Smart Automotive Steering System Market - Regional Analysis
North American Market Insights
North America industry is set to hold largest revenue share of 37% by 2035. The growth of the market can be attributed majorly to the increasing government regulation to ensure the safety of vehicles and fuel-efficient vehicles, which will increase the demand for electric steering systems. The National Highway Traffic Safety Administration (NHTSA) of the United States Department of Transportation has established minimum safety standards for commercial vehicles, including regulations for steering columns. In addition to this, the Environmental Protection Agency (EPA) of the United States establishes minimum emissions criteria for commercial vehicles, which must be maintained by all manufacturers to be marketed in the United States.
APAC Market Insights
The Asia Pacific smart automotive steering system market is estimated to be the second largest, registering a share of about 26% by the end of 2035. The growth of the market can be attributed majorly to the rising demand for vehicles and rapid manufacturing. Last year, India's domestic passenger vehicle market reached an all-time high of about 4 million units, propelling the country to third place in the world, following only the United States and China. Moreover, the yearly passenger vehicle market in India is expected to grow to 6 to 7 million units by FY31.
