Rapid Advancements In Automotive Steering System Market To Fuel Revenues Through 2022 – 2031 : Fact.MR

Latest industry analysis by Fact MR, predicts sales of Automotive Steering System to swell at propelled CAGR through 2031, as automotive sales gradually recover across the world. The report is intended at presenting insights into hidden growth opportunities and challenges. It also offers recommendations to help businesses to prep for unforeseen challenges. The market intelligence study therefore includes demographics analysis so market players can plan their product and marketing strategy. It offers sales outlook in 20+ countries. It identifies the most lucrative segments to assist companies in creating winning strategies for future.

The automotive steering system market to reach nearly US$ 23 Bn in 2020. Redesigning automotive steering systems for easy usage is driving the market growth.

In addition, attaining fuel efficiency plays a major role in accelerating the uptake of automotive steering systems. Thus, the market is expected to surpass a CAGR of 4% in the 2021-2031 assessment period, reaching nearly US$ 34 Bn.

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Key Metrics

Global Market CAGR (2021-2031) 4%
US Market Estimated Revenue US$ 5 Mn
Electrically Powered Steering Systems Market CAGR 2031 5%
Heavy Commercial Vehicles (HCV) Segment Market Share 40%

The report offers actionable and valuable market insights of Automotive Steering System. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Automotive Steering System Market across various industries and regions.

The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Automotive Steering System market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Automotive Steering System

This newly published and insightful report sheds light on Market Insights of Automotive Steering System, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Automotive Steering System Market.

Key Segments Covered

·         Type

    • 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

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Following pointers are highlights from Fact.MR’s report, providing an insightful outlook on the future of global automotive steering system market through 2022.

  1. In 2017, the Asia-Pacific excluding Japan (APEJ) region will be dominating the global automotive steering system market in terms of revenue. By the end of 2022, the APEJ automotive steering system market will have reached an estimated value of US$ 14.2 Bn.
  2. Europe’s automotive steering system market, on the other hand, is anticipated to record revenue growth at steady CAGR during the forecast period.
  3. In US and Canada, automotive steering system sales are expected to bring in US$ 7 Bn by the end of 2017.
  4. Demand for electric power steering (EPS) systems is currently gaining traction. In 2017, more than US$ 12 Bn global revenues will be accounted by sales of EPS systems. Manual steering systems will lose their market presence towards the end of forecast period, recording a sluggish revenue growth at moderate CAGR.
  5. By the end of 2022, more than US$ 23 Bn revenues will be accounted by sales of automotive steering systems in passenger cars across the globe. The demand for automotive steering system in other vehicle types will also be prominent, but passenger cars will be at the forefront of global automotive steering system market contribution.
  6. The report expects that majority of automotive steering system sold in the world will be through OEMs. The incidence of replacing steering systems is rare, thereby lowering the presence of aftermarkets in global sales of automotive steering systems. Between 2017 and 2022, the global market for automotive steering system will witness an significant increment through sales accounted by OEMs.

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Report Benefits & Key Questions Answered

  • Automotive Steering System Company & brand share analysis: The report offers in-depth Automotive Steering System brand share analysis to estimate percentage of the market covered by Tier 1, Tier 2, and Tier 3 companies
  • Automotive Steering System Historical volume analysis: The report offers a comparative analysis between historic sales of Automotive Steering System and projected sales performance for 2021-2031
  • Automotive Steering System Category & segment level analysis: Fact MR presents a comprehensive analysis of factors enabling sales growth across key segments. It underscores chief growth drivers and offers valuable information to identify sales prospects a local and regional levels
  • Automotive Steering System Consumption by demographics: To offer informed recommendation, the report studies behavior and consumption pattern of consumers. The demographics analysis is intended at helping business better understand consumer preference and design their product and market strategies around it
  • Post COVID consumer spending on Automotive Steering System: The Fact MR market survey carefully studies consumer spending behavior post COVID-19. It gauges how prevailing trends have influenced their behavior, subsequently impacting their spending power

More Valuable Insights on Automotive Steering System Market

Fact.MR, in its new report, offers an unbiased Market Analysis of Automotive Steering System, Sales and Demand of Automotive Steering System, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.

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