Steering Market to be USD 35.99 Billion USD by 2020

The report Steering Market by System (EPS, EHPS & HPS), EPS Type (C-EPS, R-EPS & P-EPS), Component (Hydraulic Pump, Power Steering Column, Steering Wheel Speed Sensor, Electric Motor), Vehicle Type (PC, LCV, HCV & Agriculture Tractors), & by Region - Forecast to 2020”, defines and classifies the global steering market for automotive industry in terms of volume and value. The report projects the potential growth and covers the drivers, restraints, opportunities, dynamics, competitive landscape, and other key aspects of the steering market for the automotive industry. It also includes profiles of key players operating in the market.                                   

Browse 76 market data tables and 63 figures spread through 188 pages and in-depth TOC on “Steering Market - Forecast to 2020”

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Global automotive steering system market size is projected to grow at a promising CAGR of 6.18%, to reach USD 35.99 Billion by 2020.

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Asia-Oceania: High potential market for automotive steering systems

The Asian automotive industry is largest in terms of production as well as sales. As of 2014, China produced ~25% of the global vehicle production, whereas Japan and India had ~10% and ~5% of the global vehicle production, respectively, in the same year. Owing to factors such as economic labor, lenient environment & safety regulations, attractive FDI schemes from governments and low production cost, the region has gained popularity in the recent years. Almost every western OEM as well as key Tier-I & II suppliers have set up their subsidiaries/production plants in this region. In addition, growing income of the middle-class segment and changing buyer preference towards comfortable personal vehicles has spurred the demand for passenger cars in the countries like China, & India and this demand is projected to grow at a promising rate for next five years. Government investments on infrastructure, construction & mining activities are estimated to fuel the demand for commercial vehicles in the region. As a collective result of all aforementioned factors, the region is set to experience a rise in vehicle demand by 2020, which in turn will increase the demand for steering systems in the region.

Companies such as Nexteer Automotive Group Ltd (U.S), Thyssenkrupp AG (Germany), Robert Bosch GmbH (Germany) have invested in the region. Other key steering system manufacturers like Mando Corporation (Korea), NSK Ltd. (Japan) Hitachi Ltd. (Japan), Showa Corporation (Japan), among others have their headquarters in this region.

EPS highest growing, whereas EHPS is an opportunistic market

The global automotive production is dominated by passenger cars which made up ~75% of the global vehicle production, as of 2014. A majority of the passenger cars are equipped with EPS systems owing to their lighter weight (as compared to HPS), fuel efficiency advantage and better maneuverability. This eventually makes the EPS as the global leader in the automotive steering systems market. The light and heavy commercial vehicle segment is dominated by HPS systems owing to their higher load bearing capacity than EPS. However, with the introduction of EHPS systems, which offer advantages of both – EPS & HPS, the systems are projected to show potential growth opportunity in the commercial vehicle segment. The conventional hydraulic systems draw power from the engine, which results in an effective decrease in the overall engine & fuel efficiency. However, in the EHPS systems the power is delivered to the hydraulic system by an associated electric motor, which in turn receives power from battery. This keeps the engine power output unaffected. For instance, according to ZF TRW, their EHPS system can offer fuel savings up to 0.3L/100km and a reduction of CO2 emissions by ~7gm/km.

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