As All the Market Shifting Towards Autonomous, China Automotive Systems Officially Enters in Autonomous Driving to Dense the Competition in the Global Automotive Steering Systems Market

The global automated steering systems market is anticipated to grow at a CAGR of nearly 4.6% during the forecast period (2021-2027). The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. The recent development in autonomous technologies has also broadened the market for future growth.

For instance, in June 2021, China Automotive Systems, Inc., a power steering components and systems supplier in China, announced that its subsidiary, Hubei Henglong Automotive Systems Group Co. Ltd., purchased 40% interest in the issued share capital of a Swedish automotive technology company, Sentiment AB. The company is specialized in software development and hardware design which would help China Automotive Systems in the advanced steering functions, vehicles motion control and autonomous driving. Sentient's motion control technology has been tested and demonstrated on electric power steering (EPS), steer-by-wire, angle-overlay systems, and fully autonomous vehicles; National Highway Traffic Safety Administration (NHTSA) level 3 to level 5.

Market Coverage

• The market number available for – 2020-2027
• Base year- 2020
• Forecast period- 2021-2027
• Segment Covered
• Regions Covered- Globally

Competitive Landscape- China Automotive Systems Inc., JTEKT Corporation, Nexteer Automotive, Mando Corporation, and ThyssenKrupp Presta AG, among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominates the market in base year?
• Which segment and region will project fastest growth in the market?
• How COVID-19 impacted the market?

o Recovery Timeline

o Deviation from pre-COVID forecast

o Most affected region and segment

• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Crude Steel Market Report Segment

By Technology

• Hydraulic Power Steering

• Electronic Power Steering

• Electro-Hydraulic Power Steering

By Mechanism

• Collapsible

• Rigid

By End-Users

• Passenger Vehicles

• Commercial Vehicles

Global Automotive Steering Systems Market Report Segment by Region