Automotive Steering System Market Is Expected To Surpass A CAGR Of 4% By 2031
Fact.MR’s report forecasts the global automotive steering systems market to be valued at nearly US$ 34 Bn, expanding at over 4% CAGR across the 2021-2031 forecast period. Technological advancements in the automotive industry has significantly underscored the importance of automotive steering systems in recent years.
Historically, between 2016 and 2020, sales of automotive steering systems expanded close to 4%, closing in at nearly US$ 23 Bn by the end of the aforementioned period. As the COVID-19 pandemic took hold, prospects dipped significantly in the initial quarters, attributed to substantial shortfalls in automotive output amid mandatory lockdowns. However, since Q4 2020, restrictions have lifted, restoring projections.
Manufacturers are majorly driven by the objective of reducing emissions, prompting numerous innovations and product launches across key regions. For instance, in 2018, WABCO Holdings Inc. signed a MoU with Valeo to develop short and mid-range sensor technologies for next-generation advanced driver assistance systems. Such initiatives are boding well for autonomous steering systems demand.
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Key Takeaways from Market Study
- The global car oil filter market is projected to expand at a CAGR of 4% during the forecast period and reach a market valuation of US$ 3 Bn by the end of 2031.
- Under product type, anti-drain black seals is the fastest-growing segment at a CAGR of nearly 3.6%.
- Premium passenger cars and luxury passenger cars are capturing more than 45% market share.
- Europe is the leading regional market, reaching a market value of US$ 700 Mn by the end of 2031.
Key Segments Covered
- Hydraulic Powered Automotive Steering System
- Electrically Powered Automotive Steering System
- Vehicle Type
- Automotive Steering Systems for Passenger Vehicles
- Automotive Steering Systems for Light Commercial Vehicles (LCV)
- Automotive Steering Systems for Heavy Commercial Vehicles (HCV)
- Sales Channel
- Automotive Steering Systems for OEMs
- Automotive Steering Systems for Aftermarkets
Key players in the automotive steering system are focusing on providing comfort and safety to people. Also, companies are constantly integrating latest technological advancements that would reduce the chances of vehicle failures.
- For instance, in July 2021, Hyundai Mobis has developed world’s first brainwaves based on the ADAS technology. With the help of this technology, the brainwaves can measure the drives state and alert to avoid accidents.