Automotive Steering Market to Reach $41,190 Million by 2022 | Top Key Players JTEKT , Nexteer , Mando , ThyssenKrupp Presta AG, Bosch, Showa and Hyundai Mobis

A new report published by Allied Market Research, titled, 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, projects that the global automotive systems market is estimated to reach $41,190 million by 2022, growing at a CAGR of 6.2% from 2016 - 2022. APAC is expected to witness the highest growth rate, owing to the increase in demand for high-end passenger and commercial vehicles.

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Consumer preference for comfortable driving experience and upsurge in demand for fuel-efficient vehicles are the major factors that drive the market. However, high cost associated with power steering system limits the implementation of such systems in low-cost vehicles. Advanced technologies such as drive-by-wire steering system, that use electrical cables to reduce the lag in steering system, are anticipated to witness increased demand, owing to increase in usage in the high-end vehicles.

The electronic power steering dominated the market with one-third of the total market share and is expected to maintain this trend during the forecast period, while the passenger vehicles segment accounted for about half of the market share in 2015. The electro-hydraulic power steering system would attract notable demand during the forecast period as it offers advantages such as accurate & fast response of steering system and compatibility with electric as well as hybrid vehicles.

Europe accounted for 34.8% of the global automotive steering system market size in 2015, followed by North America. The automotive steering system markets of U.S. and Germany are expected to offer lucrative growth opportunities in the coming years. Asia-Pacific is projected to exhibit the highest CAGR of 6.8% from 2016 to 2022 owing to the booming automotive industry.

Companies operating in the market have focused towards strengthening their geographical presence and production capabilities to gain competitive advantage. For instance, in April 2016, Nexteer Automotive, a global leader in intuitive motion control, announced the opening of its third manufacturing plant in Europe and the opening of its first technical Center in Tychy, Poland in mid-2016. The new plant would allow the company to expand Nexteers manufacturing capabilities of Electric Power Steering (EPS) systems for European customers, including BMW, General Motors, Fiat Chrysler Automobiles (FCA), and PSA Peugeot Citroen.

Country wise analysis is provided for all the regions covered in the report. Countries analyzed under North America are U.S., Canada, and Mexico. Under Europe, market size and forecast is provided for Italy, UK, Germany, France, and Rest of Europe. Countries covered in the Asia-Pacific region include China, India, South Korea, Japan, and Rest of Asia-Pacific. LAMEA includes Latin America, Middle East and Africa

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Key Findings of the Automotive Steering System Market:

•Europe generated the maximum revenue in 2015 followed by North America.
•In terms of the automotive steering system market by vehicle type, passenger vehicle segment accounted for the largest share in 2015.
•In 2015, electronic power steering generated the largest revenue in terms of market by steering system type.
•Asia-Pacific is anticipated to experience the highest growth during the forecast period due to increase in demand for passenger and commercial vehicles.

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. Lt

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