Electronic Power Steering is Dominating Europe Automotive Steering System Market during 2020-2028
According to The Insight Partners market research study on “Europe Automotive Steering System Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, Vehicle Type, and Country” is expected to reach US$ 6,974.83 million by 2028 from US$ 5,239.84 million in 2020. The market is estimated to grow at a CAGR of 3.9% from 2020 to 2028. The report provides trends prevailing in the Europe automotive steering system market along with the drivers and restraints pertaining to the market growth. Rigorous fuel efficiency norms are driving the adoption of advanced automotive steering systems is the major factor driving the growth of the Europe automotive steering system market.
The Europe automotive steering system market has been segmented into type, vehicle type and country. Based on product type, the Normal America Automotive Steering System Market is segmented into Electronic Power Steering, Hydraulic Power Steering and Electro-Hydraulic Power Steering segment held a substantial market share in 2020. Based on vehicle type, the North America automotive steering system market is segmented into Passenger Cars and Commercial Vehicles. Passenger Cars segment held a substantial market share in 2020.
The ongoing COVID-19 is having a very devastating impact over the Europe region. In Europe, Russia is the hardest-hit country by the coronavirus outbreak, with approximately 4.49 Mn total cases of COVID – 19 patients as of March 2021. It is expected to suffer an economic hit due to a lack of revenue from various industries, as Russia recorded the highest number of coronavirus cases. Other member states have implemented drastic measures and travel restrictions, including partially closing their borders. Vehicle production has declined due to the shutdown of factories. The region has experienced a production loss of 3.6 Mn vehicles worth Euro 100 Bn in the first half of 2020 owing to the spread of the pandemic in the region. This is anticipated to negatively impact the automotive steering system market growth in Europe.
China Automotive Systems, Inc. Nexteer Automotive, Hitachi Automotive Systems Americas, Inc. Hyundai Mobis, JTEKT Corporation, The Mando Corporation, NSK Ltd., Robert Bosch GmbH,ThyssenKrupp AGamong the leading companies in the Europe automotive steering system market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2019, Nexteer Automotive had announced its production milestone of 60 million electronic power steering (EPS) systems globally. This could be used in vehicles ranging from small cars to big trucks. The electronic power steering systems increase fuel efficiency by 6% and CO2 emissions by 8 grams per km.
The report segments the North America Automotive Steering System Market follows:
Europe Automotive Steering Market – By Type
- Electronic Power Steering
- Hydraulic Power Steering
- Electro-Hydraulic Power Steering
Europe Automotive Steering Market – By Vehicle Type
- Passenger Cars
- Commercial Vehicles
Europe Automotive Steering Market – By Country
- France
- Germany
- UK
- Italy
- Russia
- Rest of Europe
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com