The global automotive steering gear market is anticipated to grow at a considerable CAGR during the forecast period (2022-2028).
The growing demand for advanced technology based cars is a key factor driving the market growth. The adoption of a motor vehicle control system contributes to the growth of the market. An effective steering system is responsible for increased fuel efficiency. Thus, an increase in the demand for a fuel-efficient vehicle increases the need for a steering system. Also, consumers prefer luxury driving in their cars, which includes casual driving and car versatility. Driving comfort is achieved through an effective steering system that leads to an increase in the demand for a steering system that exploits the growth of this market. Additionally, the automotive industry has evolved from a hand-operated steering system, which uses only mechanical communications such as a rack and pinion, to an electric steering system. The hand-operated steering system has limits on the efficiency and efficiency of car fuel.
However, the power steering system consists of hydraulics and electronic components, which help to drive and at the same time improve the efficiency of the vehicle. Therefore, the power management system is widely accepted around the world. Increased acceptance of assisted steering wheels contributes to the increasing need for a regulatory system in the automotive industry.
In September 2020, the Schaffler Group announced a development partnership with Robert Bosch Automotive Steering GmbH, company owned by Robert Bosch GmbH, expand the rear-wheel-driveportfolio. Under this partnership, Schaeffler will provide IRWS mechatronic programs, and Robert Bosch Automotive Steering will provide software and electronics for advanced steering.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape-ACDelco, Bosch, CTR, Motorcraft, and Xianhe, among others.
A full report is available at: https://orionmarketreports.com/global-automotive-steering-gear-market/104774/
Global Automotive Steering Gear Market Report by Segment
By Type
- Hydraulic Power Steering
- Electric Power Steering
- Others
By Application
- Passenger Car
- Commercial Vehicle
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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