Automotive Steering Systems Market: 2018 Global Share, Size, Suppliers, Manufacturers, Growth Factors, Regional Analysis, And Competitive Landscape Forecast To 2023

“”Automotive Steering Systems Market””
Automotive Steering Systems Market is projected to accrue enormously by 2023 at a CAGR of 7% during 2018 to 2023. This Global Automotive Steering System Market growth is driven by factors such as Burgeoning automotive industry witnessing increased production and sales across the globe, growing population and urbanization. Improving economic conditions are improving people’s quality of lives, increasing consumer’s purchasing power. Technological advancements transpired in the automotive field coupled with the demand

Automotive Steering Systems Key Company Analyzed For This Research Report Are:

Mitsubishi Electric Corporation (Japan), TRW Automotive Holdings (U.S.), Sona Koyo Steering System Ltd. (India), and JTEKT Corporation (Japan). Robert Bosch Automotive Steering Gmbh (Germany), Nexteer Automotive (U.S.), China Automotive System Inc. (China), and Thyssenkrupp Presta (U.S.) are among others.    

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Automotive Steering System is one of the essential components of a vehicle, allowing the driver to control and steer the vehicle in the direction he would like it to proceed. Over the past few years, with the technological advancements transpired in the field, Automotive Steering Systems have transformed a big deal. Witnessing betterments such as powered steering or electronically controlled.

These betterments are fuelling the market growth of Automotive Steering System, escalating the market to further heights on the global platform. Electronically controlled steering systems are expected to impact the market growth significantly owing to the increasing demand from end users for improved efficiency, safety, and comfort.

On the other hand, high investment capital and the concerns associated with the establishment of autonomous cars is impeding the market growth.  Nevertheless, increasing number of automotive unit sale worldwide is expected to attract multiple investors to the market eventually, fuelling the market growth.

Regional Analysis:

Asia-Pacific is expected to remain the largest market due to continuous growth in automotive sector backed by the growing vehicle production and the presence of several manufacturers.  China is one of the significant markets for automobiles across the globe.  Increasing awareness about technological developments is the primary factor driving the demand for Automotive Steering System market in APAC region. North America is one of the noteworthy markets for Automotive Steering System.  Factors such as increasing vehicle production and the growing demand for safety and comfort features in vehicles drive the regional market growth. Well-established automotive industry in this region creates an opportunity for the automotive steering system market to grow significantly during the forecast.

Automotive Steering System Market Competitive Analysis:

The highly competitive market of the Automotive Steering System is dependent on automobile sales and is driven by the increase in automotive production.  The market is fragmented owing to the presence of several large and small key players accounting for a substantial market share. Well established players incorporate acquisition, collaboration, partnership, expansion, product & technology launch to gain the competitive edge and to maintain market position. Competitive by nature, this market is envisaged to intensify with more entrants get attracted to the mass market.

These players emphasis on new product development initiatives, and geographical expansion. The global Automotive Steering System market is projected to witness constant development and innovations of new products, which resultantly tern in intense competition among the Automotive Steering System manufacturers. These Players invest heavily in the R&D to develop a technology, entirely on a different level compared to their competition. They strive to develop products with the adept technologies, unique design, and features. Players compete against each other based on factors such as the product and technology launch, quality, reliability, and cost. Marketers are tapping the growing markets for expansions.

Market Segmentation:

  • By Vehicle Types: Comprises Passenger vehicle, Commercial vehicle and others.
  • By Steering System: Electrically Powered, Manual, Electro-Hydraulic Powered and Hydraulic Powered.
  • By Components: Hydraulic Pump, Steering Sensor & Column, and Electric Motor.
  • By Sales Channels: OEM & Aftermarket.
  • By Regions:  North America, Europe, APAC and Rest of the World.

Industry Updates:

May 24, 2018 – Bosch Mobility Solutions (Germany), one of the global leaders of comprehensive expertise in vehicle technology and software solutions and services to offer complete mobility solutions launched an electric-hydraulic steering system for Class 8 trucks to aid in the transition to autonomous commercial vehicles substantially reducing emissions of nitrogen oxide from diesel.

May 3, 2018 – China Automotive Systems, Inc. (CAAS), a leading power steering components and systems supplier in China, announced a new joint venture – Hubei Henglong KYB Automobile Electric Steering System Co., Ltd. with KYB (China) Investment Co., Ltd., for the development and production of electric power steering systems and other auto-related products.

Major Table Of Content:

1 Executive Summary

2 Research Methodology

2.1 Scope Of The Study

2.1.1 Definition

2.1.2 Research Objective

2.1.3 Assumptions

2.1.4 Limitations

2.2 Research Process

2.2.1 Primary Research

2.2.2 Secondary Research

2.3 Market Size Estimation

2.4 Forecast Model

3 Market Dynamics

3.1 Market Drivers

3.2 Market Inhibitors

3.3 Supply/Value Chain Analysis

3.4 Porter’s Five Forces Analysis

Continued …

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