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Report On Global Automotive Steering Market by Types, Vehicle Types, and Regions — Market Size, Share and Trends, Forecast 2020–2026
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Global Automotive Steering Market by Types, Vehicle Types, and Regions — Market Size, Share and Trends, Forecast 2020–2026 Global Automotive Steering Market was valued at USD 32.6 Billion in 2016, and is projected to grow at CAGR of 5.8% over forecast period 2020–2026. Growing demand for fuel-efficient vehicles, rise in disposable income of consumers, increasing vehicle production and stringent fuel economy norms are the key factors augmenting the market growth. Get Sample Report: https://dataintelo.com/request-sample/?reportId=14174
An automotive steering system is set of components used to control the direction of vehicle motion and help driver maneuver the vehicle as per the requirement. The hand-operated steering wheel, steering column, universal joints and rack & pinion mechanism contribute to the automotive steering system component. The development has led to change the steering system from manual steering to power assist steering system. The automotive steering system is considered as non-replaceable in automobiles and is responsible for effective control on vehicles making it a vital component in automobiles. The market for automotive steering system is highly demanding as the steering system is obligatory in automobiles.
Market Trends, Drivers, Restraints, and Opportunities: ● Increase in disposable income of consumers has fueled the demand for automotives, which in turn is driving the growth of the market. ● Development of power steering in automobiles is propelling the expansion of the market.
● High price of power steering is likely to restrain the growth of the market. ● Use of new technology such as drive-by-wire in the upcoming vehicle is projected to create opportunities in the market. Read More: https://dataintelo.com/report/automotive-steering-market/