This Steering Market report represents the revenue opportunities in the market through to 2021, highlights the market size and growth by technology, geography, type and size. The report outlines the evolution of the industry and identifies and assesses the best performing vendors in the market.
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Study on Steering Market highlights key players such as JTKET Corporation, Robert Bosch Automotive Steering GmbH, ZF TRW, Nexteer Automotive, NSK Ltd., Showa Corporation, Hitachi Automotive Systems Ltd., China Automotive Systems, Hyundai Mobis, ThyssenKrupp AG.
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The 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. The increasing demand for fuel-efficient vehicles and the growing demand for driving comfort from consumers are driving the steering system market.
Alternatively, the high cost of power-assisted steering systems and limited load-bearing capacity of Electronic Power Steering (EPS) are major restraints for the steering market.
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Hydraulic Power Steering (HPS) is a commonly used steering technology for commercial vehicles. However, the system is not adequately advanced and is frequently replaced by more sophisticated solutions such as Electro-Hydraulic Power Steering(EHPS).
EHPS is a hybrid technology that operates in the same way as a typical HPS system, but generates hydraulic pressure through the use of electronics. Rather than a conventional belt-driven pump, an electric motor is used to create hydraulic pressure for the system.
The EHPS segment of the steering market is projected to grow at a high CAGR during the forecast period, owing to the benefits offered by the technology, such as low emission levels, better fuel economy, and improved maneuverability.
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Key Points From Table Of Content:
5 Market Overview
5.2 Market Segmentation
5.2.1 Automotive Steering System: Market Segmentation
5.3 Market Dynamics
22.214.171.124 Increasingly Stringent Fuel Efficiency Norms to Drive the Demand for Electronically Assisted Steering Systems
126.96.36.199 Growing Vehicle Production
188.8.131.52 Increasing Consumer Preference for Driving Comfort
184.108.40.206 Limited Load Bearing Capacity of EPS Systems
220.127.116.11 High Cost of Assisted Power Steering System
18.104.22.168 Use of EPS in Commercial Vehicles
22.214.171.124 Adoption of Steer-By-Wire Technology
126.96.36.199 Maintaining Balance Between High Cost & Performance of Smart Steering Systems
5.4 Porter’s Five Forces Analysis
5.4.1 Threat of New Entrants
5.4.2 Threat of Substitutes
5.4.3 Bargaining Power of Suppliers
5.4.4 Bargaining Power of Buyers
5.4.5 Intensity of Competitive Rivalry
6 Automotive Steering System Market, By Component
6.1.1 Hydraulic Pump Market Size, By Region
6.1.2 Steering Column Market Size, By Region
6.1.3 Steering Wheel Speed Sensor Market Size, By Region
6.1.4 Electric Motor Market Size, By Region
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The report covers the steering market based on steering type (manual, HPS, EHPS, and EPS), component (hydraulic pump, steering column, steering wheel speed sensor, and electric motor), vehicle type (passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs)) and region (Asia-Oceania, North America, Europe, and the Rest of the World (RoW)). The EPS market is further segmented on the basis of type into column-assist EPS (C-EPS), pinion-assist EPS (P-EPS), and rack-assist EPS (R-EPS).
The report also includes a study of the aftermarket for passenger car power steering systems, by type (EPS and HPS).
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