“Increasing demand for comfort and reliability, stringent fuel economy norms, and increasing vehicle production to fuel the growth of the global steering market”
The steering market is projected to grow at a CAGR of 6.47% from 2016 to 2021, to reach a market size of USD 42.77 billion by 2021. The increasing demand for fuel-efficient vehicles and the growing demand for driving comfort from consumers are driving the steering system market. Alternatively, the high cost of power-assisted steering systems and limited load-bearing capacity of Electronic Power Steering (EPS) are major restraints for the steering market.
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“Electro-hydraulic power steering: Upcoming technology for commercial vehicles”
Hydraulic Power Steering (HPS) is a commonly used steering technology for commercial vehicles. However, the system is not adequately advanced and is frequently replaced by more sophisticated solutions such as Electro-Hydraulic Power Steering (EHPS). EHPS is a hybrid technology that operates in the same way as a typical HPS system, but generates hydraulic pressure through the use of electronics. Rather than a conventional belt-driven pump, an electric motor is used to create hydraulic pressure for the system. The EHPS segment of the steering market is projected to grow at a high CAGR during the forecast period, owing to the benefits offered by the technology, such as low emission levels, better fuel economy, and improved maneuverability.
“Europe: Largest aftermarket for passenger car power steering”
The automotive industry is one of the key industries in Europe, which is home to several major automobile companies. Given the increasing competition from developing countries such as India, China, Brazil, and Russia and the financial crisis in Europe, the automobile sector in the region has witnessed a decline in revenue in the past few years. Regular updates in vehicle safety norms make it challenging for manufacturers to provide advanced technologies at an affordable price. The aftermarket for passenger car power steering is estimated to be the largest in the region, owing to the high demand for aftermarket products and limited life expectancy of steering components. European consumers tend to replace the component once it reaches the end of its operational life; this drives the steering system component aftermarket in the region.
The study contains insights provided by various industry experts, ranging from material suppliers to Tier I companies and OEMs. The break-up of the primaries is as follows:
By Company Type – Tier I – 52%, Tier II – 28%, and OEMs – 20%
By Designation – C level – 49%, D level – 34%, and Others – 17%
By Region – North America – 54%, Europe – 24%, Asia-Oceania – 18%, and Rest of the World – 4%
The report provides detailed profiles of the following companies:
JTKET Corporation
Robert Bosch Automotive Steering GmbH
ZF TRW
Nexteer Automotive
NSK Ltd.
Showa Corporation
Hitachi Automotive Systems Ltd.
China Automotive Systems
Hyundai Mobis
ThyssenKrupp AG
Related Report:
Global Power Steering Hose Industry Market Research Report
The Power Steering Hose market revenue was xx.xx Million USD in 2013, grew to xx.xx Million USD in 2017, and will reach xx.xx Million USD in 2023, with a CAGR of x.x% during 2018-2023. Based on the Power Steering Hose industrial chain, this report mainly elaborate the definition, types, applications and major players of Power Steering Hose market in details. Deep analysis about market status (2013-2018), enterprise competition pattern, advantages and disadvantages of enterprise Products, industry development trends (2018-2023), regional industrial layout characteristics and macroeconomic policies, industrial policy has also be included. From raw materials to downstream buyers of this industry will be analyzed scientifically, the feature of product circulation and sales channel will be presented as well. In a word, this report will help you to establish a panorama of industrial development and characteristics of the Power Steering Hose market.
Read More: https://watchersofmarkets.com/products/global-power-steering-hose-industry-market-research-report
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