Automotive Steering System Market with Leading Key Players, Industry Share and Latest Opportunities 2028

According to the new research report titled “Automotive Steering System Market Forecast to 2028 - COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market is expected to reach US$ 30,875.8 million by 2028, registering a CAGR of 4.3% from 2021 to 2028.

In 2020, APAC led the global automotive steering system market with ~50% of revenue share, followed by Europe and North America. India, China, South Korea, and Japan are among the world's leading vehicle manufacturers. As per OICA, in 2020, India manufactured 3,394,446 vehicles. Also, China manufactured 25,225,242 passenger cars and commercial vehicles in the same year, making it the world's largest vehicle producer. The emergence of the large automotive sector and an increasing number of automotive manufacturers are the key factors propelling the automotive steering system market in the area forward. The rapid growth of the automotive sector in APAC is driven by the continuous development of China and India's economies and the presence of high disposable incomes in South Korea, Japan, and other countries. To retain a broad customer base and produce more sales, car manufacturers tend to integrate cutting-edge solutions into their cars. As a result, the automotive steering system market in APAC is growing due to the strong automotive sector and rising disposable incomes.

In 2020, Europe held the second position with more than 23% revenue share, and it is anticipated to grow with a steady growth rate from 2021 to 2028. Ford, Hyundai Motors, Iveco, and Volkswagen are among the leading manufacturers of passenger cars and commercial vehicles in the Europe. The automotive industry is vital to the region's economic development. Commercial and passenger vehicle production was 16,921,311 units in 2020. Germany is one of the region's main automotive markets. The country's major automobile manufacturers are Daimler AG, BMW, Volkswagen, Opel, and Audi. The automotive steering system market is growing due to increasing vehicle output in Germany. One of the most important end-users of automotive steering systems in the area is the region's booming automotive industry. In addition, national regulatory bodies are taking several steps to promote the growth of the automotive industry in the region, which drives the automotive steering system market in...

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