Automotive Steering System Market: Electric Powered Automotive Steering System Taking over Hydraulic

Published: Tue Jun 25 2019


A recent intelligence outlook published by Fact.MR predicts steady growth for the global automotive steering system market over 2017-2022. A stable compound annual growth rate has been estimated for the global automotive steering system market for the next five-year period. As indicated by the report on the automotive steering system at a global level, the roughly US$ 30 Bn vertical for automotive steering system market will possibly equate the valuation of US$ 40 Bn by 2022 end. The global automotive steering system marketplace continues to transform with dramatic technological advancements directed to improved automotive steering systems that allow drivers to achieve effortless and risk-less maneuvering.

"Automotive Steering System Marketdemands raised by the emergence of fully or partially autonomous vehicles and electric vehicles will continue to influence the automotive steering system space over the next few years," says a senior research analyst with an expertise in the automotive domain, at Fact.MR.

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Chapter 1. Global Automotive Steering System Market - Executive Summary. 12

Chapter 2. Global Automotive Steering System Market Overview. 14
2.1. Introduction. 14
2.1.1. Global Automotive Steering System Market Taxonomy. 14
2.1.2. Global Automotive Steering System Market Definition. 14
2.2. Global Automotive Steering System Market Size (US$ Mn) and Forecast, 2012-2022. 14
2.2.1. Global Automotive Steering System Market Y-o-Y Growth. 14
2.3. Global Automotive Steering System Market Dynamics. 15
2.3.1. Drivers. 15
2.3.2. Restraints. 15
2.3.3. Trends. 15
2.4. Supply Chain. 16
2.5. Cost Structure. 16
2.6. Key Participants Market Presence (Intensity Map) By Region. 17

Chapter 3. Global Automotive Steering System Market Analysis and Forecast By Product Type. 18
3.1. Global Automotive Steering System Market Size and Forecast By Product Type, 2012-2022. 18
3.1.1. Electrically Powered Steering ( EPS) Automotive Steering System Market Size and Forecast, 2012-2022. 18
3.1.1.1. Revenue (US$ Mn) Comparison, By Region. 18
3.1.1.2. Market Share Comparison, By Region. 20
3.1.1.3. Y-o-Y growth Comparison, By Region. 20
3.1.2. Manual Automotive Steering System Market Size and Forecast, 2012-2022. 21
3.1.2.1. Revenue (US$ Mn) Comparison, By Region. 21
3.1.2.2. Market Share Comparison, By Region. 23
3.1.2.3. Y-o-Y growth Comparison, By Region. 23

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With rapid integration of hydraulics and electrics in design and deployment of automotive steering system, it is most likely that the next decade will witness a new set of futuristic automotive steering systems driving next-gen vehicles on road. A key finding in the report highlights that the tremendous advent of automotive working mechanisms will remain the chief driving force dictating revamp and innovation of existing automotive steering systems. Approximately US$ 12 Bn electric powered automotive steering system is likely to remain the most attractive type of automotive steering system that facilitates high fuel efficiency holding more than 50% share in the total automotive steering system market value throughout the forecast period. Manual automotive steering system will however lose a significant value share towards 2022 end.

According to the report on global automotive steering system market, passenger cars will continue to capture the spotlight in terms of automotive steering system adoption. Deployment of automotive steering system by passenger car manufacturers is expected to account for a high multibillion dollar revenue to the automotive steering system market by 2022 end. However, commercial vehicles are also presumed to emerge lucrative in the automotive steering system market in the near future, as LCV and HCV makers gear up for the price sensitivity and fuel efficiency race.

Prominent players partaking in the global automotive steering system space include Nexteer Automotive Group Limited, JTEKT Corporation, ThyssenKrupp AG, NSK Ltd., Mitsubishi Electric Corporation, China Automotive Systems, Inc., Sona Koyo Steering Systems Limited, and Robert Bosch Limited.

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