Transparency Market Research has recently published a new research report that talks in detail about the overall dynamics of the global automotive steering systems market. According to the research report, the automotive steering systems market is growing at CAGR of 6.20%. With this rate of growth, the global market is expected to touch the market of US$39.1 bn by the end of the given forecast period of 2015 to 2024. This valuation is a substantial growth from the initial report of US$24.5 bn back in 2014.
According to the research report, the vendor landscape of the global automotive steering systems market is intensely competitive and fragmented. This is because of the presence of several leading players in the market and each is striving to strengthen their foothold. The leading companies in the global market are concentrating more the activities of research and development. This is projected to offer a number of opportunities for growth for these companies during the given forecast period. Additionally, growing technological advancements and aggressive marketing strategies to enhance the product portfolio are also expected to help the companies in the automotive steering systems market to generate more business.
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Some of the key players in the global automotive steering systems market include names such as China Automotive Systems Inc., (China), Sona Koyo Steering (India), JTEKt Corporation (Japan), Mitsubishi Electric Corporation (Japan), ZF Friedrichshafen Manufacturing Company (Germany), Nexteer Automotive (US), Hyundai Mobis Co. Ltd. (South Korea), Robert Bosch Automotive Steering GmbH (Germany), and ThyssenKrupp Presta AG Aktiengesellschaft (US) among others.
Europe to Continue its Market Dominance
From a geographical viewpoint, the global automotive steering systems market is divided into five major regions viz. Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Of these regional markets, the Europe segment has accounted for the largest share of the market in recent years and is expected to continue its dominance in the coming years. This high growth and dominance of Europe are because of the presence of numerous leading automobile manufacturing companies in the region. Next in line is the North America market that is projected to experience a healthy growth during the forecast period. This high rate of growth is because of the impending maturity of the North America market.
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In terms of the type of product, the automotive steering systems market is segmented into passenger vehicles, light commercial vehicles, and commercial vehicles. Of these, the segment of light commercial vehicles is expected to lead the market during the given forecast period. The increasing demand for high-tech automotive steering systems, particularly in the developing economies such as China and India is considered to be one of the major driving factors for the growth of the segment.
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Increasing Demand for Fuel-Efficient Vehicles Helping Market Growth
The growing demand for electronically assisted automotive steering systems due to the strict guideline for fuel efficiency is one of the big reasons to drive the growth of the global market. The increasing production of vehicles and the growing preference to the highly comfortable and smooth driving experience is also fueling the demand for automotive steering systems market.
However, there are some factors that are hampering the market growth and may stop it from reaching its full potential. One major restraining factor for the development of the global automotive steering systems market is the high-cost production. Additionally, limitations on the load-bearing capacity of the EPS systems are also expected to be slow down the growth of the market.
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