The Infinium Global Research has announced the addition of the “Automotive Steering System Market to 2024 – Global Analysis and Forecasts by Type and Product” to its research database.
Pune, India -- (SBWIRE) -- 09/06/2018 -- Fuel-efficient solutions to promote growth in the Automotive Steering System market over 2018 to 2024
The shift from earlier hydraulic steering system technology to EPS (Electric power system steering) systems, as a result of the global fuel crisis and need for fuel efficient solutions are the factors driving the need for automotive steering system market. Additionally, factors such as the rising vehicle production globally and the growing demand for easy vehicle regulated movement have also fuelled the growth of the companies operating in the market for automotive steering systems.However,High cost associated with power steering system is anticipated to restrain the growth of the automotive steering system market.
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Furthermore, as the leading manufacturers are shifting their focus towards AI-controlled steering wheels this in turn is expected to open doors of opportunities for the key players in the automotive steering systems market over the upcoming years. Moreover, factors such as integration of advanced driver assistance systems in vehicles combined with improved purchasing power of consumers across the globe are expected to expand the scope of the automotive steering system market for a considerable period.
Asia Pacific region to contribute to growth in the global Automotive Steering System market over the upcoming years
Asia Pacific is expected to dominate the automotive steering system market. Additionally, factors such as low cost labor, subsidiaries towards local manufacturing and free trade agreement with other countries is expected to augment the market growth in the Asia Pacific regions during the forecast period. Miss. Pooja Baragale a research analyst at Infinium Global Research quoted that North America is another region for the manufacture of the automotive steering market due to the major manufacturers and development of new technologies in the automotive market. Pooja Baragale further stated that the growing automobile sector in Asia-Pacific with India, China, and Japan emerging as automotive manufacture hubs is anticipated to drive the market for electric power steering systems. Thus, the growth of the automotive steering market is expected to go hand in hand with the automotive industry.
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Mergers and Acquisitions to remain key expansion strategies of the leading players in the Automotive Steering System market between 2018-2024.
The major players in the automotive steering system market are Bosch, JTEKT, Mando, Nexteer, TRW, and Thyssen Krupp. Additionally, GKN PLC has come up with SPIDAN power steering system that features intelligent energy management that help in the reduction of fuel consumption and CO2 emission. However, Companies like Google, Uber, Volvo, etc., have been testing autonomous vehicles and have announced the launch of their autonomous vehicles in the near future. Moreover, Nexteer and Dongfeng Components announced a joint venture for the manufacture of automotive steering systems.
The report provides deep insights on demand forecasts, market trends and micro and macro indicators. In addition, this report provides insights on the factors that are driving and restraining the global automotive steering system market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight on the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of automotive steering system market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the automotive steering system market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight on the market share of the leading players. This report will help manufacturers, suppliers and distributors of the automotive steering system market to understand the present and future trends in this market and formulate their strategies accordingly.
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