Scenario

Soaring demand for vehicles and the subsequent growth in the automotive industry has led to the development of the COVID-19 analysis on Automotive Steering System Market all over the world. A number of leading manufacturers are striving to develop highly advanced and innovative technologies for steering systems. Various technologies like Steer by Wire or SbW, control technology and others are being used in the automotive steering system to boost the overall quality and performance.

The SbW technology is rising in popularity since it offers a host of benefits, in the form of performance and safety of the vehicle. It has managed to replace the mechanical steering connection between wheel on the roads and wheel in hands by algorithms, actuators and electronics. The technology facilitates quicker and precise steering response, while acting as a vibration restraint, which means that it creates distance between the vibrations of the roads and the driver. Apart from this, it offers lowered maintenance costs, weight reduction, making design of the autonomous car less complex.

The mounting demand for smooth driving in the past couple of years has been the result of the rising use of hybrid loader and construction machinery worldwide. This factor is bound to boost the business growth of automotive steering system for commercial vehicles. The advanced steering system makes use of a variety of assistance systems that helps deliver a comfortable ride along with better feedback. With the surge in the vehicle’s fuel efficiency due to effective steering systems and the subsequent increase in the latter’s demand, the automotive steering system industry can observe substantial growth in the following years.

 MRFR profiled key global COVID-19 analysis on Automotive Steering System Market players. They are:

The key industry vendors enlisted in the MRFR report are Nexteer Automotive (U.S.), Sona Koyo Steering System Ltd. (India), JTEKT Corporation (Japan), Mitsubishi Electric Corporation (Japan), Thyssenkrupp Presta (U.S.), China Automotive System Inc. (China), Robert Bosch Automotive Steering Gmbh (Germany), TRW Automotive Holdings (U.S.), to mention a few.

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Market Segmentation

The market segmentation for automotive steering system comprises vehicle type, steering system, components and sales channel.

The vehicle types analyzed by MRFR experts are passenger vehicle and commercial vehicle.

The segments, depending on the steering system, include Electrically Powered, Manual, Hydraulic Powered and Electro-Hydraulic Powered.

The types of components covered are Steering Sensor & column, Electric Motor and Hydraulic pump.

The various sales channels by which the sales are made include OEM as well as aftermarket.

Also See: Steering System, Automotive Steering, System Market, Steering Systems, System, Steering, Market

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