Global Automotive Steering Market With Focus on Hydraulic & Electric Power Steering: 2016-2020
Scope of the Report
The report titled “Global Automotive Steering Market With Focus on Hydraulic & Electric Power Steering: 2016-2020” provides an in-depth analysis of the global automotive steering market with detailed analysis of market size on the basis of value and volume along with the comprehensive examination of each of the segments of the market, namely, manual steering, hydraulic power steering and electric power steering.
The report provides detailed regional analysis of Europe, China and the United States. The regional analysis of the automotive steering markets includes market size by value along with the analysis of each segment of the market.
The report also assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall global automotive steering market has also been forecasted for the period 2016-2020, taking into consideration the previous growth patterns, the growth drivers and the current and future trends. The competition in the global automotive steering market is stiff and dominated by the big players like JTEKT Corporation. Further, key players of the market ZF Group and NSK Ltd., are also profiled with their financial information and respective business strategies.
ZF Friedrichshafen AG
The global automotive steering market witnessed an upsurge at a significant CAGR during the span of 5 years, i.e., 2010-2015 and projections are made that the market would rise in the next five years i.e. 2016-2020 tremendously. The market is spread across Asia Pacific, North America, Europe, and the rest of the World. Among these regions, Europe held the largest share, followed by China and the United States.
The automotive steering market can be segmented on the basis of types of steering into power steering and manual steering system. Power steering systems can be further categorized into electric power steering (EPS) and hydraulic power steering (HPS) system. The market is led by the EPS system due to its various advantages over HPS systems and manual steering systems. The latest technology in the power assisted steering system is the combination of electric and hydraulic technology of power steering, which is called electronic hydraulic power steering (EHPS) system. Though, the demand for EHPS is expected to decline during the forecasted period, posing a challenge for the automotive steering market.
The major growth drivers for the global automotive steering market are: upsurge in the sales of passenger vehicles, fuel prices & demand for fuel efficient cars and expected increase in the demand for electric power steering systems. Despite the market is governed by various growth drivers, there are certain challenges faced by the market such as: fluctuations in the cost of raw materials and barriers to entry. Some of the recent trends in the market include steer-by-wire technology and advanced driver assistance system (ADAS).