The automotive steering system market has evolved from the convention rigid steering system to the flexible power assisted steering systems. The continuous increase in the demand of vehicles has boosted the growth for automotive steering system market. Present day steering system provides easy maneuverability of vehicle to take smooth turns, reduced driver fatigue, better vehicle stability and thus ensure reduced risk of accident by having better control over vehicle. The power assisted steering systems reduces the power applied on wheel by driver and also absorbs road shocks. Thus the market has shifted completely from manual to power-assisted steering systems. Today these systems has become integral part of almost every vehicle manufactured in the market. The steering system market comprises of various technologically advanced systems such as EPS, HPS and EPHS. Many players in the steering system & steering components manufacturing are working on the future developments in the automotive steering system, the future prospects of development in the steering system covers various areas such as improvement of ITS technology, steer-by-wire system, and development of control technology for steering system. One such top technology is the direct adaptive steering that utilizes electronic signal to transmit driver steer input faster than other systems. Thus this advancements will continue to fuel the growth of automotive steering market.
Automotive Steering System Market: Drivers & Restraints
The increasing demand for vehicles especially in developing regions such as India, China, South Korea and focus of customers on vehicles with advanced features globally, tends to drive the market for automotive steering systems. Large investment in research & development by market leaders, to develop new technologies that ensures enhanced features and performance, makes the automotive steering system market attractive.
However, high cost of the systems and economic downturns globally may act as restraint for the automotive steering system market.
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Automotive Steering System Market: Segmentation
On the basis of type of steering system, the automotive steering system market is segmented as:
- Manual Steering System
- Power-Assisted Steering Systems
- Hydraulically Powered Steering (HPS)
- Electrically Powered Hydraulic Steering (EPHS)
- Electrically Powered Steering (EPS)
On the basis of the type of vehicle, the market is segmented as:
- Passenger Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
On the basis of Sales Channel of steering system, the automotive steering system market is segmented as:
Automotive Steering System Market: Region-wise Outlook
Europe holds the largest market share in the automotive steering system market, following Europe, North America is the second largest market for automotive steering system. The leading markets are expected to show moderate growth, while on the other end the emerging market such as Asia Pacific is expected to have high year on year growth in the automotive steering system market, owing to the increased sales of automobiles in the region. Regions such Latin America and Middle East & Africa shows trends of considerably slow growth in the automotive steering system market.
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Automotive Steering System Market: Key Players
The key players identified in the automotive steering system market are:
- Robert Bosch Automotive Steering GmbH
- ZF TRW (ZF Friedrichshafen AG)
- Mitsubishi Electric Corporation
- Hyundai Mobis Co., Ltd.
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