openPR Logo
Press release

Automotive Steering System Market Future Scope, Rising Demand, Leading Global Companies, and Regional Average Pricing Analysis by 2025

02-07-2020 01:14 PM CET | Tourism, Cars, Traffic

Press release from: Allied Market Research

Automotive Steering System Market

Automotive Steering System Market

Increasing demand for automotive due to rise in disposable income coupled with growing preference for comfortable, fuel-efficient power steering systems would drive the growth of the global automotive steering system market

Allied Market Research recently published a report, titled, "Automotive Steering System Market by Type (Hydraulic Power Steering, Electronic Power Steering, and Electro-Hydraulic Power Steering System) and Vehicle Type (Passenger Vehicle and Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2018 - 2025". The report offers comprehensive analyses of the current market size & forecast, key winning strategies, industry dynamics, top investment pockets, and competitive landscape. According to the report, the global automotive steering system market was valued at $29.42 billion in 2017 and is projected to reach $45.35 billion by 2025, registering a CAGR of 5.4% from 2018 to 2025.

Request Sample Report at

The growth of the global automotive steering system market is driven by rise in disposable income of consumers and increase in demand for power steering systems in automotive due to their enhanced comfort and fuel efficiency, which ensure effortless driving experience, easy maneuverability, cost-effectiveness. However, the high cost of power steering systems is anticipated to impede the growth of the market. On the other hand, new technologies such as drive-by-wire is expected to be implemented in upcoming vehicles, which would provide promising prospects to the market in the near future.

Electronic power steering segment to retain dominance through the forecast period

The electronic power steering (EPS) segment occupied more than three-fifths of the total market share in 2017, and is expected to maintain its lead through 2025. This is due to the fact that EPS ensures easy maneuverability and high fuel efficiency. Meanwhile, the hydraulic power steering segment is projected to witness the highest growth rate during the forecast period, registering a CAGR of 7.8%, owing to its enhanced accuracy of the steering while cornering and turning. The electro hydraulic power steering segment would witness a steady growth rate during the forecast period.

Passenger vehicles segment to retain dominance, commercial vehicles segment to manifest fastest growth through 2025

The passenger vehicle segment accounted for almost three-fourths share of the total revenue in 2017 and is expected to retain its dominance throughout the forecast period. This is due to the increased demand for sedans, luxury sedans, and mid-range vehicles that have robust steering systems to ensure seamless drivability. On the other hand, the commercial vehicle segment is expected to grow at the fastest CAGR of 7.2% through 2025, owing to the surge in need for power steering systems in heavy vehicles that are used in mining, construction, and other sectors.

For Purchase Enquiry:

Asia-Pacific to retain lion's share through 2025

Asia-Pacific accounted for nearly two-fifths share of the global market in 2017, and is expected to continue its dominance through 2025 owing to continuous developments in the automotive sector and increase in production of heavy commercial vehicles coupled with higher adoption rate of such systems as compared to other regions. The automotive steering market in Europe is projected to grow at the fastest CAGR of 7.1% during 2018-2025, owing to the presence of numerous countries with a well-developed automotive industry. Such countries have massive production of automotive ranging from low-end vehicles to luxury sedans, which require advanced steering systems. The other regions analyzed in the report include North America and LAMEA (Latin America, Middle East, and Africa).

Key market players
* China Automotive Systems Inc.,
* JTEKT Corporation,
* Nexteer Automotive,
* Mando Corporation,
* ThyssenKrupp Presta AG,
* Robert Bosch
* Automotive Steering GmbH,
* Showa Corporation,
* NSK Ltd, Mitsubishi Electric Corporation,
* Sona Koyo Steering Systems Ltd., and
* Hyundai Mobis Co. Ltd.

Access Complete Research Report @

Driving factors for the market
1. Increasing demand of automotive
2. Adoption of the power steering system

Market Restraints and Opportunities:
1. High cost associated with the power steering system
2. Low Penetration of Power steering in Low Segment Vehicles
3. Globe Introduction of Drive-by-wire
4. Increase in sale of automotive vehicles
5. Consumer preference for driving comfort

Similar Reports:

Active Seat Belt System Market

India Automotive Steering System Market

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975

About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

This release was published on openPR.

