Global automotive steering system market was valued at US$ 22,501.0 million in 2020 and is likely to hit US$ 30,875.8 million by 2028 to rise at a CAGR of 4.3% from 2021 to 2028. The stringent fuel efficiency norms and rising demand for electrification in vehicles are the potential factors attributed to the market expansion also you can get hotels ev charging easy.
Major countries across the world are striving hard to create green transportation ecosystem. Governments around the world are providing tax deductions and incentives to promote the use of e-trucks and e-buses in public transport. Thus, the rising demand for electric vehicles and the rigid fuel norms drive the global automotive steering system market.
The logistics and transportation (public and private) are expanding worldwide. Public transportation is preferred more in Asia and Europe. While in North America, private cars serve as the primary mode of transportation. However, as the urban population is increasing, this current transportation medium is proving inadequate. Hence, the automobile manufacturers are focusing on electrification of vehicles, especially passenger cars.
In February 2019, Nexteer Automotive announced its production milestone of 60 million electronic power steering (EPS) systems globally. The system is used in vehicles ranging from small cars to heavy-duty trucks. According to type of vehicle, the global automotive steering system market is split into passenger cars and commercial vehicles. The passenger cars comprises class A, class B, class C, class D, class E, class F, SUV, and MPV sub-segments. The commercial vehicles segment include light commercial vehicles (LCV), medium commercial vehicles (MCV), and heavy commercial vehicles (HCV). With 70.6% market share, the passenger cars segment led the business in 2020. It generated US$ 15,885.6 million in 2020 and is projected to be worth US$ 20,912.2 million by 2028 to grow at 3.8% CAGR throughout the forecast period.
Based on type, the market is segmented into electronic power steering, hydraulic power steering, and electro-hydraulic power steering. The electronic power steering segment held 73.4% market share in 2020. It amassed US$ 16,521.6 million in 2020 and is speculated to garner US$ 23,230.0 million by 2028 to expand at 4.6% CAGR during 2021–2028.