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Automotive Steering Systems Market size and Key Trends in terms of volume and value -2021
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As per the projections of the TMR report, the demand in the global automotive steering systems market will increment at a CAGR of 6.20% during the forecast period of 2015 to 2021. The report has estimated that the revenue opportunities in this market will reach a valuation of US$39.1 bn by 2021, considerably up from its evaluated worth of US$24.5 bn in 2014. In the near future, acquisition of local players by major vendors will pave the way, while understanding then changing needs of the consumers, growing competition with pricing, and communication and promotional activities will help them stay ahead of the curve.
Based on vehicle type, the report segments the global automotive steering systems market into heavy commercial vehicle (HCV), light commercial vehicle (LCV), and passenger vehicle. Currently, the demand for the segment of passenger vehicles is higher, gaining traction from the emerging economies such as China, India, and Japan, wherein the automotive industry is flourishing as a result of increasing disposable income of urban populations.
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On the basis of steering systems, the market has been bifurcated into electronic power steering (EPS), electro-hydraulic power steering (EHPS), and hydraulic power steering (HPS). Although electronic power steering offers easier operations and aids to mileage in comparison to hydraulic power steering, the advent of electro-hydraulic power steering is gaining traction from the presence of favorable qualities of both electronic steering and hydraulic power steering.
Geographically, the report picks out Europe as the most profitable region in 2014, which was closely followed by North America, although vastly populated region of Asia Pacific is projected to turn into a highly lucrative region towards the end of the forecast period. Increasing purchasing capability of urban populations and growing popularity of electro-hydraulic power steering for passenger vehicles for easy maneuvering in crowded streets are some of the factors driving Asia Pacific automotive steering systems market.
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Need to Improve Fuel Efficiency Augmenting Demand
Strict regulations for practices that increase fuel efficiency, consumer preference for vehicles that offer good value for money, growing production of vehicles, and increasing consumer preference for driving comfort are some of the key factors augmenting the demand in the global automotive steering systems market. On the other hand, limitations pertaining to load bearing capacity of EPS systems, high cost of assisted power steering system, and need to maintain balance between high cost and performance are a few obstructions challenging the prosperity of this market. Nevertheless, the vendors operating in this market are expected to gain new revenue opportunities from the growing usage of EPS in commercial vehicles and adoption of steer-by-wire technology.
The information presented in this review is based on a Transparency Market Research report, titled, “Automotive Steering Systems Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021.”
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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