“Increasing demand for comfort and reliability, stringent fuel economy norms, and increasing vehicle production to fuel the growth of the global steering market”
The steering market is projected to grow at a CAGR of 6.47% from 2016 to 2021, to reach a market size of USD 42.77 billion by 2021. The increasing demand for fuel-efficient vehicles and the growing demand for driving comfort from consumers are driving the steering system market. Alternatively, the high cost of power-assisted steering systems and limited load-bearing capacity of Electronic Power Steering (EPS) are major restraints for the steering market.
“Electro-hydraulic power steering: Upcoming technology for commercial vehicles”
Hydraulic Power Steering (HPS) is a commonly used steering technology for commercial vehicles. However, the system is not adequately advanced and is frequently replaced by more sophisticated solutions such as Electro-Hydraulic Power Steering (EHPS). EHPS is a hybrid technology that operates in the same way as a typical HPS system, but generates hydraulic pressure through the use of electronics. Rather than a conventional belt-driven pump, an electric motor is used to create hydraulic pressure for the system. The EHPS segment of the steering market is projected to grow at a high CAGR during the forecast period, owing to the benefits offered by the technology, such as low emission levels, better fuel economy, and improved maneuverability.
“Europe: Largest aftermarket for passenger car power steering”
The automotive industry is one of the key industries in Europe, which is home to several major automobile companies. Given the increasing competition from developing countries such as India, China, Brazil, and Russia and the financial crisis in Europe, the automobile sector in the region has witnessed a decline in revenue in the past few years. Regular updates in vehicle safety norms make it challenging for manufacturers to provide advanced technologies at an affordable price. The aftermarket for passenger car power steering is estimated to be the largest in the region, owing to the high demand for aftermarket products and limited life expectancy of steering components. European consumers tend to replace the component once it reaches the end of its operational life; this drives the steering system component aftermarket in the region.
The study contains insights provided by various industry experts, ranging from material suppliers to Tier I companies and OEMs. The break-up of the primaries is as follows:
- By Company Type – Tier I - 52%, Tier II - 28%, and OEMs – 20%
- By Designation - C level - 49%, D level - 34%, and Others - 17%
- By Region - North America - 54%, Europe - 24%, Asia-Oceania – 18%, and Rest of the World - 4%
The report provides detailed profiles of the following companies:
- JTKET Corporation
- Robert Bosch Automotive Steering GmbH
- ZF TRW
- Nexteer Automotive
- NSK Ltd.
- Showa Corporation
- Hitachi Automotive Systems Ltd.
- China Automotive Systems
- Hyundai Mobis
- ThyssenKrupp AG
The report covers the steering market based on steering type (manual, HPS, EHPS, and EPS), component (hydraulic pump, steering column, steering wheel speed sensor, and electric motor), vehicle type (passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs)) and region (Asia-Oceania, North America, Europe, and the Rest of the World (RoW)). The EPS market is further segmented on the basis of type into column-assist EPS (C-EPS), pinion-assist EPS (P-EPS), and rack-assist EPS (R-EPS). The report also includes a study of the aftermarket for passenger car power steering systems, by type (EPS and HPS).
Reasons To Buy the Report:
The report provides insights about the following points:
- Market Penetration: Comprehensive information about steering systems offered by the top players in the automotive industry
- Regulatory Framework: Detailed insights into stringent emission and safety regulations, and the effect of the regulations on steering systems
- Market Development: Comprehensive information about types of steering systems. The report analyzes the markets for various steering systems across regions
- Market Diversification: Exhaustive information about emerging markets, recent developments, and investments in the steering market
- Competitive Assessment: In-depth assessment of market shares, strategies, services, and manufacturing capabilities of leading players in the steering market