The global steering market is projected to grow at a CAGR of 6.47% from 2016 to 2021, to reach a market size of USD 42.77 Billion by 2021. Stringent emission norms, the growing demand for driving comfort from consumers, and increasing vehicle production have fueled the growth of the steering market.
The report "Steering Market by Type (Manual, HPS, EHPS, and EPS), Component (Hydraulic Pump, Steering Sensor & Column, and Electric Motor), EPS (C-EPS, P-EPS, and R-EPS), Vehicle Type, Region, and Passenger Car Power Steering Aftermarket (EPS and HPS) - Global Forecast to 2021", The steering market is projected to grow at a CAGR of 6.47% from 2016 to 2021, to reach USD 42.77 Billion by 2021. The Asia-Oceania region is estimated to lead in the market in terms of growth rate during the forecast period.
The increasing demand for automotive comfort and safety is a key driver of the steering market.
Browse 88 market data tables and 58 figures spread through 165 pages and in-depth TOC on “Steering Market by Type (Manual, HPS, EHPS, and EPS), Component (Hydraulic Pump, Steering Sensor & Column, and Electric Motor), EPS (C-EPS, P-EPS, and R-EPS), Vehicle Type, Region, and Passenger Car Power Steering Aftermarket (EPS and HPS) - Global Forecast to 2021”
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Electronic power steering: A promising market
The majority of new cars sold today feature Electric Power Steering (EPS). The market for EPS systems is estimated to grow at a high CAGR, owing to the increasing production of passenger cars and sports utility vehicles (SUVs).
The EPS market is primarily driven by the rising demand for fuel efficiency and the growth of the automotive industry in emerging economies. The demand for column-assist EPS, which is suitable for small or medium-sized vehicles, and rack-assist EPS, which is frequently used in large vehicles, is expected to increase, especially in North America.
EPS systems have completely replaced manual and hydraulic steering systems in passenger cars in developed as well as developing countries.
Steering wheel speed sensor: Fastest growing market
The steering wheel speed sensor is a critical component of the steering system, as it monitors the steering wheels rotational speed. The sensor is primarily used in the EPS system.
The increasing adoption of EPS in vehicles has boosted the demand for steering wheel sensors. Asia-Oceania is estimated to lead the steering wheel speed sensor market, followed by North America and the Rest of the World, owing to the increasing adoption of EPS in the region.
Asia-Oceania: Fastest growing market for steering systems
Asia-Oceania comprises some of the fastest growing economies in the world, including China, India, and Indonesia. The region has the highest vehicle production in the world, due to its sizable population and increasing disposable income.
The growing population, increase in per capita income, and improving standard of living have contributed to the growth of the automotive industry in Asia-Pacific. China the key automotive market in this region produces the highest number of passenger cars in the world.
Given that the steering market is directly dependent on vehicle production, Asia-Oceania has emerged as the fastest growing market for steering systems, in terms of value as well as volume.
The report analyzes all major players in the steering system industry, including JTEKT Corporation (Japan), Robert Bosch Automotive Steering GmbH (Germany), ZF TRW (U.S.), Nexteer Automotive (U.S.), NSK Ltd. (Japan), and China Automotive Systems (China).
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