Automotive Steering Systems Market Main Scenario, Impact of COVID-19, Business Overview and Forecast 2015-2021 – KSU

The Global automotive steering systems market has been dealt with in the context of this report. The growing demand for automobiles around the world and the demand for effortless vehicle maneuverability have propelled the growth of companies that manufacture automotive steering systems. The steering system is a central part of a vehicle; it steers the vehicle and helps to avoid obstacles and to take a turn. A steering system is the driver’s direct contact with the vehicle.

An automotive steering system is the most vital component of any vehicle as it is the direct line of control and communication between the driver and the vehicle. An automotive steering system consists of various parts such as the steering wheel, steering column, countershaft, tie rods and hydraulic pumps, among others.

The global automotive steering systems market is primarily driven by growing demand from the automotive industry in emerging markets and growing demand for fuel efficient vehicles. The automotive sectors are experiencing a high demand for automotive steering systems in developing countries such as China, India and others. The market in these regions is mainly driven by fuel efficient vehicles and demands effortless maneuverability of the vehicles. Considering all these positive impacts, the demand for automotive steering systems is expected to increase during the forecast period of 2015 to 2021.

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The global automotive steering systems market has been broadly segmented into four regions, North America, Europe, Asia-Pacific, and the rest of the world. In terms of revenue, Europe held the largest market share in 2014, followed by North America. The increase in the purchasing power of consumers is also boosting the market for automotive steering systems. In addition, the increasing production of vehicles in all regions of the world is also influencing the demand in the automotive steering systems market. Electro-hydraulic power steering is increasingly popular in the automotive steering system market because it converges the advantages of hydraulic power steering and electronic power steering and delivers the best results. Electronic power steering systems are much more fuel efficient and easier to operate. Most passenger vehicles and street cars are equipped with electronic power steering systems.

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The global automotive steering systems market, by vehicle type, is divided into three segments such as heavy duty vehicles, light commercial vehicles, and passengers.

TRW Automotive Holdings (United States), Mitsubishi Electric Corporation (Japan), Hyundai Mobis Co. Ltd (South Korea), Sona Koyo Steering Systems Ltd (India), Robert Bosch Automotive Steering GmbH (Germany), JTEKT Corporation (Japan) , Nexteer Automotive (United States), Thyssenkrupp Presta AG Aktiengesellschaft (United States), China Automotive Systems Inc. (China) and ZF Friedrichshafen Manufacturing Company (Germany.

Germany and the United Kingdom are the main manufacturers of the automotive sector in the Europe region. The increasing advancements in automotive technology have positively impacted the demand for steering systems in the region. Automotive steering systems are considered to be the main line of driver control with automobiles. Hence, the demand for automotive steering systems is set to grow in the region with the change of lifestyles and the increase in the purchasing power of consumers.

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