The worldwide automotive steering system market is estimated at ~$22 Billion in 2020, rising at 7% CAGR until 2025. The common per unit worth of steering techniques is predicted to stay stagnant, globally until 2022 when Euro NCAP trials start. Many OEMs have already requested for worth minimize from their respective steering system suppliers.
Steer by wire-L2 automation (2X greenback content material in comparison with typical steering system) is predicted to herald the income development for all suppliers in subsequent 5 years, particularly submit 2022 when Euro NCAP 2025 begins approaching. Automated emergency steering would be the largest enabler of Steer by wire.
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CHINA AUTOMOTIVE STEERING SYSTEM MARKET
China led Asia pacific market accounts for highest variety of new product launches for steering system suppliers. Though, the decline in auto manufacturing forecast for 2019 and 2020 is unprecedented, it’s nonetheless the most important automotive market globally.
The decline of Chinese language passenger automotive gross sales (~8% YOY) in 2019 and a decreased steerage for 2020 is main problem to the worldwide Automotive steering system market.
The worldwide automotive steering system market is very concentrated amongst lower than 10 distributors. There may be an intense price competitors amongst suppliers in decrease and mid-segment autos because the expertise worth add is minimal. The gross margins on EPS merchandise are lowest amongst all steering varieties as many tier-1 suppliers are depending on different suppliers for sub-component sourcing.
AUTOMOTIVE STEERING SYSTEM MARKET SEGMENTATION
• Chinese language OEMs
• Different OEMs
By STEERING TYPE
• Passenger vehicles
ZF Friedrichshafen AG
World Steering Methods LLC
Hitachi Automotive Methods
China Automotive Methods, Inc
Learn Extra Info: https://mobilityforesights.com/product/automotive-steering-system-market/
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