Report : Europe Automotive Steering System Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Type (Electronic Power Steering, Hydraulic Power Steering, and Electro-Hydraulic Power Steering), Product Type (Column Drive and Rack Drive), and Vehicle Type (Passenger Cars and Commercial Vehicles)
At 3.9% CAGR, the Europe Automotive Steering System Market is speculated to be worth US$ 6,974.83 Million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe automotive steering system market was valued at US$ 5,330.38 million in 2021 and is expected to reach US$ 6,974.83 million by 2028, registering a CAGR of 3.9% from 2021 to 2028. Stringent fuel efficiency norms driving adoption of advanced automotive steering systems and rise in demand for electrification in vehicles are the critical factors attributed to the Europe automotive steering system market expansion.
Several governments across the world have enacted strict automotive emission and fuel economy legislations. Fleet-level regulations have been enforced by regulatory bodies such as the National Highway Traffic and Safety Administration in the International Council on Clean Transportation in Europe. Automobile manufacturers must adhere to the average pollution cap decided by these regulations. These regulations have pushed automakers to spend more in fuel-efficient steering systems such as electronic power steering. As opposed to conventional hydraulic steering systems, electrically assisted power steering systems are lighter in weight and have a simpler structure.
Unlike hydraulic systems, which pump fluid continuously when the engine is running, these systems only use power when the wheels are turned. The European region has the highest penetration of electrically assisted power steering. Thus, the various stringent government norms for ensuring fuel efficient vehicles on road are expected to influence the demand for EPS, thereby contributing to the market growth over the forecast period.
On the contrary, high cost of electronic power steering (eps) system and difficulties associated with its maintenance hurdles the growth of Europe automotive steering system market.
The Europe automotive steering system market, by type, is segmented into electronic power steering, hydraulic power steering, electro-hydraulic power steering. The electronic power steering segment held 75.2% market share in 2021, amassing US$ 4,006.08 million. It is projected to garner US$ 5,326.18 million by 2028 to expand at 4.2% CAGR during 2021–2028.
The Europe automotive steering system market, by product type, is bifurcated into column drive and rack drive. The rack drive segment held 64.2% market share in 2021, amassing US$ 3,421.25 million. It is projected to garner US$ 4,620.38 million by 2028 to expand at 4.4% CAGR during 2021–2028.
The Europe automotive steering system market, based on vehicle type, is segmented into passenger vehicles and commercial vehicles. In 2021, the passenger vehicle segment held 72.1% market share in 2021, amassing US$ 3,843.57 million. It is projected to garner US$ 4,853.89 million by 2028 to expand at 3.4% CAGR during 2021–2028.
Based on country, the Europe automotive steering system market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 26.1% market share in 2021. It was assessed at US$ 1,393.87 million in 2021 and is likely to hit US$ 1,745.80 million by 2028, exhibiting a CAGR of 3.3% during the forecast period.
Key players dominating the Europe automotive steering system market Nexteer Automotive Corp; Hitachi Astemo Americas, Inc.; Hyundai Mobis Co Ltd; JTEKT Corp; Mando Co Ltd; NSK Ltd; ThyssenKrupp AG; Robert Bosch Automotive Steering GmBH, among others.
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