Assessment of the Automotive Steering System Market
Fact. MR’s latest published report on the global Automotive Steering System Market highlights the important parameters that are expected to influence market growth in the upcoming years. Further, by taking into account the historical data collected from the period 2017 to 2022 and analyzing the current trends and market scenario, the analysts offer highly accurate estimates regarding the future prospects of the market.
The study further highlights the key market trends in the current market landscape and its potential impact on the future dynamics of the market. The micro and macro-economic growth indicators are thoroughly investigated in the presented report while predicting the course of the Automotive Steering System Market during the forecast period 2017 to 2022.
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Critical Questions Answered
The presented report offers a microscopic view of the market scenario in different regions. The political and economic environment are thoroughly assessed to provide clarity on the growth prospects of the Automotive Steering System Market in each regional market.
Key Takeaways from the Automotive Steering System Market Report
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This chapter of the report tracks the business prospects of prominent market players operating in the Automotive Steering System Market. The revenue growth, market share, product portfolio, pricing, sales, and marketing strategies of each company is discussed in the report.
Competition Tracking: Global Automotive Steering System Market
Constant innovation will remain the key for leading automakers to maintain an edge over the competition in the global automotive steering system market landscape. Emergence of new technology innovations is expected to represent a predominant factor uplifting the global market for automotive steering system, estimated to reach around US$ 40 Bn towards the end of 2022.
Hyundai Mobis Co. Ltd., one of the industry spearheads based in South Korea, recently announced the successful development of a customized, dual-mode electric automotive steering system that has been specifically optimized for autonomous vehicle technology. The company claims that this newly developed electric automotive steering system includes a redundant control mode – with an additional benefit of two independent electronic circuits that constantly regulate each other in order to maintain stability of the essential steering capabilities in all driving situations. In this automotive steering system, the electronic control units has been substantially reduced in terms of size. Although Hyundai is yet to drive off the mass-production of this dual-model automotive steering system, several verification tests are anticipated to be accomplished later this year – notarizing mass-production by 2020 end.
With an objective to offer an added value to passenger cars in terms of safety during overtaking, lane changing, and driving on slippery roadways, ZF Friedrichshafen AG had introduced a novel double automotive steering system that combined both front and rear axle automotive steering systems. In 2017, the company solidified its position as a dominant leader in the automotive steering system marketplace, with an extended automotive steering system portfolio in China – the global automotive manufacturing hub. This strategic move of the company added a dual pinion system to its flagship product portfolio. More recently in 2018, ZF Friedrichshafen AG presented a new electromechanical automotive steering system designed for front-drive, four-wheel counterbalance forklifts in a global auto fair – – with an aim to achieve reduced energy consumption. ZF is currently prioritizing R&D efforts directed to following the paradigm shift from conventional hydraulics to energy-efficient electrics.
Other prominent players partaking in the global automotive steering system space include Nexteer Automotive Group Limited, JTEKT Corporation, ThyssenKrupp AG, NSK Ltd., Mitsubishi Electric Corporation, China Automotive Systems, Inc., Sona Koyo Steering Systems Limited, and Robert Bosch Limited.
Definition: Automotive Steering System
An automotive steering system is the collection of components such as steering column, steering wheel, front wheel, brakes, and clutches, enabling the driver to effortlessly direct the motion of the vehicle on the desired path. Evolved from the earlier rigid automotive steering systems, today’s automotive steering systems possess incredible flexibility that offers automatic assistance.
Global Automotive Steering System Market: About the Report
The roughly US$ 30 billion market for automotive steering system will possibly surpass the valuation worth US$ 40 Bn by the end of 2022, as indicated by the global automotive steering system market report offered for the five-year assessment period – 2017-2022. The report provides valued actionable insights on the historic, current, and futuristic scenario of the global automotive steering system to help businesses in automotive components domain arrive at profitable decisions in the near future.
Additional Questions Answered by Automotive Steering System Market Report
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