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Steering Columns System Market to Expand with Significant CAGR During 2017 - 2025
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Among steering types, electric power steering segment is anticipated to grow at rapid pace in the forecast period as the fuel efficiency and improving technology by electric power steering is the foremost driver for the segment. Almost all the passenger vehicles and cars have Electronic Power Steering Systems, which is driven by an electric motor which is not connected to the main engine and only operates when it is required.
On the basis of vehicle types, the passenger cars segment expected to expand at relatively high CAGR during the forecast period, the segment is driven by increasing demand for power consumption vehicles. Moreover, commercial vehicles segment will witness high growth rate.
Global Steering Columns System Market: Regional Outlook
On the basis of the geographical market segment, it is segmented into seven different regions: North America, Latin America, and Eastern Europe, Western Europe, and Asia-Pacific region, Japan and the Middle East and Africa.
In regional segments, Asia-Pacific is the leading market for the global steering columns system and is anticipated to continue its position during the forecast period. The expansion is mainly attributed to increasing of the automotive industry in developing nations such as India and China.
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Global Steering Columns System Market: Drivers and Restraints
The Global Steering Columns System Market is expected to witness sustained growth over the forecast period. The growth of steering columns system market is driven as there is favorable growth in the automotive industry is a major factor which will boost the steering columns system market. Moreover, rising purchasing power of the consumers is also driving the steering columns system market. As the increasing vehicle production in all the regions around the world is also influencing the demand for steering columns system market.
Huge capital and high research & development costs that are related to the production & development of steering columns system market are major restraints of the market.
Global Steering Columns System Market: Key Players
Some of the players operating in the Steering Columns System includes Bosch, Nexteer automotive, Pailton Engineering Ltd, TRW Automotive, Kostal of America Inc., Denso Corporation, Continental AG, Delphi Automotive PLC, Schaeffler, Marimba Auto, LLC, NSK, Coram Group, Mando Corporation and COBO International and few other regional players. Manufacturers are investing in research & development and also focusing on different strategies to maintain their market share in the Global Steering Columns System market.
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