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Automotive Steering System Market 2024| Nexteer Automotive Group Ltd. Sona Koyo Steering System Ltd. NSK Steering System Co. ltd. Hitachi Automotive System Ltd.

10-30-2018 06:14 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Research Report Insights

Steering system is the combination of steering linkages such as steering wheel, steering column, universal joints and rack & pinion mechanism which is used to steer the vehicle on the road. Over the last few years, in developing countries such as China, India, Mexico, Turkey and others, the global automotive steering system market is anticipated to witness a gain superior traction globally. Now a days, steering system manufacturers are focusing on manufacturing electronic steering owing to ease in vehicle steering.

Segmentation

The global Automotive Steering System market can be segmented on the basis of

Electronic Steering:

H-EPS (Hydraulic – Electronic Power Steering)
P-EPS (Pinion Type – Electronic Power Steering)
R-EPS (Rack Assist – Electronic Power Steering)
C-EPS (Column Type – Electronic Power Steering)
The global Automotive Steering System market can be segmented on the basis of Vehicle Type:

Compact
Mid Size
SUV (Sport Utility Vehicle)
Premium
Luxury
Light Commercial Vehicle
Heavy Commercial Vehicle
Driver

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Increase in automotive parts and vehicle production is anticipated to drive the market during the forecast period. Moreover, increasing urbanization, rising living standards and per-capita income is projected to foster the market over the slated time period. Additionally, growing trend of electric vehicle coupled with new technology for instance steering by wire are estimated to give positive potential to the market throughout the foreseeable time period.

Restraints

Established players are giving tough competition to the regional players as well as tech giants such as Apple are entering in the global market with future automotive steering technology prospects, for instance autonomous car, on the basis of this phenomenon the global market could hamper by these factors by the end of 2023.

Regional Market Outlook

The global Automotive Steering System market is segmented into the following regions – North America, Latin America, Europe, APAC and Middle East and Africa. APAC region is anticipated to dominate in the global market owing to increasing vehicle fleet in the developing countries such as India and China. In Europe, the global market is estimated to grow with noteworthy growth rate. In North America region the market is anticipated to gain significant traction due to increasing electric vehicle particularly in

U.S. Additionally, in Eastern Europe the market is also gaining superior traction owing to the consumer’s shift towards flexi-fuel (dual fuel) vehicle. In Middle East and Africa, the market is projected to grow with double digit CAGR owing to increasing tourism activity, throughout the forecast period.

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Key Players

Key players for the global Automotive Steering System market are:

Nexteer Automotive Group Ltd.
ThyssenKrupp AG
Sona Koyo Steering System Ltd.
NSK Steering System Co. ltd.
ZF Friedrichshafen AG
ATS Automation Tooling System Inc.
JTEKT Corporation
Showa Corp.
Hitachi Automotive System Ltd.
Robert Bosch Automotive Steering GmbH
Mando Corp.
Magal Engineering Limited
Hyundai Mobis
Research Methodology:

RRI surveys a number of companies in order to estimate the data covered in the report through triangulation methodology. A detailed market understanding and assessment of the drive and application segments covered in the study. The research methodology also includes interviews conducted for various industry leaders by the research experts. This helps the researchers to match their previous findings with the ones confirmed from various resource persons. The report focuses on analyzing the supply-side approaches and keeps a track of that of the demand-side so as to make sure the findings are true. The global market scenario has been derived by consolidation of regional market overviews.

Report Analysis: https://www.researchreportinsights.com/report/upcomming/120124574/Automotive-Steering-System-Market

Research Report Insights (RRI) is a leading market intelligence and consulting firm. We deliver a host of services including custom research reports, syndicated research reports, and consulting services which are personalised in nature. RRI delivers a complete packaged solution to clients; this combines current market intelligence, technology inputs, statistical anecdotes, valuable growth insights, 360-degree view of the competitive framework, and anticipated market trends.

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