Automotive Steering Systems Market Shifts to High Gear Due to Rising Demand for Fuel-Efficient Vehicles
Automotive Steering Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021
Albany, NY -- (SBWire) -- 03/30/2016 --A new Transparency Market Research report states that the automotive steering systems market stood at US$24.5 bn in 2014 and is predicted to reach US$39.1 billion by 2021. It is expected to expand at a CAGR of 6.20% between 2015 and 2021. The title of the report is "Automotive Steering Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021".
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The automotive steering systems market is majorly fuelled by the increasing demand for automobiles from developing economies and the rising demand for fuel-efficient vehicles, particularly in developed economies. The rise in demand due to increasing flexibility of vehicles has also increased the number of manufacturers of automotive steering systems all around the world.
On the basis of vehicle type, the automotive steering systems market is segmented into light commercial vehicles (LCV), heavy commercial vehicles (HCV), and passenger vehicles. Amongst these, the segment of passenger vehicles is augmented by the increasing demand for passenger vehicles in emerging economies of China, Japan, and India.On the basis of steering type, the automotive steering systems market is segmented into electronic power steering, hydraulic power steering, and electro-hydraulic power steering. Amongst these, electronic power steering is much simpler to operate and presents better mileage as compared to hydraulic power steering. On the other hand, electro-hydraulic power steering presents increased fuel efficiency and flexibility, as it includes the benefits of both hydraulic power steering and electronic power steering. The increasing prices of fuel have raised the demand for highly fuel-efficient vehicles. Thus, electro-hydraulic power steering systems are gaining popularity over hydraulic power steering system.
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In addition, the safety features in electro-hydraulic power steering systems and electronic power steering systems, such as anti-lock braking system (ABS) and electronic stability control (ESC), are also stimulating their demand over hydraulic power steering systems. On the basis of geography, the automotive steering systems market is segmented into Europe, North America, Asia Pacific, and Rest of the World. On the basis of revenue, in 2014, Europe dominated the market owing to rising purchasing power of consumers, and was trailed by the North America market. However, owing to saturation in the North America and European market, the automotive steering systems market is poised to experience sluggish growth in the coming years.
On the other hand, in Asia Pacific, the automotive steering systems market is expected to grow exponentially owing to rising automobile sales in this region. In addition, the rising automobile production within countries such as Japan, China, India, and South Korea is also a significant factor augmenting the demand for automotive steering systems in this region.
The prominent players operating in the market include RW Automotive Holdings (U.S.), Hyundai Mobis Co. Ltd (South Korea), Mitsubishi Electric Corporation (Japan), Sona Koyo Steering Systems Ltd (India), JTEKT Corporation (Japan), Robert Bosch Automotive Steering GmbH (Germany), Nexteer Automotive (U.S.), China Automotive Systems Inc. (China), Thyssenkrupp Presta AG Aktiengesellschaft (U.S.), and ZF Friedrichshafen Manufacturing Company (Germany), among others.
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