HOME › Press Releases › Steering Market worth 35.99 Billion USD by 2020
Steering Market worth 35.99 Billion USD by 2020
The report “Steering Market by System (EPS, EHPS & HPS), EPS Type (C-EPS, R-EPS & P-EPS), Component (Hydraulic Pump, Power Steering Column, Steering Wheel Speed Sensor, Electric Motor), Vehicle Type (PC, LCV, HCV & Agriculture Tractors), & by Region - Forecast to 2020”, defines and classifies the global steering market for automotive industry in terms of volume and value. The report projects the potential growth and covers the drivers, restraints, opportunities, dynamics, competitive landscape, and other key aspects of the steering market for the automotive industry. It also includes profiles of key players operating in the market.
Browse 76 market data tables and 63 figures spread through 188 pages and in-depth TOC on “Steering Market by System (EPS, EHPS & HPS), EPS Type (C-EPS, R-EPS & P-EPS), Component (Hydraulic Pump, Power Steering Column, Steering Wheel Speed Sensor, Electric Motor), Vehicle Type (PC, LCV, HCV & Agriculture Tractors), & by Region - Forecast to 2020”
Early buyers will receive 10% customization on reports.
Global automotive steering system market size is projected to grow at a promising CAGR of 6.18%, to reach USD 35.99 Billion by 2020.
Asia-Oceania: High potential market for automotive steering systems
The Asian automotive industry is largest in terms of production as well as sales. As of 2014, China produced ~25% of the global vehicle production, whereas Japan and India had ~10% and ~5% of the global vehicle production, respectively, in the same year. Owing to factors such as economic labor, lenient environment & safety regulations, attractive FDI schemes from governments and low production cost, the region has gained popularity in the recent years. Almost every western OEM as well as key Tier-I & II suppliers have set up their subsidiaries/production plants in this region. In addition, growing income of the middle-class segment and changing buyer preference towards comfortable personal vehicles has spurred the demand for passenger cars in the countries like China, & India and this demand is projected to grow at a promising rate for next five years. Government investments on infrastructure, construction & mining activities are estimated to fuel the demand for commercial vehicles in the region. As a collective result of all aforementioned factors, the region is set to experience a rise in vehicle demand by 2020, which in turn will increase the demand for steering systems in the region.
Companies such as Nexteer Automotive Group Ltd (U.S), Thyssenkrupp AG (Germany), Robert Bosch GmbH (Germany) have invested in the region. Other key steering system manufacturers like Mando Corporation (Korea), NSK Ltd. (Japan) Hitachi Ltd. (Japan), Showa Corporation (Japan), among others have their headquarters in this region.
EPS highest growing, whereas EHPS is an opportunistic market
The global automotive production is dominated by passenger cars which made up ~75% of the global vehicle production, as of 2014. A majority of the passenger cars are equipped with EPS systems owing to their lighter weight (as compared to HPS), fuel efficiency advantage and better maneuverability. This eventually makes the EPS as the global leader in the automotive steering systems market. The light and heavy commercial vehicle segment is dominated by HPS systems owing to their higher load bearing capacity than EPS. However, with the introduction of EHPS systems, which offer advantages of both – EPS & HPS, the systems are projected to show potential growth opportunity in the commercial vehicle segment. The conventional hydraulic systems draw power from the engine, which results in an effective decrease in the overall engine & fuel efficiency. However, in the EHPS systems the power is delivered to the hydraulic system by an associated electric motor, which in turn receives power from battery. This keeps the engine power output unaffected. For instance, according to ZF TRW, their EHPS system can offer fuel savings up to 0.3L/100km and a reduction of CO2 emissions by ~7gm/km.
MarketsandMarkets is world’s No. 2 firm in terms of annually published premium market research reports. Serving 1700 global fortune enterprises with more than 1200 premium studies in a year, M&M is catering to multitude of clients across 8 different industrial verticals. We specialize in consulting assignments and business research across high growth markets, cutting edge technologies and newer applications. Our 850 fulltime analyst and SMEs at MarketsandMarkets are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors.
M&M’s flagship competitive intelligence and market research platform, "RT" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. The new included chapters on Methodology and Benchmarking presented with high quality analytical infographics in our reports gives complete visibility of how the numbers have been arrived and defend the accuracy of the numbers.
We at MarketsandMarkets are inspired to help our clients grow by providing apt business insight with our huge market intelligence repository.
Markets and Markets
UNIT no 802, Tower no. 7, SEZ
Magarpatta city, Hadapsar
Pune, Maharashtra 411013, India