The Europe automotive steering system market is estimated to grow with a CAGR of 5.15% across the forecast years of 2021 to 2028. The market growth of the region is driven by the rising consumer purchasing power as well as increasing expenditure on luxury cars, the presence of a well-established automotive industry, and substantial demand for fuel-efficient and lightweight vehicles.
The Europe automotive steering system market growth evaluation encompasses the assessment of France, Russia, Italy, the United Kingdom, Czech Republic, Slovakia, Germany, and Rest of Europe. The automotive industry holds a significant place in the French economy. Although the annual production of motor vehicles has been around 2.2 million, the figures plummeted sharply in 2020 on account of the economic downfall following the COVID-19 pandemic. Nevertheless, France continues to remain a leading European country in terms of manufacturing motor vehicles.
In 2019, Italy was the fourth European market after Germany, the United Kingdom, and France. Subsequently, in the first quarter of 2020, the country was the third-largest European automotive industry, with 347,000 new registered passenger vehicles. This indicated a 35.5% decline compared to the same period in the previous year. Moreover, the Italian market was deeply impacted by the novel coronavirus outbreak. Hence, these factors are set to influence the automotive steering system market growth in Europe during the forecasted years.
Some of the key players operating in the market are ThyssenKrupp AG, Robert Bosch GmBH, ZF Friedrichshafen AG, etc.
Our report offerings include:
- Explore key findings of the overall market
- Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
- Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
- Market Segmentation cater to a thorough assessment of key segments with their market estimations
- Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
- Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
- Competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
- Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments