openPR Logo
Press release

Automotive Steering System Market is expected to reach US$ 40 billion by 2022 end

01-25-2018 07:59 AM CET | Industry, Real Estate & Construction

Press release from: Fact.MR

Fact.MR

Fact.MR

Fact.MR has recently added a new report to its vast online database. This research study is titled as “Automotive Steering System Market Forecast, Trend Analysis & Competition Tracking: Global Review 2017 to 2022” which presents an in-depth study about the production, consumption, market volume, revenue (million USD) and market share across different geographical regions.

Request Free Sample Report- https://www.factmr.com/connectus/sample?flag=S&rep_id=43

Automotive steering systems are a collection of components that allow drivers to direct their vehicle’s motion to follow the desired trajectory. These systems are developed to allow drivers guide their vehicles more effortlessly. Front wheels, hand-operated steering wheel, steering column, clutches and brakes are key components of automotive steering systems. Earliest steering systems in automobiles were rigid, arduous to maneuver, and manual, but today’s automotive steering systems are more urbane with steering flexibility and automatic assistance. Manufacturers of heavy commercial vehicles, in particular, are focusing towards improving vehicle stability with advanced steering systems. Hydraulic and electro-hydraulic assisted steering systems are gaining traction among automakers by facilitating fuel efficiency and reducing the steering control force applied by driver. Through technological advancements, car manufacturers are successfully producing automotive steering systems that can integrate features such as anti-lock braking system or electronic stability program. Moreover, automotive steering systems are comfortably adapting to ongoing innovation in the field of power consuming technologies and advanced driver-assistance systems.

6 Key Takeaways from Automotive Steering Systems Market Report

1. In 2017, the Asia-Pacific excluding Japan (APEJ) region will be dominating the global automotive steering system market in terms of revenue. By the end of 2022, the APEJ automotive steering system market will have reached an estimated value of US$ 14.2 Bn.

2. Europe’s automotive steering system market, on the other hand, is anticipated to record revenue growth at steady CAGR during the forecast period.

3. In US and Canada, automotive steering system sales are expected to bring in US$ 7 Bn by the end of 2017.

4. Demand for electric power steering (EPS) systems is currently gaining traction. In 2017, more than US$ 12 Bn global revenues will be accounted by sales of EPS systems. Manual steering systems will lose their market presence towards the end of forecast period, recording a sluggish revenue growth at moderate CAGR.

5. By the end of 2022, more than US$ 23 Bn revenues will be accounted by sales of automotive steering systems in passenger cars across the globe. The demand for automotive steering system in other vehicle types will also be prominent, but passenger cars will be at the forefront of global automotive steering system market contribution.

6. The report expects that majority of automotive steering system sold in the world will be through OEMs. The incidence of replacing steering systems is rare, thereby lowering the presence of aftermarkets in global sales of automotive steering systems. Between 2017 and 2022, the global market for automotive steering system will witness an significant increment through sales accounted by OEMs.

Browse Full Report with TOC- https://www.factmr.com/report/43/automotive-steering-system-market

New Technologies to Play Critical Role in Automotive Steering System Market

For a component as vital as the automotive steering system, continuous innovation is not an afterthought but an absolute necessity that major carmakers will have to include in their strategic plans. It remains to be seen how new advancements could impact the automotive steering system market that should witness a steady CAGR and grow to just under US$ 40 billion in 2022.

Electric Power Steering Most Attractive in Automotive Steering System Market

The electric power steering segment is estimated to account for a dominant revenue share by the end of 2017 and will record a relatively high CAGR from 2017-2022 as compared to other segments in the automotive steering system market. From a value of slightly over US$ 12.1 billion in 2017, the EPS segment should touch multi-billion value market by the end of the forecast period. The manual segment, while declining, is still procuring significant share in terms of revenue share for the year 2017. The manual segment might only grow by US$ 2 billion over the course of the forecast period and be worth heavy valuation by 2022, with a moderate CAGR. Manufacturers are advised to direct their energy towards the APEJ region as it accounts for more than 1/3rd of the regional contribution for both electric as well as manual steering in the automotive steering system market.

Spotlight on Passenger Cars in the Automotive Steering System Market

With a dominant revenue share for the year 2017, passenger cars are anticipated to be more lucrative than both LCV and HCV. The passenger car segment of the automotive steering system market is estimated to grow to approx. US$ 24 billion in 2022– recording a steady CAGR. LCV have a comparatively lower share of the vehicle type segment but a market projected to be multi-billion at the end of the forecast period can hardly be ignored. The focus on fuel-efficiency and price-sensitivity seems to have taken a toll on HCV as this segment has the smallest revenue share in the automotive steering system market. The dynamic, fast-growing APEJ region should provide some relief to key stakeholders in the automotive steering system market as it alone represents a miniscule market value by 2022-end.

OEM’s Twice the Size of Aftermarket in Automotive Steering System Market

The OEM segment in the automotive steering system market is poised to grow to US$ 26.5 billion in 2022 with a stable CAGR. The OEM segment is nearly twice the size of the aftermarket channel with a large revenue share of at the end of 2017. On the other hand, the aftermarket segment has a revenue share of only menial percentage in the same timeframe and the aftermarket segment is likely to be half the size of the OEM segment in 2022, at US$ 13.5 billion.

