Press release
Automotive Electric Power Steering System Market 2018 Global Industry Size, Share, Trends Analysis To 2023
Automotive Steering System Industry Key Players Analyzed in Report Are:
Robert Bosch Automotive Steering Gmbh (Germany), Nexteer Automotive (U.S.), China Automotive System Inc. (China), and Thyssenkrupp Presta (U.S.), Mitsubishi Electric Corporation (Japan), TRW Automotive Holdings (U.S.), Sona Koyo Steering System Ltd. (India), and JTEKT Corporation (Japan).
Get Sample Copy Of “Automotive Steering System Market Automotive Industry Research Report – Forecast to 2023” at: https://www.marketresearchfuture.com/sample_request/1814
Automotive Steering System Market Highlights:
Automotive Steering System is one of the essential components of a vehicle, allowing the driver to control and steer the vehicle in the direction he would like it to proceed. Over the past few years, with the technological advancements transpired in the field, Automotive Steering Systems have transformed a big deal. Witnessing betterments such as powered steering or electronically controlled.
These betterments are fuelling the market growth of Automotive Steering System, escalating the market to further heights on the global platform. Electronically controlled steering systems are expected to impact the market growth significantly owing to the increasing demand from end users for improved efficiency, safety, and comfort.
Acknowledging the kind of traction gained by this market, Market Research Future (MRFR) recently published a study report. According to the report, continuing with the same trends, the global Automotive Steering System market is projected to accrue enormously by 2023 at a CAGR of ~7% during 2017 to 2023. Burgeoning automotive industry witnessing increased production and sales across the globe drives the market predominantly.
Other factors contributing to the market growth include growing population and urbanization. Improving economic conditions are improving people’s quality of lives, increasing consumer’s purchasing power. Technological advancements transpired in the automotive field coupled with the demand from the automotive industry for more efficient, responsive, fuel efficient, user-friendly and unconventional Steering systems is providing impetus to the market growth.
Autonomous driving is the way forward, and automotive steering manufacturers are expected to be benefitted substantially. On the other hand, high investment capital and the concerns associated with the establishment of autonomous cars is impeding the market growth. Nevertheless, increasing number of automotive unit sale worldwide is expected to attract multiple investors to the market eventually, fuelling the market growth.
Regional Analysis:
Asia-Pacific is expected to remain the largest market due to continuous growth in automotive sector backed by the growing vehicle production and the presence of several manufacturers. China is one of the significant markets for automobiles across the globe. Increasing awareness about technological developments is the primary factor driving the demand for Automotive Steering System market in APAC region.
North America is one of the noteworthy markets for Automotive Steering System. Factors such as increasing vehicle production and the growing demand for safety and comfort features in vehicles drive the regional market growth. Well-established automotive industry in this region creates an opportunity for the automotive steering system market to grow significantly during the forecast.
Industry Segmentation:
The market has been segmented on the basis of vehicle type as commercial vehicle and passenger vehicle. On the basis of steering system, the market has been segmented as Manual, Electrically Powered, Electro-Hydraulic Powered, & Hydraulic Powered. On the basis of components, the market has been segmented as Hydraulic pump, Steering Sensor & column, and Electric Motor. On the basis of sales channel, the market has been segmented as OEM & Aftermarket.
List of Tables:
Browse more details on “Automotive Steering System Industry Research Report – Forecast to 2023” at: https://www.marketresearchfuture.com/reports/automotive-steering-systems-market-1814
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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Maharashtra, India+1 646 845 9312
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