Automotive Steering System Market Share

APAC Market Statistics

The Asia Pacific automotive steering system market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2037. The growth of the market can be attributed majorly to the growing number of vehicles, as well as the increasing demand for driving-assist functions amongst vehicle users. For instance, it is projected that by 2025, nearly 70% of all new vehicles sold in China will have smart high-level driving-assist functions. Furthermore, growth in the regional automotive industry is baked by the higher manufacturing of automotive components and parts and escalating inclination of population to own luxury cars are further anticipated to expand the market size during the forecast period. For instance, nearly 34 million passenger cars were sold out in Asia Pacific in 2021 and around 6 million passenger cars were sold out in Japan alone in the similar year.

North America Market Forecast

Furthermore, the global automotive steering system market is anticipated to witness significant growth in North America region as well. The growth of the market in this region can be ascribes to the higher production volume of electric vehicles and presence of many key manufacturers. For instance, approximately 15 million units of light electric vehicle were sold out in the United States in 2021. Therefore, all these factors are anticipated to boost the market growth in the region over the forecast period.