A new Transparency Market Research report states that the global automotive steering systems market stood at US$24.5 bn in 2014 and is expected to reach US$39.1 bn by 2021. It is expected to expand at a CAGR of 6.20% from 2015 to 2021. The title of the report is “Automotive Steering Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021”.

As per the report, the market for automotive steering systems is majorly fuelled by the rising demand from the automotive sector in developing markets and the growing demand for fuel-efficient vehicles. In addition, factors such as the rising vehicle production globally and the growing demand for easy vehicle maneuverability have also resulted in the growth of the companies operating in the market for automotive steering systems. Furthermore, the soaring prices of fuel have resulted in a growing demand for fuel-efficient vehicles from consumers, thus augmenting the demand for hydraulic power steering as well as electro-hydraulic power steering systems. This is further having a positive impact on the market for automotive steering systems. On the other hand, factors such as the requirement for huge capital investments for carrying on research and development activities in automotive steering systems may reduce their demand in forthcoming years.

The report segments the market on the basis of vehicle type, type of steering, and geography.On the basis of vehicle type, the automotive steering systems market is segmented into light commercial vehicles (LCV), heavy commercial vehicles (HCV), and passenger vehicles. Out of these, the passenger vehicle segment is fuelled by their rising demand in the developing economies of India, Japan, and China. In terms of types of steering, the market is segmented into hydraulic power steering, electro-hydraulic power steering, and electronic power steering. Electronic power steering is much easier to operate and offers enhanced mileage in comparison to the segment of hydraulic power steering. However, the segment of electro-hydraulic power steering is poised to witness the highest demand owing to the presence of the favorable qualities of both electronic power steering and hydraulic power steering in this segment.

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On the basis of geography, the market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, on the basis of revenue, the Europe market led the market in 2014 and was trailed by North America. However, the automotive steering systems markets in these two regions will witness slow growth in the forecast horizon owing to impending market maturity here.

The Top Players operating in the market are Mitsubishi Electric Corporation (Japan), ZF Friedrichshafen Manufacturing Company (Germany), Hyundai Mobis Co. Ltd (South Korea), TRW Automotive Holdings (U.S.), Sona Koyo Steering Systems Ltd (India), JTEKT Corporation (Japan), Robert Bosch Automotive Steering GmbH (Germany), Nexteer Automotive (U.S.), China Automotive Systems Inc. (China), and ThyssenKrupp Presta AG Aktiengesellschaft (U.S.), among others, as per this research report.

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