Dublin, June 30, 2021 (GLOBE NEWSWIRE) -- The "Automotive Steering System Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Electronic Power Steering, Hydraulic Power Steering, and Electro-Hydraulic Power Steering) and Vehicle Type (Passenger Cars and Commercial Vehicles)" report has been added to ResearchAndMarkets.com's offering.
The global automotive steering system market was valued at US$ 22,501.0 million in 2020 and is projected to reach US$ 30,875.8 million by 2028; it is expected to grow at a CAGR of 4.03% from 2020 to 2028.
The automotive industry has reacted to the global demand to reduce emissions by accelerating the electrification of several typically mechanical systems. Anything from supercharging to power steering has been electrified to minimize emissions while also improving safety, simplifying operations, and providing a better driving experience. Electronic power steering systems have many advantages over their hydraulic counterparts, including reduced weight, maintenance, and fuel consumption, as well as improved variable steering response at various speeds. Simultaneously, the simplicity of integrating features such as electronic stability control and self-parking is fueling their demand.
Owing to the versatility of EPS, many manufacturers are working on integrating it with other smart systems already in use in ADAS to increase vehicle safety and enhance the driving experience. For instance, Maserati switched its Ghibli, Quattroporte, and Levante models to electronic power steering in the models introduced in 2018, allowing new driver assistance systems. Similarly, Nexteer Automotive Corporation also introduced EPS that ensures safety through driver assistance by the integration ADAS systems with the electronic power steering systems.
Key Topics Covered:
1. Introduction
2. Key Takeaways
3. Research Methodology
4. Automotive Steering System Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinions
5. Automotive Steering System Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Stringent Fuel Efficiency Norms Driving Adoption of Advanced Automotive Steering Systems
5.1.2 Rise in Demand for Electrification in Vehicles
5.2 Market Restraints
5.2.1 High Cost of Electronic Power Steering (EPS) System and Difficulties Associated with Its Maintenance
5.3 Market Opportunities
5.3.1 Integration of Technologically Advanced EPS Systems in Commercial Vehicles
5.4 Future Trends
5.4.1 Rise in Integration of EPS and Advanced Driver-Assistance Systems (ADAS)
5.5 Impact Analysis of Drivers and Restraints
6. Automotive Steering System Market - Global Analysis
6.1 Automotive Steering System Market Global Overview
6.2 Automotive Steering System Market - Global Revenue and Forecast to 2028 (US$ Million)
6.3 Market Positioning - Five Key Players
7. Automotive Steering System Market Analysis - By Type
7.1 Overview
7.2 Automotive Steering System Market Revenue Breakdown, By Type, 2020 and 2028
7.3 Electronic Power Steering
7.4 Hydraulic Power Steering
7.5 Electro-Hydraulic Power Steering
8. Automotive Steering System Market Analysis - By Vehicle Type
8.1 Overview
8.2 Automotive Steering System Market Breakdown, By Vehicle Type, 2020 & 2028
8.3 Passenger cars
8.4 Commercial Vehicles
9. Automotive Steering System Market - Geographic Analysis
9.1 Overview
9.2 North America: Automotive Steering System Market
9.3 Europe: Automotive Steering System Market
9.4 APAC: Automotive Steering System Market
9.5 MEA: Automotive Steering System Markets
9.6 SAM: Automotive Steering System Market
10. Automotive Steering System Market- COVID-19 Impact Analysis
10.1 Overview
10.2 North America
10.3 Europe
10.4 Asia Pacific
10.5 Middle East and Africa
10.6 South America
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
11.4 Merger and Acquisition
12. Company Profiles
- China Automotive Systems, Inc.
- Nexteer Automotive
- Hitachi Automotive Systems Americas, Inc.
- Hyundai Mobis
- JTEKT Corporation
- The Mando Corporation
- NSK Ltd.
- Robert Bosch GmbH
- Showa Corporation
- ThyssenKrupp AG
For more information about this report visit https://www.researchandmarkets.com/r/4tl046
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