According to a new market research report published by Acute Market Reports “Automotive Power Steering Systems Market (Product Type – Hydraulic Power Steering (HPS), Electric Power Steering (EPS) and Electro-Hydraulic Power Steering (EHPS); Vehicle Class – Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV) and Off-road Vehicles; End-market – OEMs and Aftermarket Sales) – Growth, Future Prospects, and Competitive Analysis, 2022 – 2028”, the global automotive power steering systems market is estimated to cross US$ 40 Bn by 2028.
The automotive power steering systems have undergone rapid advancement over the past few decades. Consistently rising automotive sales worldwide has forced the automotive vehicles as well as components manufacturers to introduce advanced auto parts so as to make driving more comfortable, safe, and efficient. This has steadily led to reduced use of manual steering systems. Today, most of the vehicles manufactured worldwide are installed with power steering systems, leading to strong demand from the automotive industry.
The overall automotive power steering systems market is primarily driven by the consistently rising automotive industry worldwide. The automotive industry, especially in developed economies like North America and Western Europe witnessed a gradual slowdown at the beginning of this decade owing to unstable economic conditions. However, with financial markets showing economic stability, the automotive industry in these regions is poised to regain its original growth levels, offering the necessary push to the market growth, especially during the first half of the forecast period. This, in turn, is expected to have a positive impact on the growth of the automotive power steering systems market.
The overall automotive power steering systems market is categorized on the basis of steering type, vehicle class, and end market. Based on the steering types, the market is classified into hydraulic power steering (HPS), electric power steering (EPS), and electro-hydraulic power steering (EHPS) system. The market is categorized, based on vehicle class, into passenger cars, light commercial vehicles (LCV), heavy commercial vehicles (HCV), and off-road vehicles. In 2019, the market is led by the passenger vehicles segment, accounting for more than forty percent of the total market revenue generated worldwide. Further, on the basis of end-markets, the market is segmented into original equipment manufacturers (OEMs) and aftermarket sales.
Growing efforts towards the development of steer-by-wire steering systems
Developing steering systems for off-road vehicles
Introduction of electronic elements for enhanced vehicle control
Key questions answered in this report
What are the current market trends and dynamics in the automotive power steering systems market and valuable opportunities for emerging players?
Estimated forecast and market projections up to 2029
Which segment accounts for the fastest CAGR during the forecast period?
Which is the largest regional market for automotive power steering systems?
What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
The worldwide market value of the automotive power steering systems market in 2019 and 2022
Which are the key trends driving the global automotive power steering systems market growth?
Who are the leading service providers in the automotive power steering systems market worldwide?
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