Jul 28, 2017
7 Key Takeaways from Automotive Steering Systems Market Report
by Team Fact.MR
Effective steering systems are the crux of efficient automobiles. Technological advancements have improved automotive steering systems, enabling drivers with risk-less maneuvering. Increasing developments in working of automobiles are compelling manufacturers to rev up their existing steering systems. With new engines, tomorrow’s automotive steering system will be highly safe for vehicle passengers. Integration of hydraulics in steering systems is attesting that enabling technologies can be incorporated in development of modern automotive steering systems. Fact.MR’s report on the global automotive steering system market offers such key insights that will play an instrumental role in devising strategies for manufacturers.
According to the report, the global market for automotive steering system is expected to surpass US$ 30 Bn in revenues by the end of 2017. Fluctuating commodity prices, strict laws of passenger safety, and prevalent demand for vehicles with smooth traction are expected to fuel the growth of the market. By the end of 2022, the global market for automotive steering system will be valued at a little less than US$ 40 Bn, reflecting a steady CAGR in terms of value.
Following pointers are highlights from Fact.MR’s report, providing an insightful outlook on the future of global automotive steering system market through 2022.
- In 2017, the Asia-Pacific excluding Japan (APEJ) region will be dominating the global automotive steering system market in terms of revenue. By the end of 2022, the APEJ automotive steering system market will have reached an estimated value of US$ 14.2 Bn.
- Europe’s automotive steering system market, on the other hand, is anticipated to record revenue growth at steady CAGR during the forecast period.
- In US and Canada, automotive steering system sales are expected to bring in US$ 7 Bn by the end of 2017.
- Demand for electric power steering (EPS) systems is currently gaining traction. In 2017, more than US$ 12 Bn global revenues will be accounted by sales of EPS systems. Manual steering systems will lose their market presence towards the end of forecast period, recording a sluggish revenue growth at moderate CAGR.
- By the end of 2022, more than US$ 23 Bn revenues will be accounted by sales of automotive steering systems in passenger cars across the globe. The demand for automotive steering system in other vehicle types will also be prominent, but passenger cars will be at the forefront of global automotive steering system market contribution.
- The report expects that majority of automotive steering system sold in the world will be through OEMs. The incidence of replacing steering systems is rare, thereby lowering the presence of aftermarkets in global sales of automotive steering systems. Between 2017 and 2022, the global market for automotive steering system will witness an significant increment through sales accounted by OEMs.
- The report has profiled leading manufacturers of automotive steering systems in the global market, which include ZF Friedrichshafen AG, JTEKT Corporation, Nexteer Automotive Group Limited, ThyssenKrupp AG, NSK Ltd., Hyundai Mobis Co. Ltd., Mitsubishi Electric Corporation, China Automotive Systems, Inc., Robert Bosch Limited and Sona Koyo Steering Systems Limited.