Fuel Efficiency is to Play Crucial Role in Automotive Steering System Market Rise 2021 | Highlights, Key Findings, Major Companies Analysis and Forecast to 2023

Overview:

Automotive steering system is witnessing constant upgradation due to the inclusion of latest technologies to provide customers with an unparalleled experience. Riding on this notion, the global automotive steering system market is expected to thrive with a 7% CAGR during the forecast period (2014-2023). Market Research Future (MRFR), in its report on the same market, has given proper clues regarding various growth opportunities that could impact the growth well.

Factors such as better fuel efficiency due to effective management of the steering system, increase in purchase power, demand for enhanced driving experience, excellent performance from OEMs, constant evolution in autonomous vehicles, and others are expected to trigger automotive steering system market growth. Among these, autonomous cars production rate and improving acceptance rate are expected to play in favor of the automotive steering system market in the future.

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Segmentation:

MRFR’s plan to analyze the global automotive steering system market is focused on a proper segmentation of the market. This segmentation is based on the vehicle type, component, steering system, and sales channel. As its advantage, the study gets a closer look at the global automotive steering system market.

Based on the type, the global automotive steering system market can be segmented into commercial vehicle and passenger vehicle. The passenger vehicle segment is gaining high grounds due to the increase in sale. Rising disposable income is backing these prospects.

Based on the steering system, the automotive steering system market comprises manual, electrically powered, electro-hydraulic powered, & hydraulic powered.

Based on components, the automotive steering system market consists hydraulic pump, steering sensor & column, and electric motor. The steering sensor & column segment is gaining good grounds with the advancement in technologies.

Based on the sales channel, the automotive steering system market includes original equipment manufacturer (OEM) and aftermarket. The aftermarket segment is rising substantially to ensure smooth operation and enhanced driver experience. The OEM sector is also growing considerably.  

Regional Analysis:

North America, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA) are the four distinct regions discussed in the global automotive steering market. This type of analysis has its focus on exploring market dynamics and demographic challenges to create an extensive overview of the market.

The APAC market is the largest one due to its robust growth in the automotive sector. Several market titans are showing interest in the region owing to easy and cost-affordable resources. At the same time, countries like India, China, Thailand, and others have opened their market to emerge economically, which is luring in foreign players. The region is growing owing to significant hike in technological awareness.

North America’s rise is also of great importance. The resurgence of the regional automotive sector is expected to play well in shaping the regional automotive steering system market. Inputs from major market players are expected to enhance market dynamics.

Competitive Landscape:

Market titans are making the global automotive steering system market extremely competitive by implementing their own strategies to stay forward in the market. Meanwhile, their strategies are impacting the market in a holistic way and the growth has become substantial. MRFR listed a few and tracked their recent developments to understand the upcoming trends. These companies are TRW Automotive Holdings (U.S.), Mitsubishi Electric Corporation (Japan), JTEKT Corporation (Japan), Robert Bosch Automotive Steering Gmbh (Germany), Sona Koyo Steering System Ltd. (India), Thyssenkrupp Presta (U.S.), Nexteer Automotive (U.S.), China Automotive System Inc. (China), and others.  

In June 2019, Robert Bosch announced that they have decided to buyback stake from ZF Steering Gear of India. This is to re-stabilize their market prospect in the region.

In June 2019, ZF announced their plan to increase their brand awareness in North American region. Their plan is to gain solid grounds in the Class 3-8 markets in North America. This plan would also put an emphasis on their steering systems

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Key Questions Addressed by the Report

• What was the historic market size?
• Which segmentation (Product/ Capacity) is driving market?
• What will be the growth rate?
• How are the key players in this market?
• What are the strategies adopted by key players?

TABLE OF CONTENTS

1 EXECUTIVE SUMMARY

2 SCOPE OF THE REPORT

2.1 MARKET DEFINITION

2.2 SCOPE OF THE STUDY

2.2.1 DEFINITION

2.2.2 RESEARCH OBJECTIVE

2.2.3 ASSUMPTIONS

2.2.4 LIMITATIONS

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

3.1.1 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

4.1 INTRODUCTION

4.2 MARKET DRIVERS

4.3 MARKET RESTRAINTS

4.4 MARKET OPPORTUNITIES

4.5 MARKET TRENDS

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