Automotive Steering System Market Forecast and Opportunity Assessment by Future Market Insights
Automotive Steering System Market: Drivers & Restraints
The increasing demand for vehicles especially in developing regions such as India, China, South Korea and focus of customers on vehicles with advanced features globally, tends to drive the market for automotive steering systems. Large investment in research & development by market leaders, to develop new technologies that ensures enhanced features and performance, makes the automotive steering system market attractive.
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However, high cost of the systems and economic downturns globally may act as restraint for the automotive steering system market.
Automotive Steering System Market: Segmentation
On the basis of type of steering system, the automotive steering system market is segmented as:
Manual Steering System
Power-Assisted Steering Systems
Hydraulically Powered Steering (HPS)
Electrically Powered Hydraulic Steering (EPHS)
Electrically Powered Steering (EPS)
On the basis of the type of vehicle, the market is segmented as:
Light Commercial Vehicle
Heavy Commercial Vehicle
On the basis of Sales Channel of steering system, the automotive steering system market is segmented as:
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Automotive Steering System Market: Region-wise Outlook
Europe holds the largest market share in the automotive steering system market, following Europe, North America is the second largest market for automotive steering system. The leading markets are expected to show moderate growth, while on the other end the emerging market such as Asia Pacific is expected to have high year on year growth in the automotive steering system market, owing to the increased sales of automobiles in the region. Regions such Latin America and Middle East & Africa shows trends of considerably slow growth in the automotive steering system market.
Automotive Steering System Market: Key Players
The key players identified in the automotive steering system market are:
Robert Bosch Automotive Steering GmbH
ZF TRW (ZF Friedrichshafen AG)
Mitsubishi Electric Corporation
Hyundai Mobis Co., Ltd.
China Automotive Systems Inc.
NSK Steering Systems Co., Ltd.
ThyssenKrupp Presta AG
Nexteer Automotive Group Ltd.
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