There is an increase in use of buses and trucks worldwide, especially for logistics and public transportation. As the population in urban areas is growing, there is a need for increased public transit, and the current transportation infrastructure is proving inadequate. OEMs worldwide are now focused on lowering global carbon emissions, which is leading to increase in use of electric cars. Passenger cars and taxis are concentrating more on the introduction of greener technology as the demand increases. The manufacturers are concentrating their efforts on electrification of vehicles, especially passenger cars. Several countries worldwide are putting a lot of work into creating green transportation. Governments are taking several steps to minimize CO2 emissions. They are providing tax cuts and incentives to promote the use of electric vehicles in public transportation, such as e-trucks and e-buses. BYD K9, Mercedes Benz electric truck, and Tata Starbus Hybrid e-buses are a few examples of electric vehicle models. Some commercial vehicle manufacturers have recently unveiled electric buses, and others have announced plans to convert full-size trucks and pickup trucks to battery-electric platforms. Thus, the rising demand for electric vehicles is contributing to the growth of the global automotive steering system market.
Germany, France, the UK, Russia, and Italy are among the major countries in Europe. In Europe, the automotive sector is crucial for the region’s prosperity. The region has significantly upgraded its industrial solutions and is labeled as Industry 4.0. In order to reinforce the competitiveness of its automotive industry and continue its global technological leadership, the European Commission is focusing on the funding for R&D. The region is the leading producer of passenger cars and several commercial vehicle manufacturers, such as Ford of Europe, Hyundai Motor Europe, Iveco, and Volkswagen. The automotive sector is crucial for the region’s prosperity. In 2020, 16,921,311 units of commercial and passenger vehicles were produced. Germany is one of the largest automotive markets in the region. The country comprises major automotive manufacturers such as Daimler AG, BMW, VW, Opel, and Audi. The growing automobile production in Germany, as well as Europe is driving the automotive steering system market.
Europe Automotive Steering System Market Segmentation
The Europe automotive steering system market is segmented into type, product type, vehicle type, and country.
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 accounted for the highest share in the Europe automotive steering system market in 2021.
The Europe automotive steering system market, by product type, is bifurcated into column drive and rack drive. The rack drive segment held the largest market share in 2021.
The Europe automotive steering system market, based on vehicle type, is segmented into passenger vehicles and commercial vehicles. In 2021, the passenger vehicle segment accounted for the highest share in the Europe automotive steering system market.
Based on country, the Europe automotive steering system market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Germany dominated the market in 2021.
Nexteer Automotive Corp; Hitachi Astemo Americas, Inc.; Hyundai Mobis Co Ltd; JTEKT Corp; Mando Co Ltd; NSK Ltd; ThyssenKrupp AG; and Robert Bosch Automotive Steering GmBH are the leading companies operating in the Europe automotive steering system market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 5,330.38 Million |
| Market Size by 2028 | US$ 6,974.83 Million |
| CAGR (2021 - 2028) | 3.9% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
Europe
|
| Market leaders and key company profiles |
|
The Europe Automotive Steering System Market is valued at US$ 5,330.38 Million in 2021, it is projected to reach US$ 6,974.83 Million by 2028.
As per our report Europe Automotive Steering System Market, the market size is valued at US$ 5,330.38 Million in 2021, projecting it to reach US$ 6,974.83 Million by 2028. This translates to a CAGR of approximately 3.9% during the forecast period.
The Europe Automotive Steering System Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Europe Automotive Steering System Market report:
The Europe Automotive Steering System Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Europe Automotive Steering System Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Europe Automotive Steering System Market value chain can benefit from the information contained in a comprehensive market report.
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