Global Automotive Steering Systems Market Expected to Reach Over USD 49,200 million by 2026

15-Jun-2018 | Zion Market Research

The new report by the Zion Market Research on the “Automotive Steering Systems Market by Product (Electronic Power Steering Systems, Hydraulic Power Steering Systems (HPS), and Electro-Hydraulic Power Steering Systems (HPS)); by Application (Passenger Vehicle and Commercial Vehicle) -Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017– 2026" has a vast information about the market and its potential. The global automotive steering systems market was valued at around USD 34,300 million in the year 2017 and it is expected to reach approximately USD 49,200 million by 2026. The global automotive steering systems market is expected to exhibit a CAGR of more than 4% between 2018 and 2026.

The key factors that are expected to trigger the growth of the automotive steering systems include increasing demand for fuel-efficient vehicles and technological advancement in the automotive industry. The technological advancements in the automotive steering system such as the introduction of electric power steering (EPS) and electro-hydraulic power steering (EHPS) are expected to propel the growth of the market in the coming years. The electro-hydraulic power steering (EHPS) is the combination of electronic and hydraulic power steering, and it provides the benefit of both systems. 

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Our research analysts came up with the conclusion that the increasing modernization in the automotive industry is expected to generate immense opportunities for the growth of the automotive steering market in the coming years. The modern vehicles provide advantages over traditional vehicles such as greater control over driving dynamics, reduces noise level, fuel efficiency, etc. thus it is expected to accelerate the demand for the automotive steering systems over the forecast period

The global automotive steering systems market is segmented on the basis of the type, application, and the geographical regions.

Global Automotive Steering Systems Market

Global Automotive Steering Systems Market: Type Segment Analysis 

  • Electronic Power Steering Systems 
  • Hydraulic Power Steering Systems 
  • Electro-Hydraulic Power Steering Systems

Global Automotive Steering Systems Market: Application Segment Analysis

  • Passenger Vehicle 
  • Commercial Vehicle

Global Automotive Steering Systems Market: Regional Segment Analysis

  • North America
    • U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

Electronic power steering (EPS) systems, hydraulic power steering (HPS) systems, and electro-hydraulic power steering (EHPS) systems are the major types of steering systems. The electronic power steering systems segment accounted for the major share in the automotive steering systems in 2017. The EPS system is becoming more common as it eliminates many HPS components such as hoses, pump, drive belt, fluid, and pulley. The EPS system is lighter and smaller in nature. Moreover, the system does not require any significant power to operate when there is no steering assistance. For this reason, they are more energy efficient than hydraulic systems, and hence accounted for the highest market share in the global automotive steering systems market and is expected to register significant growth over the forecast period.

The passenger vehicle dominated the automotive steering systems market in 2017 by the application. The segment accounted for around 80% revenue share in 2017 in the global automotive steering systems market. The rising economic growth is expected to propel the growth of segment in the coming years in the global market. 

The market is growing at a rapid CAGR in the developed regions. Europe has registered an influential share in the automotive steering systems in 2017. The strong manufacturing base with highly skilled and trained manufacturers that produces quality products for home and international markets is expected to boost the growth of automotive steering systems market in Europe. Italy, Germany, and France accounted for around 60% of share in the Europe automotive steering systems market. Germany is expected to register the highest CAGR over the forecast period and is expected to reach the value of around USD 6,900 million by 2026 end. 

The major market players in the automotive steering systems are Bosch Limited, Nexteer Automotive, Robert Bosch Automotive Steering GmbH, SHOWA Corporation, Sona Koyo Steering Systems Ltd., ThyssenKrupp Business Area Components Technology, China Automotive Systems, Inc., Hyundai Mobis, JTEKT Corporation, ZF Friedrichshafen AG, Yubei Steering Systems Co., Ltd., Zhejiang Wanda Steering Gear Co., Ltd., and Mitsubishi Electric Corporation, among others.

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