Steering Market Size, Share, Tends Report 2021
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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 for driving comfort from consumers are driving the steering system market. Alternatively, the high cost of power-assisted steering systems and limited load-bearing capacity of Electronic Power Steering (EPS) are major restraints for the steering market.
Hydraulic Power Steering (HPS) is a commonly used steering technology for commercial vehicles. However, the system is not adequately advanced and is frequently replaced by more sophisticated solutions such as Electro-Hydraulic Power Steering(EHPS). EHPS is a hybrid technology that operates in the same way as a typical HPS system, but generates hydraulic pressure through the use of electronics. Rather than a conventional belt-driven pump, an electric motor is used to create hydraulic pressure for the system. The EHPS segment of the steering market is projected to grow at a high CAGR during the forecast period, owing to the benefits offered by the technology, such as low emission levels, better fuel economy, and improved maneuverability.
The study contains insights provided by various industry experts, ranging from material suppliers to Tier I companies and OEMs. The break-up of the primaries is as follows:
• By Company Type – Tier I - 52%, Tier II - 28%, and OEMs – 20%
• By Designation - C level - 49%, D level - 34%, and Others - 17%
• By Region - North America - 54%, Europe - 24%, Asia-Oceania – 18%, and Rest of the World - 4%
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Key Points From Table Of Content :
Company Profiles :
(Overview, Financial*, Products & Services, Strategy, and Developments)
• JTEKT Corporation
• Robert Bosch Automotive Steering GmbH
• ZF TRW Automotive Holdings Corp.
• NSK Ltd.
• Nexteer Automotive Group Limited
• Mando Corporation
• Thyssenkrupp Ag
• Hyundai Mobis Co., Ltd.
• Showa Corporation
• China Automotive Systems Inc.
Competitive Landscape :
• Market Ranking Analysis
• Competitive Situation & Trends
• Agreements/Supply Contracts/ Collaborations
• Mergers & Acquisitions
• New Product Development
Research Coverage :
The report covers the steering market based on steering type (manual, HPS, EHPS, and EPS), component (hydraulic pump, steering column, steering wheel speed sensor, and electric motor), vehicle type (passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs)) and region (Asia-Oceania, North America, Europe, and the Rest of the World (RoW)). The EPS market is further segmented on the basis of type into column-assist EPS (C-EPS), pinion-assist EPS (P-EPS), and rack-assist EPS (R-EPS). The report also includes a study of the aftermarket for passenger car power steering systems, by type (EPS and HPS).
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