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Increased Demand Trends for Automotive Steering Systems Lucrative for Market Growth, 2017-2022

Market Research Future published a research report on “Automotive Steering Systems Market Research Report- Forecast 2022” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.


Pune, India -- (SBWIRE) -- 01/05/2018 -- Automotive Steering Systems Market Information Report by Vehicle Type (Commercial Vehicle & Passenger Vehicle), by Steering System (Manual, Electrically Powered, Electro-Hydraulic Powered, & Hydraulic Powered), by components (Hydraulic pump, Steering Sensor & column, and Electric Motor) and by End Market (OEM & Aftermarket) and by Region - Global Forecast to 2022

Automotive Steering Systems Market – Overview

The global automotive sector is on an upward moving growth trajectory in the recent years. Market Research Future, a firm which specializes in market reports related to the Automobile sector among others, published in its recent report on Automotive Steering Systems Market Research Report - Global Forecast to 2022 that segment will flourish owing to the excellent pace of technological development with a complimenting CAGR %.

With growing demand towards driverless cars and automation in automobiles, the steering systems market is also responding to the change from the consumer end. This has led to increase in the focus levels towards this sector and also increase in the extent to which R & D activities are carried out in this sector. The renewed emphasis on reducing fuel consumption and improving the logistical benefits of cars has driven the development of this market. Increase in the production levels of cars around the world have positively contributed to the demand of this market. The market for global automotive sector may be hindered due to the high costs of these systems as they are not main stream products yet.

Thus the Automotive Steering Systems market is expected to register a CAGR of about 6%.

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Latest Industry News:

Dec 2017 Thyssenkrupp Presta North America LLC, which does business as Thyssenkrupp Steering, announced that it will be investing $7 million in a new 37,000-square-foot facility that will house existing jobs that are currently located at Allison Pointe in Indianapolis and 64 new positions that will be added by 2020.The steering company is a subsidiary of the $48 billion global industrial group Thyssenkrupp and already has a manufacturing facility in Terre Haute and a sales and technical office in Troy, Michigan. Thyssenkrupp Steering plans to use the new facility to develop technologies to aid in the comfort and safety of steering as well as improve fuel economy and reduce carbon emissions for auto manufacturers.

Jan 2017 German automotive components technology supplier Bosch has announced the global debut of its Electric Power Steering (EPS) system with fail-operational function. The addition of automotive steering after the acquisition of their former joint venture ZF Lenksysteme GmbH has allowed them to better serve customers with integrated system solutions on the path to highly automated driving. The new EPS with fail-operational function represents a milestone of the integration of automotive steering into their mobility solutions portfolio.

Aug 2017 JTEKT Corp., the top steering supplier to Toyota Motor Corp., has stated it is responding to a changing market scenario with a series of new products for the upcoming era. The developments include steer-by-wire systems, sensors that detect whether someone is gripping the wheel, new technologies to smooth the transfer of steering from machine to human and another system that sends automatic road feedback into the self-steering calculus. The new technologies could make it to market as early as 2020.

Feb 2017 Sona Autocomp Holding Limited recently stated that it has entered into an agreement with its long standing technical and financial collaborator JTEKT Corporation SKSSL is a manufacturer of steering systems for passenger cars and utility vehicles in India. The company supplies steering assemblies to Maruti Suzuki, Toyota and Tata Motors to name a few of its client base.

Sep 2017 WABCO Holdings Inc, a leading global supplier of technologies and services that improves the safety, efficiency and connectivity of commercial vehicles, announced recently that it has completed the acquisition of RH Sheppard Co., Inc., a key supplier of industry-leading steering technologies for commercial vehicles. This follows the successful conclusion of the required regulatory review. Sheppard currently offers a suite of power-steering gears that has set the industry standard for heavy-duty commercial and specialty vehicles. Sheppard will be fully integrated into WABCO's North America Business Unit, with its technology becoming part of WABCO's extensive Vehicle Dynamics and Controls Business.

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Automotive Steering Systems Market - Competitive Analysis

With the entry of new industry players in the automotive steering systems segment, a trend of solid, volume-driven growth has been observed in the market with the addition of new and advanced products. Companies are aiming to capture & solidify their share of the market segment, by competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies.

The leading players in the automotive steering systems markets are Mitsubishi Electric Corporation (Japan), TRW Automotive Holdings (U.S.), Sona Koyo Steering System Ltd. (India), JTEKT Corporation (Japan).Other important players in this segment are Robert Bosch Automotive Steering Gmbh (Germany), Nexteer Automotive (U.S.), China Automotive System Inc. (China), and Thyssenkrupp Presta AG Aktiengesellschaft (U.S.).

Automotive Steering Systems Market – Segments

The automotive steering systems market is segmented on the basis of vehicle type, steering system, components, end markets and region.

On The Basis Of Vehicle Type: Commercial Vehicle & Passenger Vehicle
On The Basis Of Steering System: Manual, Electrically Powered, Electro-Hydraulic Powered & Hydraulic Powered
On The Basis Of Components: Hydraulic Pump, Steering Sensor & Column, And Electric Motor
On The Basis Of End Market: OEM & Aftermarket
On The Basis Of Region: North America, Europe, Asia Pacific and ROW.

Automotive Steering Systems Market - Regional Analysis

The automotive steering systems market is segmented into North America, Europe, APAC, and Rest of the World (RoW). European region hold the largest market share in automotive steering systems market, because rising the production of technologically advanced vehicle. This region will witness slow growth in forecast period. Asia-Pacific region will show the fastest growth in forecast period because increasing automotive manufacturing activities and increasing eco-friendly initiatives in this region will increase the automotive steering system market.

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