Permanent link to this press release:

Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Automotive Steering System Market Future Scope, Rising Demand, Leading Global Companies, and Regional Average Pricing Analysis by 2025 here

News-ID: 1923557 • Views: 518

More Releases from Allied Market Research

North America Geogrid Market 2020 Segmentation, Demand, Growth, Trend, Opportuni …
According to the report published by Allied Market Research, the North America geogrid market generated $282.0 million in 2019, and is estimated to reach $408.25 million by 2027, registering a CAGR of 7.0% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios. Surge in infrastructure development activities across the U.S. and Mexico and superior physical properties
Intravenous Immunoglobulin (IVIG) Market 2020 In-Depth Analysis of Industry Shar …
Global intravenous immunoglobulin market accounted for $8,995 million in 2017, and is projected to reach $15,964 million by 2025, registering a CAGR of 7.5% from 2018 to 2025. Immunoglobulin (Ig) is a plasma-derived product, which is obtained from the serum of healthy donors. The isolated plasma product is clinically treated and purified to Ig, which can be further used in the treatment of patients with antibody deficiency. Intravenous immunoglobulin (IVIG) finds
Asthma and COPD Drugs Market Is Expected to Witness a Steady Growth by 2026
"Asthma and COPD Drugs Market by Disease and Medication Class - Global Opportunity Analysis and Industry Forecasts, 2014-2022", projects that the global market for Asthma and COPD Drugs was valued at $38,960 million in 2015 and would reach $50,359 million by 2022, registering a CAGR of 3.7% from 2016 to 2022. Asthma segment dominated the market in 2015 and expected to continue its dominance throughout the forecast period. North America
Synthetic Biology Market in Global Industry by Top Companies, Type and Applicati …
Global Synthetic biology market is forecast to reach $38.7 billion by 2020, at a CAGR of 44.2% during the forecast period (2014 - 2020). Europe occupies largest share in the global market and would hold-on to its position throughout 2020. However, Asia Pacific is the fastest growing market with a CAGR of 46.4% from 2014 - 2020. Read Full Report @ Synthetic biology is at a nascent stage and has recently

All 5 Releases

More Releases for Steering

Global Steering Wheel Market Growth 2019-2024
Steering wheel is a device in the vehicles to help drivers to control the steering of vehicles. Besides the steering function, steering wheel also can offer assistance functions, such as cruise control, audio system and telephone controls etc. This report mainly covers the applications in Passenger cars and Commercial Vehicles. Demand from the downstream brings a power to the development of steering wheel system industry. In recent years, growing China market became
Steering Column Cowls Market Insight by 2028
Steering column cowls are the key part of the steering columns which is intended for connecting the steering wheel to the steering mechanism. Steering column cowls possess various advantages which include passive safety systems, mass reduction, absorbs crash impact energy, insert mould for added strength, etc. There are 2 types of steering column cowls available in the market which include upper steering column cowls and lower steering column cowls. Introduction of
Steering Column Control Modules Market
Automobile design, operation, aesthetics and technology are continuously evolving and witnessing significant advancements. Previous designs and operations in automobiles included various switches for different purposes, which were simple in design but complex in operation. Especially, steering systems witnessed prominent advancements in past decade. Development of hybrid, electric and hydraulic steering are some of the examples. Integration of various operational switches for convenience in steering wheels and column is indeed a
Power Steering Pumps Sales Market Report 2017
Browse full table of contents and data tables at : In this report, the global Power Steering Pumps market is valued at USD XX million in 2016 and is expected to reach USD XX million by the end of 2022, growing at a CAGR of XX% between 2016 and 2022. Geographically, this report split global into several key Regions, with sales (K Units), revenue (Million USD), market share and growth
Steering Market Size, Share, Tends Report 2021
Steering Market Size, Capacity, Trends, Outlook, Research, Analysis, Growth | Industry Report 2021 Market Research Report to It’s a Database. Download sample copy @ The 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. The increasing demand for fuel-efficient vehicles and the growing demand
Automotive Steering Wheel Market Trends To 2024
India Automotive Steering Wheel Market: Overview The automotive steering wheel market in India is largely influenced by the dynamics of the automotive sector. The rapidly growing middle-class population along with the improving spending power of consumers is stoking the growth of the automotive industry. Furthermore, the growing investments by international players and government initiatives such as “Make in India” are promoting the development of the sector. These factors, in turn,