DUBLIN, Sept. 29, 2014 /PRNewswire/ -- Research and Markets has announced the addition of the "Automotive Steering Systems Market by Vehicle Type, System Type, Safety Features, & Geography - Industry Trends & Forecast to 2018" report to their offering.
The automotive steering system market is estimated to reach $32.4 billion by 2018, at a projected CAGR of 6.47%, indicating a steady growth in the coming years.
The steering system is in simpler words the most important line of communication between the vehicle and its driver. Ever since the inception of the motor vehicle, steering systems have been the main stay of the vehicle's manoeuvrability and agility. In the era of active safety systems like anti-lock braking system (ABS), electronic stability program (ESP) and others, steering system's safety value has gone unnoticed but there's no denying that steering is one of the most crucial aspects of a vehicle's safety. A vehicle with ABS, ESP or any of the safety features is just as likely to be involved in a mishap as one without these features if it is not steered in the proper direction.
Over the history of the automotive industry, steering systems have evolved from being exercise equipment for your arms to being precise and effortless guidance systems. Modern day steering systems use various assistance systems to provide better feedback and agility to a vehicle. These systems use hydraulic, electric or electro-hydraulic components in conjunction with mechanical components of the steering system to provide the driver with an effortless steering and ease of manoeuvring in tight situations.
Developed regions like North America and Europe are estimated to show a stable growth in the coming years, as more than 95% of the vehicles produced every year are equipped with power steering systems as standard equipment. This is mainly due to the need for increased comfort while driving and help reduce the overall weight of the vehicle in order to achieve increase in fuel economy.
In the coming years, the EPS systems is expected to replace other systems at a rapid pace and dominate the market by the end of 2018 owing to its light weight and no consumption of energy from the engine. Asia-Oceania and ROW regions include several developing countries such as China, India, South Korea, Brazil and South Africa, where industries are growing at a significant growth rate, increase in purchasing power, changing standard of living, growing GDP, increase in employment have given rise to growth in automobile sector in these countries.
As steering system market is directly linked to the automobile industry, it would show a similar growth trend as that of automobile production across the world. Introduction of less fuel consuming, light and compact steering systems like EPS and the future steer by wire technology, the overall market trend for steering systems appears promising for the next five years.
The global automotive steering systems market is dominated by few top players such as JTEKT Corp. (Japan), ZF Lenksysteme (Germany), TRW Automotive (U.S.), NSK Ltd. (Japan), Nexteer Automotive (U.S), Thyssenkrupp Presta AG (Germany), and Mando Corp. (South Korea).
Key Topics Covered:
2 Executive Summary
3 Premium Insights
4 Market Overview
5 Technology Overview
6 Automotive Steering System Market, By Region
7 Automotive Steering System Market, By Type
8 Automotive Steering System Market, By Vehicle Type
9 Automotive Steering System Market, By Safety Features
10 Competitive Landscape
11 Company Profiles
- China Automotive Systems Inc.
- Hyundai Mobis Co., Ltd.
- Jtekt Corporation
- Mando Corp.
- Mitsubishi Electric Corporation
- NSK Ltd.
- Nexteer Automotive Group Ltd.
- TRW Automotive Holdings Corp.
- Thyssenkrupp AG
- ZF Friedrichshafen AG
For more information visit http://www.researchandmarkets.com/research/g6j4xp/automotive
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SOURCE Research and Markets