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Global Automotive Steering Market

  • July 2017
  • 118 pages
  • Mordor Intelligence LLP
Report ID: 5023798

Summary

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The global automotive steering market is expected to grow at a CAGR of 6.34% to a market size of USD XX billion by the year 2022. Power steering has increasingly become standard in passenger cars around the world. In the emerging markets, some entry-level vehicles are still sold without the power steering. Higher growth is expected to be seen in the commercial vehicle space in the emerging markets.

Hydraulic power systems derive power from engine output and this reduces the overall fuel efficiency. In entry-level cars, these systems are used less as these vehicles give prime importance to the electronic power steering. However, the use of hydraulic power steering is prevalent in higher-end vehicles, where fuel efficiency is not such an important consideration. The all new Toyota Fortuner and Innova, to be launched soon, feature hydraulic steering. Hydraulic steering generally gives more feedback while driving and is, therefore, preferred in higher-end cars where driving experience is an important factor.

The strong sales in the United States automotive market will provide a big boost to the steering market, as the United States and Mexico are still one of the most important markets in the automobile industry and are extremely vital for the profitability of the sector. Mexico, primarily an automobile exporter, has become an important domestic market, driving the sales of automobiles.

Most of the commercial vehicles operating in the Asia-Pacific and Africa region are very old and do not feature any type of steering assist systems. However, the rising regulations will force the operators to replace the vehicles, which is expected to boost the sales of new commercial vehicles in the market. This will be a big driver for the global steering market, as the steering assist systems will add more value to the market. Electronic power steering on account of application in a diverse model base is anticipated to grow at the highest pace in the forecast period. Manual power steering is likely to register falling market share in the forecast period and the sales are expected to remain concentrated in some countries only.

The market has been segmented by type (manual steering, electronic power steering, hydraulic power steering, others), components (hydraulic pump, power steering column, steering wheel speed sensor, electric motor), vehicle type (passenger cars, LCV and HCV) and geography (North America, South America, Europe, Africa & Middle East and Asia-Pacific).

Some of the key players in the market are:

Bosch
Hitachi
JTEKT
Mando Group
ZF Friedrichshafen

What the report offers/b>

Market analysis for automotive steering market, specific assessment and competition analysis on the global and regional scale.
Market definition along with the identification of key drivers and restraints.
Identification of factors instrumental in changing the market scenario and rising prospective opportunities, along with the identification of key companies that can influence this market on a global and regional scale.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect automotive steering market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market.
Insights on the major countries in which this industry is blooming and to also identify the regions that are still untapped.

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