The global automotive steering systems market is considered as a highly competitive and fragmented in nature with a large number of players operating in it, stated a new market research study by Transparency Market Research. The key players in the market are focusing on the research and development activities, which is likely to offer potential growth opportunities for the market players in the coming years. In addition to this, the expansion of the product portfolio and the advancements in this field is projected to encourage the growth of the global automotive steering systems market in the next few years. Some of the major players operating in the market across the globe are Sona Koyo Steering Systems Ltd (India), China Automotive Systems Inc. (China), JTEKT Corporation (Japan), ZF Friedrichshafen Manufacturing Company (Germany), Mitsubishi Electric Corporation (Japan), Robert Bosch Automotive Steering GmbH (Germany), Nexteer Automotive (U.S.), ThyssenKrupp Presta AG Aktiengesellschaft (U.S.), TRW Automotive Holdings (U.S.), and Hyundai Mobis Co. Ltd (South Korea).
According to the market research study by Transparency Market Research, in 2014, the global market for automotive steering systems was worth US$24.5 bn and is predicted to reach a value of US$39.1 bn by the end of 2021. The market is projected to register a healthy 6.20% CAGR between 2015 and 2021.
Europe to Lead Global Automotive Steering Systems Market in Near Future
The global market for automotive steering systems has been classified on the basis of geography into the Middle East and Africa, North America, Latin America, Europe, and Asia Pacific. In the last few years, Europe accounted for a large share of the overall market and is projected to remain in the leading position in the next few years. The presence of several leading automotive companies is one of the major factors expected to enhance the growth of this region in the next few years. This region is further predicted to be followed by North America, which is likely to witness a healthy growth in the coming few years. The high growth of this region can be attributed to the impending market maturity in this region.
Furthermore, the global market for automotive steering systems has been categorized on the basis of vehicle type into heavy commercial vehicles, light commercial vehicles, and passenger vehicles. Among these, the passenger vehicles segment is projected to witness a strong growth in the next few years. The growing demand for advanced automotive steering systems, especially in the emerging economies, such as Japan, India, and China is considered as one of the key factors projected to enhance the growth of the overall market in the next few years.
Rising Vehicle Product to Drive Automotive Steering Systems Market
The rising demand for electronically assisted steering systems owing to the stringent fuel efficiency norms is one of the key factors projected to encourage the growth of the overall market in the next few years. The rising vehicle production and the rising consumer preference for driving comfort are projected to enhance the growth of the market in the near future. On the flip side, the high cost of assisted power steering system and the limited load bearing capacity of the EPS systems are projected to restrict the growth of the market in the near future. Nonetheless, the rising use of EPS in commercial vehicles and the increasing adoption of steer-by-wire technology is likely to generate growth opportunities for players in the next few years.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Automotive Steering Systems Market (Vehicle – Heavy Commercial Vehicle (HCV), Light Commercial Vehicle (LCV), and Passenger Vehicle; Steering System – Electronic Power Steering (EPS), Electro-Hydraulic Power Steering (EHPS), and Hydraulic Power Steering (HPS)) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021.”