Automobile Steering Joints and Shafts Market was valued at USD 8.5 Billion in 2022 and is projected to reach USD 12.0 Billion by 2030, growing at a CAGR of 4.5% from 2024 to 2030.
The global automobile steering joints and shafts market was valued at approximately USD 8.2 billion in 2022 and is projected to expand at a compound annual growth rate (CAGR) of 5.4% from 2023 to 2028. This growth is driven by the increasing demand for advanced steering systems in vehicles, coupled with the rising emphasis on vehicle safety and performance. The market's expansion is also supported by technological advancements in steering mechanisms, including the development of electric and adaptive steering systems, which offer enhanced driving comfort and precision. As automotive manufacturers continue to integrate innovative steering solutions into new vehicle models, the market for steering joints and shafts is expected to witness significant growth.
Emerging markets present substantial opportunities for the steering joints and shafts sector. The increasing automotive production and sales in regions such as Asia-Pacific, particularly in countries like India and China, are driving demand for steering components. Furthermore, the growing trend of vehicle electrification and the rise in consumer preference for high-performance vehicles are expected to bolster market opportunities. Additionally, the shift towards electric vehicles (EVs) and hybrid vehicles is likely to create new avenues for market players, as these vehicles require advanced steering components to accommodate new powertrain configurations and enhance driving dynamics.
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NSK
GMB Corporation
Bosch
SKF
Schaeffler Group
Tenneco
TIMKEN
JTEKT
RBC Bearings
Mando
ASAHI SEIKO
Kyowa Co.
Henan Tongxin Transmission
Xuchang Yuandong Drive Shaft
Onassis Auto
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Automobile Steering Joints and Shafts Market
Passenger Vehicles
Commercial Vehicles
Based on Types the Market is categorized into Below types that held the largest Automobile Steering Joints and Shafts market share In 2023.
Alloy Material
Stainless Steel Material
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Automobile Steering Joints and Shafts Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Automobile Steering Joints and Shafts Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Automobile Steering Joints and Shafts Market, By Type
6. Global Automobile Steering Joints and Shafts Market, By Application
7. Global Automobile Steering Joints and Shafts Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Automobile Steering Joints and Shafts Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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