The Automotive Steering System Technology market is anticipated to demonstrate robust revenue growth with a significant compound annual growth rate (CAGR) from 2022 to 2030. The market's revenue expansion is primarily attributed to several factors, including the increasing demand for affordable new cars in emerging markets, the rising global vehicle production rates, and the implementation of stringent fuel economy regulations. A steering system is a complex arrangement comprising components such as the steering wheel, gears, linkages, and other mechanisms that enable a vehicle to change its direction of motion. It is an essential part of a vehicle, providing a precise and easily manageable steering mechanism that requires minimal effort from the driver, ensuring good directional stability.
Furthermore, the demand for intelligent steering systems is expected to witness growth during the forecast period, driven by the increasing preference for automatic systems and the rising demand for such systems among the younger generation. The concept of an intelligent steering system has been introduced with the objective of reducing road accidents caused by minor driver errors.
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The information and communication technology sector is rapidly gaining traction owing to rapid technological advancements, high demand for smartphones, laptops, computers and other modern electronic devices, and increasing adoption of latest technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and cloud services. The ICT sector consists of several sections, software, hardware, telecommunications and other services. Factors such as increasing demand for advanced ICT services in BFSI, agriculture, retail, hospital and healthcare, rapid adoption of digitalization, rising number of internet users and high demand of advanced services and devices are expected to drive global market revenue growth during the forecast period. Other factors such as increasing need for managing large data base, rising concerns about data security and increasing investments in RD activities are expected to boost market growth during the forecast period.
Competitive Landscape:
Competitive landscape of global Automotive Steering System Technology market is quite fragmented with regional and global key players. These market players are involved in various strategies including mergers and acquisitions, collaborations, new product launches or corporate deals to retain their market position and expand their product portfolio.
some leading companies operating in the global Automotive Steering System Technology market:
Robert Bosch GmbH, Continental AG, DENSO Corporation, HELLA GmbH Co. KgaA, and NXP Semiconductor.
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The global market is further segmented into type and application:
Type Outlook (Revenue, USD Billion; 2019 – 2030)
- Electric Power Steering (EPS)
- Hydraulic Power Steering (HPS)
- Electro-Hydraulic Power Steering (EHPS)
- Manual Steering
Vehicle Type Outlook (Revenue, USD Billion; 2019 – 2030)
- Passenger cars
- Light Commercial Vehicles (LCV)
- Heavy Commercial Vehicles (HCV)
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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