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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