Automotive Steering Systems Market and Trend Analysis by Technology, Key Companies and Forecast to 2028

The global steering systems market is estimated at 85.9 million units in 2023, recording a substantial annual growth of 4.3%. However, the sector posted a negative CAGR of 2% during 2018-23, primarily owing to the prolonged impact of COVID-19. Over the forecast period, the sector is expected to record a CAGR of 3.2% to reach 100.3 million units by 2028. In 2023, RD EPS garnered the largest share of 27.8% among all steering systems components, which is expected to increase to 29.4% by 2028?, while CD EPS accounted for 22.6% in 2023 and is expected to account for 21.8% in 2028. PR&P accounted for 12.9% in 2023 and is expected to account for 13.7% in 2028. DPD EPS accounted for 11.9% in 2023 and is anticipated to account for 11.3% in 2028. Top five companies operating in the global automotive steering systems are JTEKT, Nexteer, ZF TRW, Robert Bosch Automotive Steering, NSK, and Showa.

This report brings together multiple data sources to provide a comprehensive overview of the global Automotive steering systems sector. It includes analysis on the following:

• Trends & Drivers: Provides an overview of current sector scenario regarding the future outlook in terms of key trends and drivers of the sector
• Technological Developments: Provides a detailed overview of technological developments and innovations in the sector
• PESTER Analysis: Provides a detailed understanding of various factors such as political, economic, social, technological, environmental, and regulatory impacting the sector
• Sector Forecast: Provides deep-dive analysis of global market covering volume growth during 2018-2028, and spot estimates for 2023 and 2028. The analysis also covers regional overview across four regions-Asia-Pacific, Europe, North America, and South America and MEA-highlighting sector size, and growth drivers for the region
• Competitive Landscape: Provides an overview of leading component suppliers at a global and regional level, besides analyzing the recent product innovations and key strategic initiatives taken by the companies
• Patent Analysis: Provides an overview of patent filings in the sector across regions, countries and top applicants

Scope

This report provides an overview of current industry scenario regarding the future outlook in terms of ingredients, product claims, labeling, and packaging. The analysis also covers regional overview across five regions - Asia-Pacific, Middle East & Africa, Americas, Western Europe, and Eastern Europe - highlighting industry size, growth drivers, latest developments, and future inhibitors for the regions.

Reasons to Buy

Auto OEMs and component suppliers seek the latest information on how the market is evolving to formulate their sales and marketing strategies. There is also a demand for authentic market data with a high level of detail. This report has been created to provide its readers with up-to-date information and analysis to uncover emerging opportunities for growth within the sector in the region. The report provides a detailed analysis of the regions and competitive landscape that can help companies gain insight into the region-specific nuances. The analysts have also placed a significant emphasis on the key trends that drive customer choice and the future opportunities that can be explored in the region, which can help companies in revenue expansion. To gain competitive intelligence about leading component suppliers in the sector in the region with information about their market share and growth rates.