Global Automotive Steering System Market 2017-2021
About Automotive Steering System
An automotive steering system acts as a direct line of control and communication between the driver and vehicle. From being rigid mechanisms, automotive steering systems have evolved into more technologically advanced, reliable, smooth, and easy-to-use systems. Modern automotive steering systems are equipped with advanced safety systems and advanced driver assistance systems (ADAS) such as airbags in steering wheels, anti-lock braking system (ABS), adaptive cruise control (ACC), and power assisted steering (PAS) to ensure safe and smooth driving and to provide improved directional stability and agility to the vehicle.
Technavio’s analysts forecast the global automotive steering system market to grow at a CAGR of 3.70% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive steering system market for 2017-2021. To calculate the market size, the report considers the sales of automotive steering system, globally. In addition, the report discusses the major drivers that influence the growth of the market and outlines the challenges faced by the operators and the market at large, as well as the emerging trends in the market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Steering System Market 2017-2021
Technavio recognizes the following companies as the key players in the global automotive steering system market: Bosch, Nexteer and ThyssenKrupp.
Other Prominent Vendors in the market are: Atmel, DENSO, Mitsubishi Electric, Tianjin, China Automotive Systems and NSK.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is development of four-wheel steering system. The four-wheel steering system is a mechanism that helps the cars, trucks, and other vehicles to allow all four wheels to turn and rotate, which helps the driver to make tighter turns and faster maneuvers. In most of the four-wheel steering systems, the rear wheels are steered by automated systems and actuators.”
According to the report, one driver in the market is increase in sales of passenger cars and SUVs. The sales of SUVs and crossovers increased about 10% in the total US passenger cars market in 2015. The growing preference for fuel efficiency and three-row seats in crossovers and SUVs are the main drivers for the growth of the SUVs and crossovers market in the US. The structure of SUVs and crossovers look similar, but they are distinct in fuel efficiency and usability. Crossovers are highly fuel efficient compared with SUVs as they are built from car frames and are considerably lightweight.
Further, the report states that one challenge in the market is increase in number of on-demand taxi operators in China and India. In China, about 203 million licensed people do not own cars and mostly depend on public transportation or car rentals for their daily commute. However, the number of people opting for on-demand taxi services are increasing due to government restrictions regarding owning a private car, lack of parking space for a self-drive rental car, and aggressive discount offers given by the on-demand taxi operators to attract more customers.
Bosch, Nexteer, ThyssenKrupp, Atmel, DENSO, Mitsubishi Electric, Tianjin, China Automotive Systems and NSK.
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