Albany, NY -- (SBWIRE) -- 12/22/2015 -- The global automotive steering system market to grow at a steady CAGR of more than 8% by 2020. The integration of driver assistance systems in vehicles and the development of the steer-by-wire steering system will aid in the growth of this market. Since the automotive steering system market is an integral part of the global automobile market, an increase in the global sale of automobiles will foster growth in the steering systems market during the estimated period.

In terms of geography, the APAC region will dominate the market for steering systems during the forecast period. This region will account for a market share of more than 52% as it is the fastest and largest automotive market. This region is also the largest hub for automotive manufacturing activities due to its relaxed government incentives, low cost, and raw material advantages. Also, factors like low-cost labor, government incentives such as tax exemption and subsidy towards local manufacturing, and free-trade agreements with other countries in the region will promote market growth in this region during the predicted period.

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In this market study, analysts have estimated the OEM segment to be the largest market segment during the predicted period. This segment currently accounts for a market share of approximately 77% and is envisaged to retain its dominating hold over the market by 2020 owing to structural changes in terms of electrification of automotive mechanisms, emission regulations, connectivity, and safety. Additionally, factors such as growing investments in the R&D of steer-by-wire technologies will result in the growth of this market segment during the predicted period.

Product-type segmentation of the automotive steering system market:

Hydraulic power steering (HPS)
Electro-hydraulic power steering (EHPS)
Electric power steering (EPS)

Technavio market research analysts have estimated the EPS system segment to account for an impressive market share of approximately 59% during the forecast period. Benefits such as its high fuel efficiency and reduction in weight, low development cost, and low energy consumption will foster the prospects for growth in this market segment during the estimated period.

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The global automotive steering system market is fragmented due to the presence of well-diversified global and regional vendors. The competitive environment in this market is expected to intensify with an increase in R&D innovations and M&A activities during the forecast period. The market is also likely to witness a growing trend of local acquisitions by the leading players as it will help them to boost their revenue generating capacity.

Top vendors analyzed in this market study are:

Bosch
JTEKY
Mando
Nexteer
TRW
Thyssen Krupp

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