Competition Tracking

The leading companies in the market include JTEKT Corporation, ZF Friedrichshafen AG, ThyssenKrupp AG, NSK Ltd., Nexteer Automotive Group Limited, Mitsubishi Electric Corporation, Hyundai Mobis Co. Ltd, China Automotive Systems, Inc, Sona Koyo Steering Systems Limited, and Robert Bosch Limited.

Check Discount- https://www.factmr.com/connectus/sample?flag=D&rep_id=43

About Fact.MR
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized automotive market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.

Contact Us
Fact.MR
Suite 9884
27 Upper Pembroke Street,
Dublin 2, Ireland
Telephone: +353-1-6111-593
Email: sales@factmr.com/
Web: https://www.factmr.com/

This release was published on openPR.

Permanent link to this press release:

Copy
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 is expected to reach US$ 40 billion by 2022 end here

News-ID: 916602 • Views: 151

More Releases from Fact.MR

Vacuum Dust Filters Market Expectation Based on Key Supporting Growth Factors be …
The detailed research report on the global vacuum dust filters market focuses on the macro as well as microeconomic factors that are helping its development. The report also concentrates on the regulatory framework that is shaping the future of the global market. Furthermore, the research report also makes not of the existing as well as prevailing pricing structure, emerging areas of applications, and imminent investment opportunities in the global market.
Spray Drying Equipment Market Growth Factors, Shares and Top Key Players between …
A recently published report by Fact.MR on spray drying equipment market foretells that sales of spray drying equipment would continue to soar in the long term. In terms of value, the global spray drying equipment market is estimated to surpass the valuation of US$ 820 Mn by 2027 with a year-on-year growth of ~4% in the foreseeable future. Spray drying equipment is gaining popularity in different verticals owing to its capacity
01-24-2020 | Sports
Fact.MR
Sports Flooring Market Future Outlook and Active Company Profiles during 2017-20 …
In a recent business intelligence study, Fact.MR presents the nitty-gritty of the global sports flooring market considering 2012-2016 as the historic year and 2017-2026 as the stipulated timeframe. The business report highlights the drivers, restraints, opportunities and trends affecting sports flooring market growth. Further, all the market shares associated with the market as well as the segments are expressed in terms of value and volume. The sports flooring market study outlines
Soy Protein Hydrolysate Market Assessment Based on Top Driving Factors during 20 …
According to the latest report published by Fact.MR, the global soy protein hydrolysate market is set to surpass a valuation of US$ 1,400 Mn by the end of 2026. The global soy protein hydrolysate market analysis report also provides an in-detailed analysis of the overall vendor landscape. The report analyzes the key marketing and promotional strategies adopted by the leading companies in the global market. Furthermore, it takes into consideration

All 5 Releases


More Releases for Automotive

Automotive Sunroof Market
Automotive Sunroof is a fixed or operable opening in vehicle that allows light or fresh air to enter inside a car. Sunroof are of many shapes and sizes and styles and they are either manually driver or motor driven. Increasing demand for premium cars and growing need to control light inside the vehicle is fueling the growth of automotive sunroof market. The major driver influencing the growth of automotive sunroof is
Automotive MEMS Sensor
The Insight Partners added “Laser Technology Market to 2025” to its research database. The report is spread across 150 pages and supported by 10 company leaders. A laser is a coherent and focused beam of photons; coherent, in this context, means that it is all one wavelength, unlike ordinary light which showers on us in many wavelengths. Laser technology is used for an extensive range of professional field measurement applications which
Automotive Air Filter Market
An automotive air filter is a device that is made up of fibrous materials that removes solid particulates like pollen, dust, bacteria, and mould from the intake air. A chemical type of air filter consist of a catalyst or absorbent for removing molecular contaminants like ozone or volatile organic compounds. Air filters are being used in applications where air quality is of vital importance, notably in building ventilation systems and
Automotive Fasteners Market
Fasteners are the mechanical components that holds, joins or affixes two or more parts together, automotive industry is the largest market for the fastener. Automotive fasteners are made up of various materials such as Iron, Aluminum, Brass, Nickel, Stainless steel, Plastic, they are further classified with their distinct characteristics. Automotive fasteners are generally used for the clamping parts of vehicle together to avoid their separation or wobbling, transmitting loads as
Automotive Tires Market
The automotive tires play a very important role in vehicle performance along with the vehicle engine. A tire should be fine enough to carry vehicle weight and pressure on any road with superior breaking performances. The manufacturers focus on enhancing the production and performance capabilities of tires to meet with the growing demands of OEMs as well as secondary market.The automotive tires market is expected to grow rapidly in the
Automotive Actuators Market 2017 - AK, FTE automotive
MarketReports.biz’s Automotive Actuators market research report provides the newest industry data and industry future trends, allowing you to identify the products and end users driving Revenue growth and profitability. The industry report lists the leading competitors and provides the insights strategic industry Analysis of the key factors influencing the market. Request for sample @ https://goo.gl/auN0LC The Players mentioned in our report AK FTE automotive The report includes the forecasts, Analysis and discussion of important industry trends,