The global
automotive steering system market has been covered under the scope of
this report. The rising demand for automobiles globally and the
demand for effortless maneuverability of vehicles has propelled the
growth of companies which manufacturer’s automotive steering
systems. Steering system is a core element a vehicle; it directs the
vehicle and helps to avoid obstacles and take a turn. A steering
system is the direct contact of the driver with the vehicle.
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Research Report of Automotive Steering Systems Market :
Global automotive
steering system market is primarily driven by the growth in demand of
automotive sector in emerging markets and increasing demand fuel
efficient vehicles. Automotive sectors are witnessing high demand for
automotive steering systems in developing countries such as China,
India, and others. The market in these regions is mainly driven by
fuel efficient vehicles and demand effortless maneuverability of
vehicles. Considering all these positive impacts, demand for
automotive steering system is set to rise during the forecast period
from 2015 to 2021.
The global
automotive steering system market has been broadly segmented into
four regions, North America, Europe, Asia Pacific and RoW (Rest of
the World). In terms of revenue, Europe held the largest share of the
market in 2014 followed by North America. Increasing purchasing power
of the consumers is also driving the market for automotive steering
system. In addition, the increasing vehicle production in all regions
of the world is also influencing the demand for the automotive
steering system market. Electro-Hydraulic Power Steering is becoming
largely popular in the automotive steering system market because they
converge the advantages of both Hydraulic Power Steering and
Electronic Power Steering and delivering the best results. The major
concern of the industry is the huge capital that is required for
research and development of steering system, which increases the
price of the automotive steering system considerably.
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The global
automotive steering system market, by vehicle types is bifurcated
into three segments such as Heavy Commercial Vehicle, Light
Commercial Vehicle and Passenger Some of the leading players in the
market are, TRW Automotive Holdings (U.S.), JTEKT Corporation
(Japan), Robert Bosch Automotive Steering GmbH (Germany) and Nexteer
Automotive (U.S.) among others.
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