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MARKET OUTLOOK 

Europe’s automotive steering system market is anticipated to show growth with a CAGR of 5.01% over the projected duration between 2021 and 2028. Russia, Germany, the United Kingdom, Spain, France, Italy, and Rest of Europe together form the market in this region.

The United Kingdom is one of the dominating nations in the regional market. The market here is mainly driven by the rising production and sales of luxury vehicles, due to the growing preference for comfort and safety. Additionally, the rapid electrification of vehicles and the rising stringency concerning emission norms are expected to raise the demand for EPS-equipped cars. 

The increasing popularity of autonomous driving vehicles has fueled the demand for electric power steering systems and ECUs worldwide. Vehicles enabled with EPS tend to weigh lesser overall, which further enhances fuel efficiency. All these factors are expected to contribute to the growth of the UK market in the forecasting period.

Germany is recognized across the world for its excellence in engineering and an outstanding automotive industry. It is one of the leading markets for automotive production and sales in Europe. The country’s world-class R&D infrastructure, complete integration of the industry value chain, and a highly qualified workforce have helped create an advanced automotive environment. Advancements in EPS sensor technology and the declining cost of manufacturing these systems have contributed to the development of the German automotive steering systems market. 

COMPETITIVE OUTLOOK

The leading competitors in the automotive steering system market include Hyundai Mobis, Mitsubishi Electric Corporation, Thyssenkrupp AG, Nexteer Automotive Corporation, Robert Bosch GmbH, and Mando Corporation.