The key players in the global automotive steering system market include China Automotive System Inc. (China), JTEKT Corporation (Japan), Mitsubishi Electric Corporation (Japan), Nexteer Automotive (USA), Robert Bosch Automotive Steering Gmbh (Germany), Sona Koyo Steering System Ltd. (India), ThyssenKrupp Presta (USA), and TRW Automotive Holdings (USA).
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Market Drivers And Restraints:
The automotive steering system market has changed a lot in recent times due to rapid technological developments in the automotive industry. Market Research Future (MRFR) has published a research report about the global automotive steering system market that estimates raise for this market at 7% CAGR (Compound Annual Growth Rate) between 2018 and 2023.
Factors contributing to the market include the booming automotive industry, the prevalence of steering systems, the craze for self-driving cars, technological developments, and lastly, the awareness about automotive steering system among the consumers.
Market Segments And Regional Analysis:
The global automotive steering system market has been segmented on the basis of components, sales channels, steering systems, vehicle types, and lastly, region. The component-based segmentation segments this market into the electric motor, hydraulic pump, and steering sensor & column. Based on sales channels, the market has been segmented into the original equipment manufacturer (OEM) and aftermarket. In the context of the steering system, the market has been segmented into electrically powered, electro-hydraulic powered, hydraulic powered, and manual. By vehicle type, the market has been segmented into a passenger vehicle, commercial vehicle, and others.
The regional segmentation of the global automotive steering system market segments the global market into regional markets namely North America, Asia Pacific, Europe, and rest of the world (RoW). Although vehicle production is growing around the world, the fastest growth is visible in the Asia Pacific region. The Asia Pacific segment is also the largest regional market. Being dependent on the automotive industry, the market of automotive steering can witness increase or decrease anytime due to rising or reducing demand for automotive. Major factors for market growth in this region are economic growth, rising disposable income, increasing investment in the automotive steering system, growing urbanization, and rapid industrialization. In this region, the vital country-specific markets are China, India, and Japan, followed by the remaining countries of the Asia Pacific region.
North America is another major regional market. In this region, the market is growing due to the presence of major manufacturers, technological advancement, and heavy research and development (R&D) with regards to the automotive sector. Other important factors contributing to the market growth are the development of new technology in the automotive steering system market and established automotive industry in this region. The leading country-specific markets in this region are USA and Canada.
Europe is another significant regional market due to the high density of population, established automotive industry, high level of technological advancement that is second only to North America, and presence of many key market players. The main country-specific markets in this region are France, Germany, Italy, Spain, and the UK, followed by the remaining countries of Europe.
Latest Industry News
Hitachi Automotive Systems Ltd. has signed an agreement with the German global market leader for braking systems, Knorr-Bremse AG. According to this agreement, Hitachi Automotive Systems’ is to transfer commercial vehicle steering business to Knorr-Bremse. 7 DEC 2018
British manufacturer McLaren Automotive who are famous for their luxury, high-performance sports cars and supercars is expanding its Super Series product family. They are introducing a new model called 720S Spider under the £1.2bn Track25 business plan. 720S Spider is a convertible supercar. 10 DEC 2018
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