Transparency Market Research has published a new report "Global Automotive Steering Systems Market" to its report store.
Albany, NY -- (SBWIRE) -- 09/09/2015 -- Steering systems in automobiles are one of the direct areas of contact between the driver and the vehicle. Steering systems are an important element of automobiles to maneuver the vehicle to execute a turn or avoid obstacles. The market for automotive steering systems has been driven primarily by the exponential growth of the automotive sector in the recent years. Moreover, use of electro-hydraulic power steering and electronic power steering leads to added fuel efficiency, which is aiding growth of the advanced automotive steering systems market globally.
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Furthermore, rapid growth of the automotive sector in emerging economies is driving demand for automotive steering systems, which is contributing significantly to the growth of the overall market. The demand for fuel-efficient and easily maneuverable vehicles is fueling demand for advanced automotive steering systems in these regions.
Owing to the aforesaid reasons, the global automotive steering systems market stood at US$24.55 billion in 2014 and will reach US$39.13 billion by 2021, displaying a 6.2% CAGR from 2015 to 2021.Huge capital investment required for R&D of steering systems, which in turn results in the high price of the automotive steering system, challenges the growth of this market.
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Electro-Hydraulic Power Steering Offers Edge over Other Steering System Types
Vehicle type, steering system type, and key regional markets are the three fronts on which the global automotive steering systems market is divided.By vehicle type, the passenger vehicles segment accounted for the largest market share in the global market in 2014 due to high demand for passenger vehicle globally. With the growth of the vehicle financing market, a large proportion of the total population is able to afford passenger vehicles, mainly in China, India, and Brazil. The aforementioned factors are collectively favorable for the passenger vehicles segment.
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Steering system segments of the market comprise electronic power steering (EPS), hydraulic power steering (HPS), and electro-hydraulic power steering (EHPS). Amongst all, in 2014, electronic power steering systems held the largest market share of 37.4% in the total market. This is because electronic power steering deliver better mileage and easier maneuverability than hydraulic power steering. However, electro-hydraulic power steering systems are loaded with the combined advantages of HPS and EPS, such as higher fuel efficiency and better road feedback, respectively, which is favorable to the growth of the automotive steering systems market worldwide.
Moreover, safety features such as anti-lock braking system (ABS) and electronic stability control (ESC) integrated with electronic steering systems is propelling the demand for EHPS over HPS.
High Automobile Sales in Asia Pacific to Benefit the Global Market
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Among the regional markets, Europe dominated the market for automotive steering systems in 2014. Due to high vehicle ownership, North America and Europe are saturated markets for automotive steering systems. Hence, these regions are expected to witness stable growth in the coming years.
However, Asia Pacific will witness significant demand for automotive steering systems in the coming years, due to increasing vehicle production and economic growth leading to elevated purchasing power of consumers.
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Some of the major companies operating in the global automotive steering systems market are TRW Automotive Holdings (U.S.), Hyundai Mobis Co. Ltd (South Korea), Robert Bosch Automotive Steering GmbH (Germany), Nexteer Automotive (U.S.), China Automotive Systems Inc. ( China), Mitsubishi Electric Corporation (Japan), Sona Koyo Steering Systems Ltd (India), JTEKT Corporation (Japan), and ZF Friedrichshafen Manufacturing Company (Germany).
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