Press release
Overview of Automotive Steering System Market: Size, Trends, Share and Growth Forecast till 2022
Fact.MR
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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.
New Technologies to Play Critical Role in Automotive Steering System Market
For a component as vital as the automotive steering system, continuous innovation is not an afterthought but an absolute necessity that major carmakers will have to include in their strategic plans. It remains to be seen how new advancements could impact the automotive steering system market that should witness a steady CAGR and grow to just under US$ 40 billion in 2022.
Electric Power Steering Most Attractive in Automotive Steering System Market
The electric power steering segment is estimated to account for a dominant revenue share by the end of 2017 and will record a relatively high CAGR from 2017-2022 as compared to other segments in the automotive steering system market. From a value of slightly over US$ 12.1 billion in 2017, the EPS segment should touch multi-billion value market by the end of the forecast period. The manual segment, while declining, is still procuring significant share in terms of revenue share for the year 2017. The manual segment might only grow by US$ 2 billion over the course of the forecast period and be worth heavy valuation by 2022, with a moderate CAGR. Manufacturers are advised to direct their energy towards the APEJ region as it accounts for more than 1/3rd of the regional contribution for both electric as well as manual steering in the automotive steering system market.
OEM’s Twice the Size of Aftermarket in Automotive Steering System Market
The OEM segment in the automotive steering system market is poised to grow to US$ 26.5 billion in 2022 with a stable CAGR. The OEM segment is nearly twice the size of the aftermarket channel with a large revenue share of at the end of 2017. On the other hand, the aftermarket segment has a revenue share of only menial percentage in the same timeframe and the aftermarket segment is likely to be half the size of the OEM segment in 2022, at US$ 13.5 billion.
Competition Tracking
The leading companies in the market include JTEKT Corporation, ZF Friedrichshafen AG, ThyssenKrupp AG, NSK Ltd., Nexteer Automotive Group Limited, Mitsubishi Electric Corporation, Hyundai Mobis Co. Ltd, China Automotive Systems, Inc, Sona Koyo Steering Systems Limited, and Robert Bosch Limited.
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Table of Content
Chapter 1. Global Automotive Steering System Market - Executive Summary. 12
Chapter 2. Global Automotive Steering System Market Overview. 14
2.1. Introduction. 14
2.1.1. Global Automotive Steering System Market Taxonomy. 14
2.1.2. Global Automotive Steering System Market Definition. 14
2.2. Global Automotive Steering System Market Size (US$ Mn) and Forecast, 2012-2022. 14
2.2.1. Global Automotive Steering System Market Y-o-Y Growth. 14
2.3. Global Automotive Steering System Market Dynamics. 15
2.3.1. Drivers. 15
2.3.2. Restraints. 15
2.3.3. Trends. 15
2.4. Supply Chain. 16
2.5. Cost Structure. 16
2.6. Key Participants Market Presence (Intensity Map) By Region. 17
Chapter 3. Global Automotive Steering System Market Analysis and Forecast By Product Type. 18
3.1. Global Automotive Steering System Market Size and Forecast By Product Type, 2012-2022. 18
3.1.1. Electrically Powered Steering ( EPS) Automotive Steering System Market Size and Forecast, 2012-2022. 18
3.1.1.1. Revenue (US$ Mn) Comparison, By Region. 18
3.1.1.2. Market Share Comparison, By Region. 20
3.1.1.3. Y-o-Y growth Comparison, By Region. 20
3.1.2. Manual Automotive Steering System Market Size and Forecast, 2012-2022. 21
3.1.2.1. Revenue (US$ Mn) Comparison, By Region. 21
3.1.2.2. Market Share Comparison, By Region. 23
3.1.2.3. Y-o-Y growth Comparison, By Region. 23
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About Fact.MR
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized Automotive Market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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Market Scenario
Steering is the connection point between car and driver. It provides control and the feel of the road and plays a key role in the vehicle’s…
