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Analyzing Automotive Steering Shaft Market Dynamics and Growth Drivers and forecasted for period from 2024 to 2031

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The "Automotive Steering Shaft Market" is focused on controlling cost, and improving efficiency. Moreover, the reports offer both the demand and supply aspects of the market. The Automotive Steering Shaft market is expected to grow annually by 14.3% (CAGR 2024 - 2031).

This entire report is of 112 pages.

Automotive Steering Shaft Introduction and its Market Analysis

The global Automotive Steering Shaft market is projected to grow at a significant rate due to factors such as increasing demand for fuel-efficient vehicles and advancements in steering technology. Key players such as ThyssenKrupp, Dana, Mando, Sona Group, eerae Automotive Systems, JTEKT, and OTTO FUCHS are focusing on product innovation and strategic partnerships to gain a competitive edge. The market is also witnessing a trend towards electric power steering systems, which are expected to drive revenue growth in the coming years. The report recommends companies to invest in R&D and expand their presence in emerging markets to capitalize on the growing opportunities in the Automotive Steering Shaft market.

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The global Automotive Steering Shaft market is segmented by type into Splined Shafts, Double D Shafts, and Others, with applications in Passenger Cars and Commercial Vehicles. The increasing demand for vehicles worldwide is driving the growth of this market, with key players investing in innovative technologies to enhance steering efficiency and safety.

Regulatory and legal factors specific to market conditions include stringent safety standards imposed by governing bodies such as the National Highway Traffic Safety Administration (NHTSA) in the US and the European Commission's directives on vehicle safety. Compliance with these regulations is essential for manufacturers to ensure the quality and performance of steering shafts in vehicles.

Overall, the Automotive Steering Shaft market is expected to witness substantial growth in the coming years, fueled by advancements in technology and a growing focus on vehicle safety. Manufacturers must stay abreast of changing regulations and invest in research and development to remain competitive in this dynamic market.

Top Featured Companies Dominating the Global Automotive Steering Shaft Market

The global automotive steering shaft market is highly competitive, with key players such as ThyssenKrupp, Dana, Mando, Sona Group, erae Automotive Systems, JTEKT, and OTTO FUCHS dominating the market. These companies are known for their innovative technologies, quality products, and strong presence in the automotive industry.

ThyssenKrupp, a German multinational conglomerate, is a leading supplier of automotive steering shafts globally. Dana, an American company, is known for its strong manufacturing capabilities and expertise in producing steering components. Mando, a South Korean company, specializes in manufacturing steering systems and components for various vehicle applications. Sona Group, an Indian conglomerate, is a major player in the automotive steering shaft market with a strong focus on research and development.

erae Automotive Systems, a South Korean company, is known for its cutting-edge technologies and innovative products in the automotive industry. JTEKT, a Japanese corporation, is a leading supplier of steering systems and components worldwide. OTTO FUCHS, a German manufacturer, is known for its high-quality materials and precision engineering in the production of steering shafts.

These companies play a crucial role in growing the automotive steering shaft market by investing in research and development, expanding their product portfolio, and forming strategic partnerships with automakers. They cater to the increasing demand for advanced steering components in the automotive industry, driving the market forward.

In terms of sales revenue, ThyssenKrupp reported a revenue of € billion in the fiscal year 2020, while JTEKT reported a revenue of ¥1.36 trillion in the fiscal year 2020. Dana, Mando, Sona Group, erae Automotive Systems, and OTTO FUCHS also reported significant sales revenue, contributing to the growth of the automotive steering shaft market.

  • ThyssenKrupp (Germany)
  • Dana (USA)
  • Mando (Korea)
  • Sona Group (India)
  • erae Automotive Systems (Korea)
  • JTEKT (Japan)
  • OTTO FUCHS (Germany)

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Automotive Steering Shaft Market Analysis, by Type:

  • Splined Shafts
  • Double D Shafts
  • Others

Splined shafts and Double D shafts are the most common types of automotive steering shafts. Splined shafts have teeth that mesh with a corresponding component for precise and smooth steering, while Double D shafts have a flat surface and a rounded surface to ensure proper alignment. Other types of steering shafts include hexagonal and triangular shapes. These variations help cater to different types of vehicles and steering systems, boosting the demand for automotive steering shafts in the market. The variety of options available allows manufacturers to tailor steering mechanisms to specific needs, leading to increased sales and growth in the industry.

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Automotive Steering Shaft Market Analysis, by Application:

  • Passenger Cars
  • Commercial Vehicles

The automotive steering shaft is a crucial component in passenger cars and commercial vehicles that helps to transmit the driver's input to the steering system, allowing for precise control of vehicle direction. In passenger cars, the steering shaft is typically connected to the steering wheel and the steering rack, while in commercial vehicles, it may also include additional components for larger steering systems. The fastest growing application segment in terms of revenue is expected to be in the electric and autonomous vehicles sector, where advanced steering technologies are being developed to enhance safety and performance.

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Automotive Steering Shaft Industry Growth Analysis, by Geography:

North America:

  • United States
  • Canada

Europe:

  • Germany
  • France
  • U.K.
  • Italy
  • Russia

Asia-Pacific:

  • China
  • Japan
  • South Korea
  • India
  • Australia
  • China Taiwan
  • Indonesia
  • Thailand
  • Malaysia

Latin America:

  • Mexico
  • Brazil
  • Argentina Korea
  • Colombia

Middle East & Africa:

  • Turkey
  • Saudi
  • Arabia
  • UAE
  • Korea

The automotive steering shaft market is expected to witness significant growth in regions such as North America (United States, Canada), Europe (Germany, France, ., Italy, Russia), Asia-Pacific (China, Japan, South Korea, India, Australia, Indonesia, Thailand, Malaysia), Latin America (Mexico, Brazil, Argentina, Colombia), and Middle East & Africa (Turkey, Saudi Arabia, UAE, South Korea). The Asia-Pacific region is expected to dominate the market with a market share of around 40%, followed by North America with a market share of approximately 25%. Europe and Latin America are also expected to have substantial market shares of around 20% and 10% respectively.

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