Allied Market Research’s report titled, “Automotive Steering System Market by Type (Hydraulic Power Steering, Electronic Power Steering, and Electro-Hydraulic Power Steering System) and Vehicle Type (Passenger Vehicle and Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2018 – 2025”, analyzes current market size, key winning strategies, industry dynamics, top investment pockets, and competitive landscape. According to the report, the global automotive steering system market was valued at $29.42 billion in 2017 and is projected to reach $45.35 billion by 2025, registering a CAGR of 5.4% from 2018 to 2025.
- The growth of the global automotive steering system market is driven by rise in disposable income of consumers
- The high cost of power steering systems is anticipated to impede the growth of the market.
- New technologies such as drive-by-wire are expected to be implemented in upcoming vehicles, which would provide promising prospects to the market soon.
- Electronic power steering segment to retain dominance through forecast period.
- Passenger vehicles segment to retain dominance, commercial vehicles segment to manifest fastest growth through 2025.
- Asia-Pacific to retain lion's share through 2025.
- The key players in the market include China Automotive Systems Inc., JTEKT Corporation, Nexteer Automotive, Mando Corporation, ThyssenKrupp Presta AG, Robert Bosch Automotive Steering GmbH, Showa Corporation, NSK Ltd, Mitsubishi Electric Corporation, Sona Koyo Steering Systems Ltd., and Hyundai Mobis Co. Ltd.
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