Automotive Steering Systems Market Size, Growth | Exactitude Consultancy Reports

Exactitude Consultancy Latest Published Automotive Steering Systems Market Research Report 2022 by Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles), by Technology (Electronic Steering, Hydraulic Steering, Manual Steering, Electro-hydraulic Steering) and by Region, Global trends and forecast from 2019 to 2028

Based on technology market is divided into Electronic Steering, Hydraulic Steering, Manual Steering, Electro-hydraulic Steering. In terms of volume and revenue, the electric power steering segment dominated the automotive steering system market in 2020. The growing consumer preference for comfort while driving is expected to drive up demand for electric power steering systems. The hydraulic power steering segment also had a sizable market share.

Based on vehicle type market is divided into passenger cars, light commercial vehicles, heavy commercial vehicles. The global automotive steering system market was dominated by the passenger vehicle segment. The global increase in passenger vehicle sales is also expected to propel the market. The increase in consumer purchasing power around the world is expected to increase vehicle sales, which will fuel the global automotive steering system market.

The global automotive steering systems market is expected to grow at 4.5% CAGR from 2019 to 2028. It is expected to reach above USD 40 billion by 2028 from USD 27 billion in 2019.

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