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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

Key Segments Covered

Competitive Landscape

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.

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