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Automotive Power Steering Systems Market By Product Type (Electronic Power Steering (EPS), Hydraulic Power Steering (HPS), Electronic & Hydraulic Power Steering (EHPS) ), By Vehicle Class (Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (LCV), Off-Road Vehicles), By End-Market (Original Equipment Manufacturers (OEMS), Aftermarket ) - Growth, Future Prospects And Competitive Analysis, 2017 - 2025

Automotive steering systems are among the most integral parts installed in automobile vehicles. Steering systems allow the driver to control and maneuver the vehicle in the desired direction. The basic components of an automotive steering system include the steering wheel, steering column, universal joints, rack and pinion mechanism, and other control mechanisms. Over a period of time, the overall automotive steering systems industry has witnessed a paradigm shift in terms of operating mechanisms. From rigid manual steering to flexible power-assisted steering systems, the industry has evolved dynamically. This provides easy maneuverability, better vehicle stability, and reduced driver fatigue. Additionally, power-assisted steering systems are designed to enhance fuel efficiency, thereby driving market penetration.

The overall automotive power steering systems market is primarily driven by the consistently growing automotive industry worldwide. With the rising discretionary income of people worldwide, consumption of luxury and semi-luxury vehicles has risen considerably over the past couple of decades. Subsequently, automotive steering systems have witnessed profound advancements in operating mechanisms and comfort. Moreover, phasing out manual steering systems is another major factor propelling the demand for power steering systems. Due to continually growing automotive production and demand for high-end vehicles, the market is set to continue growing steadily in the following years.

The report titled "Global Automotive Power Steering Systems Market: Growth, Future Prospects, and Competitive Analysis, 2017–2025" offers strategic insights into the global automotive power steering systems market along with the market size and estimates for the duration of 2015–2025. The said research study covers an in-depth analysis of market segments based on product type, vehicle class, end-market, and cross-sectional study across different geographies and sub-geographical regions. The study covers the comparative analysis of different segments for the years 2016 and 2025. The report also provides a prolific view of market dynamics, such as market drivers, restraints, and opportunities. In addition, the report includes a section providing insights into the key trends followed in the market.

The report also includes competitive profiling of the leading automotive power steering system vendors, their business strategy analysis, market positioning, and key developments to assist strategic decision-makers. Some of the major players profiled in the report are Robert Bosch Automotive Steering GmbH, Mitsubishi Electric Corporation, Hyundai Mobis Co., Ltd., JTEKT Corporation, ThyssenKrupp Presta AG, Nexteer Automotive Group Ltd., ZF Friedrichshafen AG (TRW Automotive), China Automotive Systems, Inc., Mando Corporation, Delphi Automotive Plc., Daimler AG, and several others. Apart from the company profiles, the report includes a section covering the competitive landscape, wherein the market positioning of the companies is discussed. The section also provides an overview of the key business strategies employed by the leading market participants.

Other in-depth analysis provided in the report includes:

  • Current and future market trends to justify the forthcoming attractive markets within the automotive power steering systems industry
  • Comparative analysis for different segments for the years 2016 and 2025
  • Market fuelers, market impediments, and their impact on market growth
  • In-depth competitive environment analysis, including the positioning of market players and their business strategy analysis
  • Trailing 2-year market size data (2015–2016)
  • SRC (Segment, Region, Country) Analysis

Overall, the research study provides a holistic view of the global automotive power steering systems market, offering market size and estimates for the period from 2017 to 2025, keeping in mind the above-mentioned factors.

On the basis of vehicle class, the global automotive power steering systems market is segmented into the following categories:

  • Passenger Cars
  • Light Commercial Vehicles (LCV)
  • Heavy Commercial Vehicles (HCV)
  • Off-road Vehicles

As of 2016, the overall automotive steering systems worldwide market is led by the passenger car segment. The segment contributes to more than one-third of the total market revenue as of 2016. LCV and HCV segments follow passenger cars in terms of revenue and volume. The passenger car segment's growth is primarily attributed to the high sales volume of passenger cars as compared to other vehicle classes. With the increasing discretionary income of people worldwide, passenger car sales are set to continue witnessing steady growth.

Over the past few years, passenger cars have been predominantly equipped with power steering systems. Due to the growing consumption of luxury and semi-luxury cars, the demand for power steering systems has witnessed profound growth over the past few years. As a result, the segment is expected to maintain its market dominance over the forecast period. In the following years, the off-road vehicle segment is set to demonstrate the highest growth rate in the market. This is primarily due to market participants' increased efforts to cater to the segment.

Based on geography, the global automotive power steering systems market is segmented into the following regions and countries:

North America

  • U.S.
  • Canada

Europe

  • U.K.
  • Germany
  • France
  • Rest of Europe

Asia Pacific

  • Japan
  • China
  • South Asia
  • Rest of Asia Pacific

Rest of the World (RoW)

  • Middle East and Africa (MEA)
  • Latin America

The global automotive power steering systems market is dominated by the Asia-Pacific region. As of 2016, the region accounted for more than forty percent of the overall market revenue generated worldwide. The automotive power steering systems market here is largely attributed to the presence of a huge automotive industry, both in terms of production and consumption. Major markets for power steering systems include China, Japan, South Korea, India, and some Southeast Asian countries.

With the continually rising automotive industry in Asia Pacific, the region is set to maintain its dominant position in the global market in the following years. Europe follows Asia Pacific in terms of revenue and volume in the market. The market is primarily governed by the massive automotive industry in Western Europe. Major markets for automotive power steering systems include Germany, France, Spain, Italy, and the U.K., all of which have huge automotive production sectors.

Frequently Asked Question:

The market for Automotive Power Steering Systems Market is expected to reach USD$ 35 Bn in 2025.

The Automotive Power Steering Systems Market is expected to see significant CAGR growth over the coming years, at XX %.

The report is forecasted from 2017 -2025.

The base year of this report is 2016.

Robert Bosch Automotive Steering GmbH, Mitsubishi Electric Corporation, Hyundai Mobis Co., Ltd., JTEKT Corporation. are some of the major players in the global market.

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Godaddy
Published Date:  Sep 2017
Category:  Automotive & Transportation
Report ID:   58706
Report Format:   PDF
Pages:   120
Rating:    4.7 (70)
Delivery Time: 24 Hours to 48 Hours   
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