GLOBAL STEERING & ACTIVE STEERING MARKET Analysis & Forecast – 2016 to 2022
Power steering systems are gaining popularity over conventional steering systems due to several advantages offered by former over the latter. Some of the advantages of power steering system are: quicker response time, absorbing road shocks, and greater safety and controllability under critical situations. The global Steering Market is estimated to witness a gradual growth at a CAGR of 2.8% over the period 2016 to 2022. This growth is expected due to a low rate of proliferation of EPS in commercial vehicles and steer-by-wire technology.
Amongst all the major regions, the U.S. generated the maximum amount of revenue in the year 2015 in the global Steering Market; whereas Japan has the maximum potential to grow in the forecast period. If the industry has the prospects of growing at a similar pace, it will cross $28,911.8 million in total market value by the end of forecast period i.e., 2022.
The industry analysis section has effectively examined the impact of the five major forces and value chain analysis to understand the overall attractiveness of the industry. The most often used strategy for developing a better hold on the market has been through business expansions, followed by a number of product launches. Moreover, the company profile section includes highlights of significant information about the key companies involved along with their financial positions key strategies, & developmental activities of recent years. Some of the key players involved in this market are Robert Bosch GmbH, ZF Friedrichshafen AG, JTEKT Corporation, NSK Ltd., Nexteer Automotive Group Limited, Hitachi Ltd., Hyundai Mobis Co. Ltd., SHOWA Corporation, Sona Koyo Steering Systems Ltd., and Thyssenkrupp AG.
The report is a compilation of different segments of Global Steering Market including market breakdown by types, components, and includes Porter’s five forces analysis and market dynamics. The report also discusses in detail about the key participants involved in the industry. The report answers the following questions about the Global Steering Market:
- What are the prevailing types and components used in steering systems?
- What are the different factors driving the market in the forecast period?
- What are the factors restraining the growth of Global Steering Market?
- Who are the different participants in the Global Steering Market?
- What kind of new strategies are being adopted by existing market players to make a mark in the industry?
- Which region will lead the Global Steering Market by the end of forecast period?
Increase in global vehicle production, rising popularity of plug-in light vehicles, and fuel consumption as well as logistical benefits provided by electric power steering (EPS) systems are enhancing the rate of growth of the global steering market. In terms of value, the steering market is estimated to reach $28,911.8 million by 2022 at a CAGR of 2.8% through the forecast period. The steering market is expected to grow with a significant rate during the forecast period due to a low rate of development in EPS systems in commercial vehicles and steer-by-wire technology. However, high cost of assisted power steering system and fluctuations in the price of raw materials are restraining the overall growth of the global steering market.
Source: Secondary research, expert interviews, and BIS Research Analysis
The steering market has been tracked along the lines of its types, components, and geography. Revenue generated from various types namely electric power steering system (EPS), hydraulic power steering system (HPS) and electro-hydraulic power steering system (EHPS) have been analyzed. The report also covers the steering market on a global scale, and consequently provides revenue data of the key regions. A separate segment has been made for the key global regions, namely: North America, Europe, Asia Pacific, and Rest of the World (ROW).
A steering wheel is an important component of a vehicle and it keeps direct contact of the driver with the vehicle. The automotive steering industry is experiencing significant technological advancements and OEMs are incorporating several functions into steering wheel technology. Manufacturers are also focusing on steer-by-wire technology as it provides potential benefits of enhanced vehicle performance, handling behavior and fully integrated vehicle dynamic control.
EPS segment holds the highest share of the market in 2016, whereas EHPS segment holds the lowest share in the market in 2016. The EPS system is gaining more importance among the consumers, in comparison to the HPS system due to several advantages offered by the EPS system.. EPS system uses the electricity generated by the engine, only at the time of turning the wheel; whereas the pump of HPS system keeps on running constantly. Additionally, an electric pump used in EPS system eliminates the uneven pressure issues in the HPS system.
Even though the electro-hydraulic power steering system segment holds the minimum share in 2016 in the global steering market, but it is expected to grow with the highest CAGR in the forecast period. EHPS offers better comfort for the driver, ease of operation while parking, and the steering firm at high speeds.
Europe dominates the global steering market. Increasing customer demand for high mileage vehicles due to fluctuating fuel prices in Europe is forcing the automotive companies to grow the deployment of advanced steering system in the vehicles. Asia Pacific is also contributing a significant share in the global steering market, owing to higher growth in economy of the country, which increases the automotive market.
Some of the key players in the industry are: Robert Bosch GmbH, ZF Friedrichshafen AG, JTEKT Corporation, NSK Ltd., Nexteer Automotive Group Limited, Hitachi Ltd., Hyundai Mobis Co. Ltd., SHOWA Corporation, Sona Koyo Steering Systems Ltd., and Thyssenkrupp AG. These companies are aiming for larger number of product launches and more mergers & acquisitions to expand their market and, in turn, act as hindrances for the new entrants from entering.