Automotive Steering Systems Market

Automotive Steering Systems Market Primarily driven by the growth in
demand of automotive sector in
emerging markets
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.
An automotive steering system is the most vital component of any vehicle as it is the direct line of
control and communication between the driver and the vehicle. An automotive steering system consists
of various parts such as steering wheel, steering column, intermediate shaft, tie rods, and hydraulic
pumps among others.
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.
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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. Electronic Power Steering Systems are much more fuel efficient and easy
to handle. Most of the passenger vehicles and streets cars have Electronic Power Steering Systems. This
system is driven by an electric motor which is independent from the main engine and only operates
when it is needed. Hydraulic Power Steering systems are the most basic and hassle free design among
steering systems. The steering system provides assistance to the driver to steer by providing hydraulic
assistance to the steering mechanism. So the drivers just have to put a modest force to the steering
wheel while the hydraulic system does the rest 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.
Germany and the UK are the leading manufacturers in the automotive sector in the Europe region. The
increasing advancements in automotive technology have positively impacted the demand for steering
systems in the region. Automotive steering systems are considered to be the main line of control of the
driver with the automobiles. Therefore, the demand for automotive steering systems is set to grow in
the region with the change in lifestyles and increasing purchasing power of the consumers.
The global automotive steering system market, by vehicle types is bifurcated into three segments such
as Heavy Commercial Vehicle, Light Commercial Vehicle and Passenger
TRW Automotive Holdings (U.S.), Mitsubishi Electric Corporation (Japan), Hyundai Mobis Co. Ltd (South
Korea), Sona Koyo Steering Systems Ltd (India), Robert Bosch Automotive Steering GmbH (Germany),
JTEKT Corporation (Japan), Nexteer Automotive (U.S.), Thyssenkrupp Presta AG Aktiengesellschaft (U.S.),
China Automotive Systems Inc. (China) and ZF Friedrichshafen Manufacturing Company (Germany. are
some of the key players in the automotive steering systems market
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Automotive Steering Systems Market - Primarily driven by the growth in demand of automotive sector in emerging markets

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