Automotive Steering Systems Market Analysis and Forecast up to 2021

A report published recently by Transparency Market Research has pegged the overall value of the global automotive steering systems market at US$24.5 bn in 2014. The market, according to the report’s findings, is expected to reach US$39.1 bn by the end of 2021 exhibiting a CAGR of 6.20% during 2015-2021. The report is titled “Automotive Steering Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021” and is available for sale on the company website.

The automotive steering systems market is closely linked to the automotive industry. In addition to the rapid expansion of the automotive industry, the global automotive steering systems market is also gaining from the surging demand for personal vehicles from the emerging markets. The rising awareness about the benefits of steering systems in terms of convenience is also considerably aiding the global automotive steering systems market.

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An automotive steering system is considered the most vital part of a vehicle. It is the direct line of communication and control between the vehicle and its driver. It includes various components such as a steering column, steering wheel, tie rods, hydraulic pumps, and intermediate shaft. In response to the rising demand from emerging markets, the global automotive steering systems market is expected to surge at an impressive pace during the forecast period.

Regionally, the global automotive steering systems market is spread across Asia Pacific, North America, Europe, and Rest of the World. Among these regions, Europe held the largest share in the market in 2014, trailed by North America. The higher purchasing power of consumers in Europe has been significantly boosting the automotive market in the region, subsequently fuelling demand from the automotive steering market. The robust vehicle production witnessed in Europe also influences the automotive steering systems market in the region positively.

However, a lead analyst at TMR said, “Since developed markets in North America and Europe have already reached maturity, the growth exhibited by them is expected to be negligible in the near future. The automotive steering system market during this phase is expected to witness lucrative opportunities in Asia Pacific owing the increasing demand from the emerging middle class in developing economies.”

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Based on the type of steering system, the electro-hydraulic power steering system has become more popular since it converges the benefits offered by both electronic and hydraulic power systems. While electronic power systems are more fuel efficient, their hydraulic counterparts are known to have the basic, most efficient, hassle-free design. However, the majority of passenger vehicles on street have electronic power steering systems.

In terms of vehicle type, the report has segmented the global automotive steering system market into heavy commercial vehicles (HCV), light commercial vehicles (LCV), and passenger vehicles. Of these, the passenger vehicles segment has emerged dominant in the market owing to the increasing demand from Japan, India, and China.

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About TMR

Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.

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This release was published on openPR.