Global Automotive Steering Control Module Market 2017-2021
About Automotive Steering Control Module
An automotive steering system assists the driver to steer the vehicle in the desired direction. Over the years, automotive steering systems have evolved from rigid mechanisms to more technologically advanced, reliable, smooth, and easy-to-use systems. Modern vehicles are equipped with advanced safety systems and advanced driver assistance systems (ADAS), such as airbags (in steering wheels), antilock braking system (ABS), adaptive cruise control (ACC), and power assist steering (PAS), to ensure smooth and safe driving and to provide enhanced directional stability and agility to the vehicle.
Technavio’s analysts forecast the global automotive steering control module market to grow at a CAGR of 8.14% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive steering control module market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Steering Control Module Market 2017-2021
Technavio recognizes the following companies as the key players in the global automotive steering control module market: Bosch, DENSO, Nexteer Automotive, and ZF Friedrichshafen.
Other Prominent Vendors in the market are: CIE Automotive, Eaton, HELLA, Hyundai Mobis, JTEKT, KSR International, Leopold Kostal, Mando, NSK, and Thyssenkrupp.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing demand for SBW technology. The SBW technology uses electrically connected motors to control the steering system of a vehicle. It removes the physical connection between the steering wheel and the steering system and offers efficient feedback from the steering system, and in the process makes the vehicle more fuel efficient.”
According to the report, one driver in the market is increasing demand for vehicles. The demand for passenger cars is exponentially increasing in emerging economies, such as Brazil, China, and India, due to significant economic growth and increase in the purchasing power of consumers. The growth of emerging markets and the increase in global trade activities, especially in the BRIC nations – Brazil, Russia, India, and China–, have been tremendous. China's massive catalytic fiscal packages in recent years have made it the leader among emerging markets. Over past few years, China has continued to be the world's largest automotive market. In India too, the automotive market is rapidly growing. Many automotive OEMs are entering and setting up their bases in India to tap the enormous market potential.
Further, the report states that one challenge in the market is high cost pressure faced by vendors and OEMs. The price of steering systems has risen in step with the costs of product development, designing, and maintaining steering system technologies, such as sensors and radars. Further, the prices of raw materials, such as steel, electronic components, and plastics – used to produce steering systems – have increased recently. This has forced manufacturers to reconsider their decision to adopt technologically-advanced steering systems, such as EPS and EHPS, that feature both electronic and mechanical components.
Bosch, DENSO, Nexteer Automotive, and ZF Friedrichshafen, CIE Automotive, Eaton, HELLA, Hyundai Mobis, JTEKT, KSR International, Leopold Kostal, Mando, NSK, and Thyssenkrupp.
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