Automotive Steering System Market by Steering System Type (Hydraulic Power Steering, Electronic Power Steering, and Electro-Hydraulic Power Steering System) and Vehicle Type (Heavy Commercial Vehicle, Light Commercial Vehicle and, Passenger Vehicle) - Global Opportunity Analysis and Industry Forecasts, 2014-2022
Automotive steering system market helps the driver maneuver and control the direction of the vehicle. It includes the hand-operated steering wheel, steering column, universal joints, and rack & pinion mechanism.
The steering system has evolved from manual steering to power assist steering. Moreover, effective steering system increases the fuel efficiency of vehicle.
Surge in demand for fuel efficient automobiles and the rise in disposable income of consumers primarily drives the market. In addition, technology such as drive-by-wire is expected to be implemented in future vehicles, indicating lucrative growth opportunity.
However, the high cost associated with power steering system could hamper the market growth.
The market is segmented by various types of automotive steering system namely as hydraulic power steering, electronic power steering, and electro-hydraulic power steering system. Moreover, on the basis of vehicle type, the market is segmented as heavy commercial vehicle, light commercial vehicle, and passenger vehicle.
Geographically, the market is divided into North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the report are JTEKT Corporation, Nexteer Automotive, Mando Corporation, ThyssenKrupp Presta AG, Robert Bosch Automotive Steering GmbH, Showa Corporation, NSK Ltd, ZF Friedrichshafen AG, Sona Koyo Steering Systems Ltd, and Hyundai Mobis Co. Ltd.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides an extensive analysis of the current and emerging market trends in this market
- It offers quantitative analysis, which assists in identifying the prevailing market opportunities
- Comprehensive analysis of factors that drive and restrict the market growth are provided in the report
- Competitive intelligence of leading players of automotive steering system helps understand the competitive scenario across geographies
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