The automotive steering systems market is estimated to reach $32.4 billion by 2018, at a projected CAGR of 6.47%, indicating a steady growth in the coming years.
Dallas, TX -- (SBWIRE) -- 11/13/2014 -- The report “Automotive Steering Systems Market by Vehicle Type (Passenger Car, LCV, & HCV), System Type (Manual, HPS, EHPS & EPS), Safety Features (With ABS/ESP & Without ABS/ESP), & Geography - Industry Trends & Forecast to 2018” defines and segments the global automotive steering systems market with analysis and forecasts of the global volume and revenue.
Browse 90 market data tables and 42 figures spread through 233 pages and in-depth TOC on “Automotive Steering Systems Market - Industry Trends & Forecast to 2018”
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Emerging Countries: Potential Market for Steering Systems
Emerging economies such as China, India, and Brazil have seen a rise in the demand for automobiles in recent times as the spending power of the consumers in these countries has increased. This trend is expected to continue in the next five years as more and more automotive OEMs and component suppliers are setting up their R&D and manufacturing units in these developing countries. The emerging markets also offer location advantages for manufacturing such as low cost of production, reduced transportation costs to a greater extent and easy availability of raw material. These factors are expected to drive the steering systems market in these regions to grow at a good pace in the coming years. The Asia-Oceania region is expected to grow at a CAGR of 7.47% over the period from 2013 to 2018.
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EPS Systems: Fuel Efficient Technology
As fuel prices have increased along with the demand for automobiles, measures have been taken to preserve these non renewable sources of energy. Various regulations regarding emissions and fuel efficiency are implemented which has resulted in automotive manufacturers constantly innovating and implementing better technologies to comply with these norms. Recent developments in steering system technologies have focused on helping to increase the fuel efficiency of the vehicle along with providing comfort to the driver. Electronically Powered Steering (EPS) offers better fuel efficiency as they are lighter in weight as compared to its peers, and do not use the power from engine to function. Owing to stringent emission standards and fuel economy regulations, EPS has been adopted widely in developed economies of North America and Europe. In the coming years, due to the number of benefits offered by the EPS systems, the adoption rate is expected to rise at a good pace in the regions of Asia-Oceania and ROW.
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