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.
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The key players in the Steering Market include – 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.
automotive industry is one of the key industries in Europe, which is home to several major automobile companies. Given the increasing competition from developing countries such as India, China, Brazil, and Russia and the financial crisis in Europe, the automobile sector in the region has witnessed a decline in revenue in the past few years.
- Steering system manufacturers
- Electric motor manufacturers
- Speed sensor manufacturers
- Torque sensor manufacturers
- Rotational angle sensor manufacturers
- EPS control unit manufacturers
- Investment firms
- Equity research firms
Inquire For Complete Report Copy of 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 www.rnrmarketresearch.com/contacts…ying?rname=429828
The increasing demand for fuel-efficient vehicles and the growing demand for driving comfort from consumers are driving the steering system market.
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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.
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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The report segments the OTA updates market for automotive and forecasts its size, by volume and value, on the basis of region (Asia-Pacific, Europe, North America, and RoW),technology type (firmware over-the-air (FOTA) and software over-the-air (SOTA)), application type (telematics control unit, electronic control unit, infotainment, safety and security, and others), vehicle type (passenger cars and commercial vehicle),and electric vehicle type (BEV, HEV, and PHEV).The qualitative analysis of advanced features is also provided.
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