The market assessment report titled ‘Global Automotive Steering System Market 2021-2028’, available with MarketStudyReport, opines that global automotive steering market is slated to register is a healthy growth rate of around 5.01% during 2021-2028.

Expert analysts and researchers cite that strict fuel efficiency regulations and burgeoning demand for additional functions in electronic controls units are the major factors contributing towards the upsurge in global automotive steering market growth. Further, escalating automotive production, as well as a growing inclination towards electric vehicles indicates a greater product demand over the forecast period.

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Despite the positive industry outlook, challenges such as expenditure incurred for automotive and implementing autonomous features in cars may severely impact the growth trajectory of the industry during the analysis timeframe.

Moving on to segmentation, the market is bifurcated on the basis of component (steering rack/column, steering motor, sensor, other), system type (C-EPS, P-EPS, D-EPS, R-EPS), vehicle type (PHEV, FCEV, BEV, HEV) and regional landscape (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa). A comprehensive analysis of every segment is provided to uncovers verifiable projections pertaining to growth patterns of the industry.

Geographically, Asia Pacific automotive steering market is projected to account for a major part of market share during the evaluation period. This can be ascribed to key factors such as large-scale investments to enhance electric mobility services, as well as the prevalence of prominent players in the region.

Moreover, increasing per capita income in nations like China and India along with improvements in the state and connectivity of roads are playing a crucial role in widening the horizon of the industry within the APAC region.

The competitive framework of the global automotive steering market is defined by prominent players like Robert Bosch GmbH, Honda Motor Company Ltd, Hitachi Astemo Ltd., ZF Friedrichshafen AG, JTEKT Corporation, Denso Corporation, Mitsubishi Electric Corporation, Mando Corporation, Nexteer Automotive Corporation, Thyssenkrupp AG, NSK Ltd., China Automotive Systems, Inc., and Hyundai Mobis.