The global automotive steering system market has been covered under the scope of this report. The rising demand for automobiles globally and the demand for effortless maneuverability of vehicles has propelled the growth of companies which manufacturer’s automotive steering systems. Steering system is a core element a vehicle; it directs the vehicle and helps to avoid obstacles and take a turn.. A steering system is the direct contact of the driver with the vehicle.
An automotive steering system is the most vital component of any vehicle as it is the direct line of control and communication between the driver and the vehicle. An automotive steering system consists of various parts such as steering wheel, steering column, intermediate shaft, tie rods, and hydraulic pumps among others.
Global automotive steering system market is primarily driven by the growth in demand of automotive sector in emerging markets and increasing demand fuel efficient vehicles. Automotive sectors are witnessing high demand for automotive steering systems in developing countries such as China, India, and others. The market in these regions is mainly driven by fuel efficient vehicles and demand effortless maneuverability of vehicles. Considering all these positive impacts, demand for automotive steering system is set to rise during the forecast period from 2015 to 2021.
The global automotive steering system market has been broadly segmented into four regions, North America, Europe, Asia Pacific and RoW (Rest of the World). In terms of revenue, Europe held the largest share of the market in 2014 followed by North America. Increasing purchasing power of the consumers is also driving the market for automotive steering system. In addition, the increasing vehicle production in all regions of the world is also influencing the demand for the automotive steering system market. Electro-Hydraulic Power Steering is becoming largely popular in the automotive steering system market because they converge the advantages of both Hydraulic Power Steering and Electronic Power Steering and delivering the best results. Electronic Power Steering Systems are much more fuel efficient and easy to handle. Most of the passenger vehicles and streets cars have Electronic Power Steering Systems. This system is driven by an electric motor which is independent from the main engine and only operates when it is needed. Hydraulic Power Steering systems are the most basic and hassle free design among steering systems. The steering system provides assistance to the driver to steer by providing hydraulic assistance to the steering mechanism. So the drivers just have to put a modest force to the steering wheel while the hydraulic system does the rest The major concern of the industry is the huge capital that is required for research and development of steering system, which increases the price of the automotive steering system considerably.
Germany and the UK are the leading manufacturers in the automotive sector in the Europe region. The increasing advancements in automotive technology have positively impacted the demand for steering systems in the region. Automotive steering systems are considered to be the main line of control of the driver with the automobiles. Therefore, the demand for automotive steering systems is set to grow in the region with the change in lifestyles and increasing purchasing power of the consumers.
The global automotive steering system market, by vehicle types is bifurcated into three segments such as Heavy Commercial Vehicle, Light Commercial Vehicle and Passenger
TRW Automotive Holdings (U.S.), Mitsubishi Electric Corporation (Japan), Hyundai Mobis Co. Ltd (South Korea), Sona Koyo Steering Systems Ltd (India), Robert Bosch Automotive Steering GmbH (Germany), JTEKT Corporation (Japan), Nexteer Automotive (U.S.), Thyssenkrupp Presta AG Aktiengesellschaft (U.S.), China Automotive Systems Inc. (China) and ZF Friedrichshafen Manufacturing Company (Germany. are some of the key players in the automotive steering systems market
This research study analyzes the automotive steering systems market on a global level and provides estimates in terms of revenue (USD) from 2015 to 2021. It gives a comprehensive overview of the automotive Steering Systems industry from all the important aspects of the market. It recognizes the drivers and restraints affecting the industry and analyzes their impact over the forecast period. Moreover, it identifies the significant opportunities for market growth in the coming years.
Steering systems in automobile is the direct contact of the driver with its vehicle. The function of steering systems is to maneuver the vehicle to avoid obstacles or take a turn. Steering Systems are of basically three types such as Hydraulic Power Steering (HPS), Electronic Power Steering (EPS) and Electro-Hydraulic Power Steering (EHPS). Electronic Power Steering offers better mileage and is much easier to operate than hydraulic power steering. An Electro-Hydraulic Power Steering system combines the advantages of both EPS and HPS and offers the best maneuverability and fuel efficiency.
Rising fuel prices has led the consumers to go for more fuel efficient vehicles, which in turn is fueling the demand for hydraulic power steering and electro-hydraulic power steering system over hydraulic power steering system. Safety features such as Electronic Stability Control (ESC), Anti-Lock Braking System (ABS) integrated with electronic steering systems is also fueling the demand for Electronic Power Steering and Electro-Hydraulic Power Steering system over Hydraulic Power Steering system.
The increase in the demand for passenger vehicles in the developing nations such as India, China and Japan among others has fuelled the growth of passenger vehicle segment in the world. With the rise of passenger vehicles, the demand for steering systems manufacturers is also set to increase globally. Erratic fuel prices have led to shift in automobile OEM’s preference from Hydraulic Power Steering fitted vehicles to Electronic Power Steering and Electro-Hydraulic Power Steering fitted vehicles which manages better fuel efficiency.
Europe holds the largest market share in the automotive steering systems market followed by North America, Asia Pacific and Rest of the World (RoW). Due to the saturation in the markets of North America, and Europe, the automotive steering systems market is expected to witness a stable growth. In Asia Pacific the automotive steering systems market would be the maximum in the Asia Pacific region due to high sales of automobiles in the region. Moreover, increasing production of automobiles in countries such as China, Japan, South Korea and India is another factor contributing to the demand for automotive steering systems in these regions.
This report provides tactical analysis of the automotive steering systems market and the growth forecast for the period 2015 to 2021. The span of the report includes competitive analysis of various market segments based on the vehicle types, steering systems types and in detail cross sectional analysis of the automotive steering systems market across diverse geographic segments. To maintain the strategic decision making, the report also includes profiling of leading players in the industry, their market share and various strategy adopted by them. The market attractiveness analysis is also included in the report to provide imminent market dynamics and market competition.
The report also provides company market share analysis of the various industry participants along with company overview, financial overview, business strategies and recent developments in the field of automotive lighting system market. Major market participants profiled in this report include TRW Automotive Holdings (U.S.), Mitsubishi Electric Corporation (Japan), Hyundai Mobis Co. Ltd (South Korea), Sona Koyo Steering Systems Ltd (India), Robert Bosch Automotive Steering GmbH (Germany), JTEKT Corporation (Japan), Nexteer Automotive (U.S.), Thyssenkrupp Presta AG Aktiengesellschaft (U.S.), China Automotive Systems Inc. (China) and ZF Friedrichshafen Manufacturing Company (Germany).
The report segments the Automotive Steering Systems market as follows:
Global Automotive Steering Systems Market: By Vehicle Type
- Heavy Commercial Vehicle (HCV)
- Light Commercial Vehicle (LCV)
- Passenger Vehicle
Global Automotive Steering Systems Market: By Steering Systems type
- Electronic Power Steering (EPS)
- Electro-Hydraulic Power Steering (EHPS)
- Hydraulic Power Steering (HPS)
The report provides cross-sectional analysis of all the above mentioned segments with respect to the below mentioned regions:
Global Automotive Steering Systems Market: By Geography/ Country
- Rest Of Europe
- South Korea
- Rest Of Asia Pacific
Rest of the World
- South America
- Middle East