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A recent report published by Infinium Global Research on automotive steering system market provides in-depth analysis of segments and sub-segments in global as well as regional automotive steering system market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional automotive steering system market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global automotive steering system market. According to the report, the global automotive steering system market is projected to grow at a CAGR of 7.3% over the forecast period of 2018-2024.
The steering system in automobiles is used to control the direction of a vehicle's motion because of friction between the front tires and the road. Moreover, the steering system has evolved from manual steering to power assist steering. In automobiles, power steering helps drivers steer by amplifying steering effort of the steering wheel.
The shift from earlier hydraulic steering system technology to EPS (Electric power system steering) systems, as a result of the global fuel crisis and need for fuel efficient solutions, are the factors driving the need for automotive steering system market. Additionally, factors such as the rising vehicle production globally and the growing demand for easy vehicle regulated movement have also fuelled the growth of the companies operating in the market for automotive steering systems. However, High cost associated with the power steering system is anticipated to restrain the growth of the automotive steering system market.
Furthermore, as the leading manufacturers are shifting their focus towards AI-controlled steering wheels this, in turn, is expected to open doors of opportunities for the key players in the automotive steering systems market over the upcoming years. Moreover, factors such as integration of advanced driver assistance systems in vehicles combined with the improved purchasing power of consumers across the globe are expected to expand the scope of the automotive steering system market for a considerable period.
Among the geographies, Asia-Pacific is expected to dominate the automotive steering system market. Additionally, factors such as low-cost labor, subsidiaries towards local manufacturing and free trade agreement with other countries are expected to augment the market growth in the Asia-Pacific regions during the forecast period. Furthermore, North America is another region for the manufacture of the automotive steering market due to the major manufacturers and development of new technologies in the automotive market. However, the growing automobile sector in Asia-Pacific with India, China, and Japan emerging as automotive manufacture hubs is anticipated to drive the market for electric power steering systems. Thus, the growth of the automotive steering market is expected to go hand in hand with the automotive industry.
The major players in the automotive steering system market are Bosch, JTEKT, Mando, Nexteer, TRW, and Thyssen Krupp. Additionally, GKN PLC has come up with SPIDAN power steering system that features intelligent energy management that helps in the reduction of fuel consumption and CO2 emission. However, Companies like Google, Uber, Volvo, etc., have been testing autonomous vehicles and have announced the launch of their autonomous vehicles in the near future. Moreover, Nexteer and Dongfeng Components announced a joint venture for the manufacture of automotive steering systems.
The report on global automotive steering system market covers segments such as type and vehicle type. On the basis of type, the global automotive steering system market is categorized into electronic power steering, electro-hydraulic power steering and hydraulic power steering. On the basis of vehicle type, the global automotive steering system market is categorized into heavy commercial vehicle, light commercial vehicle, and passenger vehicles.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-Pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global automotive steering system market such as ThyssenKrupp, China Automotive Systems Inc., Nexteer Automotive, Robert Bosch Automotive Steering GmbH, JTEKT Corporation, Sona Koyo Steering Systems Ltd, Hyundai Mobis Co. Ltd, TRW Automotive Holdings, Mitsubishi Electric Corporation, and ZF Friedrichshafen Manufacturing Company.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global automotive steering system market. Moreover, IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of automotive steering system market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the automotive steering system market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the automotive steering system market to understand the present and future trends in this market and formulate their strategies accordingly.
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