This research study
analyzes the Automotive
Steering
Systems
Market
on a global level and provides estimates in terms of revenue (USD)
from 2015 to 2021. It gives a comprehensive overview of the
automotive Steering Systems industry from all the important aspects
of the market. It recognizes the drivers and restraints affecting the
industry and analyzes their impact over the forecast period.
Moreover, it identifies the significant opportunities for market
growth in the coming years.
Transparency Market
Research report states that the automotive steering systems market
stood at US$24.5 bn in 2014 and is predicted to reach US$39.1 billion
by 2021. It is expected to expand at a CAGR of 6.20% between 2015 and
2021. The title of the report is “Automotive Steering Systems
Market - Global Industry Analysis, Size, Share, Growth, Trends and
Forecast 2015 – 2021”.
The automotive
steering systems market is majorly fuelled by the increasing demand
for automobiles from developing economies and the rising demand for
fuel-efficient vehicles, particularly in developed economies. The
rise in demand due to increasing flexibility of vehicles has also
increased the number of manufacturers of automotive steering systems
all around the world.
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. Amongst these, the segment of
passenger vehicles is augmented by the increasing demand for
passenger vehicles in emerging economies of China, Japan, and
India.On the basis of steering type, the automotive steering systems
market is segmented into electronic power steering, hydraulic power
steering, and electro-hydraulic power steering. Amongst these,
electronic power steering is much simpler to operate and presents
better mileage as compared to hydraulic power steering. On the other
hand, electro-hydraulic power steering presents increased fuel
efficiency and flexibility, as it includes the benefits of both
hydraulic power steering and electronic power steering. The
increasing prices of fuel have raised the demand for highly
fuel-efficient vehicles. Thus, electro-hydraulic power steering
systems are gaining popularity over hydraulic power steering system.
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In addition, the
safety features in electro-hydraulic power steering systems and
electronic power steering systems, such as anti-lock braking system
(ABS) and electronic stability control (ESC), are also stimulating
their demand over hydraulic power steering systems. On the basis of
geography, the automotive steering systems market is segmented into
Europe, North America, Asia Pacific, and Rest of the World. On the
basis of revenue, in 2014, Europe dominated the market owing to
rising purchasing power of consumers, and was trailed by the North
America market. However, owing to saturation in the North America and
European market, the automotive steering systems market is poised to
experience sluggish growth in the coming years.
On the other hand,
in Asia Pacific, the automotive steering systems market is expected
to grow exponentially owing to rising automobile sales in this
region. In addition, the rising automobile production within
countries such as Japan, China, India, and South Korea is also a
significant factor augmenting the demand for automotive steering
systems in this region.
The prominent
players operating in the market include RW Automotive Holdings
(U.S.), Hyundai Mobis Co. Ltd (South Korea), Mitsubishi Electric
Corporation (Japan), Sona Koyo Steering Systems Ltd (India), JTEKT
Corporation (Japan), Robert Bosch Automotive Steering GmbH (Germany),
Nexteer Automotive (U.S.), China Automotive Systems Inc. (China),
Thyssenkrupp Presta AG Aktiengesellschaft (U.S.), and ZF
Friedrichshafen Manufacturing Company (Germany), among others.
About Us :
Transparency Market
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