New York, NY, June 20, 2018 (GLOBE NEWSWIRE) -- Zion Market Research on the “Automotive Steering Systems Market by Product (Electronic Power Steering Systems, Hydraulic Power Steering Systems (HPS), and Electro-Hydraulic Power Steering Systems (HPS)); by Application (Passenger Vehicle and Commercial Vehicle) -Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017– 2026" has a vast information about the market and its potential.
The global automotive steering systems market was valued at around USD 34,300 million in the year 2017 and it is expected to reach approximately USD 49,200 million by 2026. The global automotive steering systems market is expected to exhibit a CAGR of more than 4% between 2018 and 2026.
Browse through 55 Tables & 39 Figures spread over 110 Pages and in-depth TOC on "Global Automotive Steering Systems Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017– 2026”.
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Market Report Highlights:
- Economies such as India, China, and Japan are expected to experience a significant market growth in the Asia Pacific automotive steering system market.
- China accounted for the highest market share in 2017 in the Asia Pacific region.
- In Europe, Germany accounted for the highest share in the automotive steering system market in 2017 and is expected to register high CAGR over the forecast period.
- The strong manufacturing base of the automotive industry is expected to significantly drive the growth of the market in Germany in the coming years.
- The high number of automotive steering system manufacturers in the country is the major factor responsible for the high market contribution of China in Asia Pacific automotive steering systems market.
- The increasing industrialization and raising awareness about automotive steering systems are expected to propel the growth of the market in the developing regions in the coming years.
- High demand for technically advanced automotive steering systems, for improving the product quality will drive the market growth over the forecast period.
- The continuous increase in the price of fuel at global level increases the demand for fuel-efficient vehicles; this is expected to propel the growth of automotive steering systems market globally.
- Electronic power steering (EPS) systems dominated the type segment of the automotive steering systems market in 2017. The EPS system do not require any significant power to operate when there is no steering assistance and they are more energy efficient than hydraulic systems; hence accounted for a high share in the global automotive steering systems market and is also expected to register significant growth in the coming years.
- The electro-hydraulic power (EHPS) system is expected to register high CAGR in the global automotive steering system market in the forecast period. The increasing demand for technological advancements in steering systems is expected to propel the growth of the segment in the forecast period.
- Increasing modernization in the automotive industry owing to rising demand for the advanced system is expected to generate significant opportunity for the automotive steering systems market in the coming years.
- Europe held the dominant position in the global automotive steering systems market with around 42% share in 2017.
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According to the analysts and insights shared by industry experts during primary research, demand for an automotive steering system in passenger’s vehicle is expected to increase with significant rate in the coming years. The increasing purchasing power of consumers and economic growth in developing countries such as China, Brazil, and India is expected to propel the growth of passenger’s vehicle segment in the global market in the coming years.
The rising vehicle production, growing demand for easy vehicle maneuverability, and growing economies of developing countries are the key factors contributing towards the growth of the global automotive steering system market over the forecast period.
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Moreover, increasing demand for fuel-efficient vehicles is expected to significantly boost the growth of the automotive steering systems market in the coming years. The electric power steering (EPS) system consumes low fuel as compared to a traditional system or manual steering systems. The continuous increase in the price of fuel at global level increases demand for fuel-efficient vehicles, and this is expected to propel the growth of automotive steering systems market globally. However, high cost for the development of automotive steering systems as it requires high R&D and maintenance cost may restrain the market growth
Electronic power steering (EPS) systems, hydraulic power steering (HPS) systems, and electro-hydraulic power steering (EHPS) systems are the major types of steering systems. The electronic power steering systems segment accounted for the major share in the automotive steering systems in 2017. The EPS system is becoming more common as it eliminates many HPS components such as hoses, pump, drive belt, fluid, and pulley. The EPS system is lighter and smaller in nature. Moreover, the system does not require any significant power to operate when there is no steering assistance. For this reason, they are more energy efficient than hydraulic systems, and hence accounted for the highest market share in the global automotive steering systems market and is expected to register significant growth over the forecast period.
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The passenger vehicle dominated the automotive steering systems market in 2017 by the application. The segment accounted for around 80% revenue share in 2017 in the global automotive steering systems market. The rising economic growth is expected to propel the growth of segment in the coming years in the global market.
The market is growing at a rapid CAGR in the developed regions. Europe has registered an influential share in the automotive steering systems in 2017. The strong manufacturing base with highly skilled and trained manufacturers that produces quality products for home and international markets is expected to boost the growth of automotive steering systems market in Europe. Italy, Germany, and France accounted for around 60% of share in the Europe automotive steering systems market. Germany is expected to register the highest CAGR over the forecast period and is expected to reach the value of around USD 6,900 million by 2026 end.
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The major market players in the automotive steering systems are Bosch Limited, Nexteer Automotive, Robert Bosch Automotive Steering GmbH, SHOWA Corporation, Sona Koyo Steering Systems Ltd., ThyssenKrupp Business Area Components Technology, China Automotive Systems, Inc., Hyundai Mobis, JTEKT Corporation, ZF Friedrichshafen AG, Yubei Steering Systems Co., Ltd., Zhejiang Wanda Steering Gear Co., Ltd., and Mitsubishi Electric Corporation, among others.
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The global automotive steering systems market is segmented on the basis of the type, application, and the geographical regions.
Global Automotive Steering Systems Market: Type Segment Analysis
- Electronic Power Steering Systems
- Hydraulic Power Steering Systems
- Electro-Hydraulic Power Steering Systems
Global Automotive Steering Systems Market: Application Segment Analysis
- Passenger Vehicle
- Commercial Vehicle
Global Automotive Steering Systems Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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