Automotive Steering Systems Market Highlights:
The prominent players in the automotive steering market include 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 Systems Market Drivers and Restraints:
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 fueling 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.
Acknowledging the kind of traction gained by this market, Market Research Future (MRFR) recently published a study report. According to the report, continuing with the same trends, the global Automotive Steering System market is projected to accrue enormously by 2023 at a CAGR of ~7% during 2017 to 2023. Burgeoning automotive industry witnessing increased production and sales across the globe drives the market predominantly.
The automotive industry is in consensus that autonomous driving is the way forward, automotive steering manufacturers are expected to be under considerable limelight. With IHS Automotive, a group of consultants for Automotive OEMs, predicting sales of over 21 million autonomous vehicles by the end of 2035, there are discussions regarding automotive steering in terms of a “legacy device”. As we enter the age of self-driving cars, the importance of steering systems is still debated. On the other hand, questions concerning the way autonomous cars will be introduced into mass production, and the way consumers will be persuaded to accept self-driving cars, encourage most industry observers to predict that the automotive steering system are going to continue their rapid growth during our forecast period.
Automotive Steering Systems Market Segments Analysis:
The Automotive Steering System Market can be segmented into 4 key dynamics for the convenience of the report and enhanced understanding;
By Vehicle Types: Comprises Passenger vehicle, Commercial vehicle and others.
By Steering System: Electrically Powered, Manual, Electro-Hydraulic Powered and Hydraulic Powered.
By Component: Hydraulic Pump, Steering Sensor & Column, and Electric Motor.
By Sales Channels: OEM & Aftermarket.
By Regions: North America, Europe, APAC and Rest of the World.
Automotive Steering Systems Market Regional Analysis:
Growing vehicle production across the globe, specifically in the Asia Pacific region, has had a positive impact on the automotive steering system market. The automotive steering market is completely dependent on the automotive industry. The increase or decrease in demand of automotive has a direct impact on the automotive steering system market. The booming automotive industry becomes one of the primary factors driving the automotive steering market, coupled with prevalence of steering systems in recent times and the with technological developments and their awareness among the consumers. Thus, the growth of the automotive steering market is expected to go hand in hand with the automotive industry.
North America is another major region for the automotive steering system market. Existence of major manufacturers in this region pave the way for research and development and the development of new technology in the automotive steering system market. Established automotive industry in this region also leaves an opportunity for the automotive steering system market to witness significant growth during the forecast.
TABLE OF CONTENTS:
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.2 RESEARCH OBJECTIVE
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1 PORTER’S FIVE FORCES ANALYSIS
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
LIST OF TABLES:
TABLE 1 GLOBAL AUTOMOTIVE STEERING SYSTEMS MARKET, BY VEHICLE TYPE, 2014-2023 (USD MILLION) 24
TABLE 2 GLOBAL AUTOMOTIVE STEERING SYSTEMS MARKET, BY COMPONENTS, 2014-2023 (USD MILLION) 27
TABLE 3 GLOBAL AUTOMOTIVE STEERING SYSTEMS MARKET, BY REGION, 2014-2023 (USD MILLION) 29
TABLE 4 NORTH AMERICA: AUTOMOTIVE STEERING SYSTEMS MARKET, BY COUNTRY, 2014-2023 (USD MILLION) 30
TABLE 5 NORTH AMERICA: AUTOMOTIVE STEERING SYSTEMS MARKET, BY VEHICLE TYPE, 2014-2023 (USD MILLION) 31
TABLE 6 NORTH AMERICA: AUTOMOTIVE STEERING SYSTEMS MARKET, BY COMPONENTS, 2014-2023 (USD MILLION) 32
LIST OF FIGURES:
FIGURE 1 RESEARCH PROCESS OF MRFR
FIGURE 2 TOP DOWN & BOTTOM UP APPROACH
FIGURE 3 DRIVERS & RESTRAINTS IMPACT ANALYSIS OF GLOBAL AUTOMOTIVE STEERING SYSTEMS MARKET 17
FIGURE 4 GLOBAL VEHICLE PRODUCTION, UNITS (2013-2016)
FIGURE 5 PORTER’S FIVE FORCES ANALYSIS OF GLOBAL AUTOMOTIVE STEERING SYSTEMS MARKET
FIGURE 6 GLOBAL AUTOMOTIVE STEERING SYSTEMS MARKET, BY VEHICLE TYPE, 2015 (% SHARE)
FIGURE 7 GLOBAL AUTOMOTIVE STEERING SYSTEMS MARKET, BY VEHICLE TYPE, 2014 TO 2027 (USD MILLION)
FIGURE 8 GLOBAL AUTOMOTIVE STEERING SYSTEMS MARKET, BY COMPONENTS, 2015 (%)
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