According to a new
market report published by Transparency Market Research “Automotive
Steering Systems Market - Global Industry Analysis, Size, Share,
Growth, Trends and Forecast 2015 - 2021,” the
automotive steering systems market was valued at USD 24.55 Billion in
2014, which is expected to reach USD 39.13 Billion by 2021, growing
at a CAGR of 6.2% from 2015 to 2021.
Exponential growth
of the automobile sector in the recent years has positively supported
the growth of the automotive steering systems market globally.
Moreover, the added fuel efficiency derived from using Electronic
Power Steering and Electro-Hydraulic Power Steering systems in
vehicles have mainly aided to the growth of advanced steering systems
globally. The growth of automotive sector in the emerging markets is
also driving the market of automotive steering systems.
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Research Report of Automotive Steering Systems Market :
By types, passenger
vehicle segment held the largest market share in the automotive
steering systems market in the year 2014 because of the high demand
of passenger vehicle globally. With rise in the vehicle financing
market, more consumers are able to afford passenger vehicles
primarily in India, China and Brazil. The affordability of passenger
vehicles due to the above mentioned factors are driving the growth of
the passenger vehicle segment.
Among the three
steering systems types, Electronic Power Steering Systems (EPS) held
the largest market share in 2014 and accounted for 37.4% market share
globally. Electronic Power Steering system accounted for the largest
market share because they tend to deliver more mileage than hydraulic
power steering system fitted vehicles and better maneuverability.
Electro-Hydraulic Steering Systems combine the advantages of
Electronic Power Steering and Hydraulic Power Steering such as better
road feedback than Electronic Power Steering and better fuel
efficiency than Hydraulic Power Steering. The above mentioned reason
is fueling the demand for automotive steering systems across the
world.
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In 2014, Europe held
the largest market share in the automotive steering systems market.
Asia Pacific is expected to witness highest growth because of the
increasing production of vehicles and high purchasing power of the
consumers. North America and Europe is expected to witness stable
growth during the forecast period of 2015 – 2021.
TRW Automotive
Holdings (U.S.), JTEKT Corporation (Japan), Robert Bosch Automotive
Steering GmbH (Germany) and Nexteer Automotive (U.S.), among others
are some of the key players in the automotive steering systems
market.
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Release of Automotive Steering Systems Market :
The market has been
segmented as follows:
Global Automotive
Steering Systems Market: By Vehicle Type
- Heavy Commercial Vehicle (HCV)
- Light Commercial Vehicle (LCV)
- Passenger Vehicle
Global Automotive
Steering Systems Market: By Steering Systems type
- Electronic Power Steering (EPS)
- Electro-Hydraulic Power Steering (EHPS)
- Hydraulic Power Steering (HPS)
Global Automotive
Steering Systems Market: By Geography/ Country
North America
- U.S.A
- Canada
- Mexico
Europe
- Germany
- U.K
- Italy
- France
- Rest Of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Rest Of Asia Pacific
Rest of the World
- South America
- Middle East
- Africa
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