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According to the market research study by Transparency Market Research, in 2014, the global market for automotive steering systems was worth US$24.5 bn and is predicted to reach a value of US$39.1 bn by the end of 2021. The market is projected to register a healthy 6.20% CAGR between 2015 and 2021.
Europe to Lead Global Automotive Steering Systems Market in Near Future
The global market for automotive steering systems has been classified on the basis of geography into the Middle East and Africa, North America, Latin America, Europe, and Asia Pacific. In the last few years, Europe accounted for a large share of the overall market and is projected to remain in the leading position in the next few years. The presence of several leading automotive companies is one of the major factors expected to enhance the growth of this region in the next few years. This region is further predicted to be followed by North America, which is likely to witness a healthy growth in the coming few years. The high growth of this region can be attributed to the impending market maturity in this region.
Furthermore, the global market for automotive steering systems has been categorized on the basis of vehicle type into heavy commercial vehicles, light commercial vehicles, and passenger vehicles. Among these, the passenger vehicles segment is projected to witness a strong growth in the next few years. The growing demand for advanced automotive steering systems, especially in the emerging economies, such as Japan, India, and China is considered as one of the key factors projected to enhance the growth of the overall market in the next few years.
Rising Vehicle Product to Drive Automotive Steering Systems Market
The rising demand for electronically assisted steering systems owing to the stringent fuel efficiency norms is one of the key factors projected to encourage the growth of the overall market in the next few years. The rising vehicle production and the rising consumer preference for driving comfort are projected to enhance the growth of the market in the near future. On the flip side, the high cost of assisted power steering system and the limited load bearing capacity of the EPS systems are projected to restrict the growth of the market in the near future. Nonetheless, the rising use of EPS in commercial vehicles and the increasing adoption of steer-by-wire technology is likely to generate growth opportunities for players in the next few years.
This information is based on the findings of a research report published by MRRSE, titled "Automotive Steering Systems Market (Vehicle – Heavy Commercial Vehicle (HCV), Light Commercial Vehicle (LCV), and Passenger Vehicle; Steering System – Electronic Power Steering (EPS), Electro-Hydraulic Power Steering (EHPS), and Hydraulic Power Steering (HPS)) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021."
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- Presence of leading automotive companies and the growing demand to enhance the growth of the automotive steering systems market in the next few years.
- The rising demand of consumers for comfort driving and technological advancements to accelerate the growth of the market in the near future.
The global automotive steering systems market has been segmented as below:
Global Automotive Steering Systems Market: By Vehicle Type
- Heavy Commercial Vehicle (HCV)
- Light Commercial Vehicle (LCV)
- Passenger Vehicle
Global Automotive Steering Systems Market: By Steering Systems type
- Electronic Power Steering (EPS)
- Electro-Hydraulic Power Steering (EHPS)
- Hydraulic Power Steering (HPS)
Global Automotive Steering Systems Market: By Geography/ Country
- North America
- Rest Of Europe
- Asia Pacific
- South Korea
- Rest Of Asia Pacific
- Rest of the World
- South America
- Middle East
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