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Electric Power Steering Market by Component, Type, Mechanism, Motor Type, Application, Off-Highway, EV, EV Gear Type and Region

Electric Power Steering Market by Component, Type, Mechanism, Motor Type, Application, Off-Highway, EV, EV Gear Type and Region
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Global Automotive Steering System Market (2020 to 2025) - Adoption of Steer-By-Wire Technology Presents Opportunities

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The automotive steering system market is projected to reach USD 36.9 billion by 2025 from USD 29.3 billion in 2020, at a CAGR of 4.7% from 2020 to 2025.
With progression in time, the COVID-19 impact has severely disrupted the supply chain for the entire automotive ecosystem. This has halted production facilities across the globe resulting in disruption in the exports of the automotive components. This scenario is expected to affect the automotive steering system market, as the growth of the market is directly related to the production of the vehicles. The global production of vehicles pre-COVID-19 was expected to reach from 90-95 million units in 2020 to 110-115 million units by 2025. According to OICA, though global vehicle production declined by 5.2% between 2018-2019, the production outlook was supposed to showcase significant growth from 2021-2022 owing to multiple steps taken by OEMs, as ....

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