The global automotive steering system market has been covered under the scope of this report. The rising demand for automobiles globally and the demand for effortless maneuverability of vehicles has propelled the growth of companies which manufacturer’s automotive steering systems. Steering system is a core element a vehicle; it directs the vehicle and helps to avoid obstacles and take a turn. A steering system is the direct contact of the driver with the vehicle.
Global automotive steering system market is primarily driven by the growth in demand of automotive sector in emerging markets and increasing demand fuel efficient vehicles. Automotive sectors are witnessing high demand for automotive steering systems in developing countries such as China, India, and others. The market in these regions is mainly driven by fuel efficient vehicles and demand effortless maneuverability of vehicles. Considering all these positive impacts, demand for automotive steering system is set to rise during the forecast period from 2015 to 2021.
The global automotive steering system market has been broadly segmented into four regions, North America, Europe, Asia Pacific and RoW (Rest of the World). In terms of revenue, Europe held the largest share of the market in 2014 followed by North America. Increasing purchasing power of the consumers is also driving the market for automotive steering system. In addition, the increasing vehicle production in all regions of the world is also influencing the demand for the automotive steering system market. Electro-Hydraulic Power Steering is becoming largely popular in the automotive steering system market because they converge the advantages of both Hydraulic Power Steering and Electronic Power Steering and delivering the best results. The major concern of the industry is the huge capital that is required for research and development of steering system, which increases the price of the automotive steering system considerably.
The global automotive steering system market, by vehicle types is bifurcated into three segments such as Heavy Commercial Vehicle, Light Commercial Vehicle and Passenger Some of the leading players in the market are, TRW Automotive Holdings (U.S.), JTEKT Corporation (Japan), Robert Bosch Automotive Steering GmbH (Germany) and Nexteer Automotive (U.S.) among others.