Automotive Steering Market Rising Demand, Trends and Business Outlook | 2020-2025

By: X herald

The Global Automotive Steering Market Research Report 2020-2025 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.

The automotive steering market is expected to register a CAGR of over 5.5% during the forecast period.

Top Companies in the Global Automotive Steering Market are Robert Bosch GmbH, JTEKT Corporation, Nexteer Automotive Corporation, NSK Ltd, Showa Corporation, Mando Corporation, Sona Corporation, ZF Friedrichshafen AG, Hitachi Automotive Systems Limited and others.

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Key Market Trends

Increasing Adoption of Sensors

The sensor located in the steering column measures two primary driver inputs torque (steering effort) and steering wheel speed and position. Thus, there are three types of sensors used in such systems, namely torque sensor, steering wheel speed sensor, and position sensor.

These sensors deliver the signals as inputs to an ECU, which provides an appropriate output to the steering system for an action to take place.

Torque sensors are generally non-contact sensors. The sensor measures the steering force applied by the driver, and thus, enables sensitive control of the electric steering support.

– It works based on a non-contact magnetic measuring principle. It contains a magnet unit, a flux-tube unit, and a sensor unit. The torque sensor itself has two independent coils of wire. One of the coils determines if a right-hand turn is being made, while the other determines if a left-hand turn is being made. The signal is then sent from the electric power steering (EPS) module to the appropriate coil, which then assists the vehicle in steering.

Europe holds a significant share in the Market

The electric vehicle market has been rapidly growing across the world. For instance, in Europe, electric vehicle sales increased by 37% in 2018, as compared to that of 2017. Additionally, several governments across the world have formulated various policies, incentives, and projects to support the usage of electric vehicles.

By 2024, nearly 4% of the new car sales and 7% of the global car fleet are expected to be electric. With the growing electric vehicle sales, the deployment rate of lightweight steering systems (like electric power steering (EPS)) is expected to see a potential demand during the forecast period.

The automotive industry is the largest industry sector in the country. In 2018, the automotive industry accounted for nearly 20% of the total German industry revenue.

– Germany is Europes number one automotive market with car production of about 5.12 million, which accounted for nearly 27% of the European passenger cars manufactured in 2018.

However, the country’s economy struggled over the summer, due to weak car production, owing to the enactment of new EU-wide emission measurement procedures.

– With the European Union moving toward the Worldwide Harmonized Light Vehicle Test Procedure, some German automakers struggled to gain regulatory clearance. At the same time, production was also dampened by significant dealership discounts to clear stock before the new rules came into effect.

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What are the market factors that are explained in the report?

Executive Summary: It includes key trends of the global Automotive Steering market related to products, applications, and other crucial factors. It also provides an analysis of the competitive landscape and CAGR and market size of the global Automotive Steering market based on production and revenue.

Production and Consumption by Region: It covers all regional markets focusing on the research study. It discusses prices and key players besides production and consumption in each regional market.

Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the global Automotive Steering market.

Market Segments: This part of the report discusses product type and application segments of the global Automotive Steering market based on market share, CAGR, market size, and various other factors.

Research Methodology: This section discusses the research methodology and approach Automotive Steering used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.

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