Outlook of the global automotive steering system market
Technavio’s market research analyst predicts the global automotive steering system market to grow at a steady CAGR of more than 8% by 2020. The integration of driver assistance systems in vehicles and the development of the steer-by-wire steering system will aid in the growth of this market. Since the automotive steering system market is an integral part of the global automobile market, an increase in the global sale of automobiles will foster growth in the steering systems market during the estimated period.
In terms of geography, the APAC region will dominate the market for steering systems during the forecast period. This region will account for a market share of more than 52% as it is the fastest and largest automotive market. This region is also the largest hub for automotive manufacturing activities due to its relaxed government incentives, low cost, and raw material advantages. Also, factors like low-cost labor, government incentives such as tax exemption and subsidy towards local manufacturing, and free-trade agreements with other countries in the region will promote market growth in this region during the predicted period.
Segmentation by end market and analysis of automotive steering system market
Technavio Announces the Publication of its Research Report – Global Automotive Steering System Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Automotive Steering System Market: Bosch, JTEKY, Mando, Nexteer, TRW and Thyssen Krupp
Other Prominent Vendors in the market are: Atmel, China Automotive Systems, Denso, Douglas Autotech, Mitsubishi Electric, NSK, Tianjin Jinfeng Automobile Chassis Parts, and Zhjiang Shibao.
Commenting on the report, an analyst from Technavio’s team said: “Steer-by-wire is the latest advancement in steering systems technology, which is slowly gaining acceptance in the market, especially in passenger cars. Consumers and auto manufacturers are gradually shifting their focus to efficient, safer, smarter, smaller, and lightweight steering systems.”
According to the report, since the late 21st century, automotive innovation has been primarily driven by government regulations. Various governing bodies across the world have implemented regulations to reduce vehicle emissions, as automotive is a major contributor to environmental pollution.
Further, the report states that automotive component manufacturers and suppliers are facing challenges in the form of quality requirements and cost pressure from the demand side. The bargaining power in the automotive industry is largely concentrated on the demand side of the market.
Bosch, JTEKY, Mando, Nexteer, TRW, Thyssen Krupp, Atmel, China Automotive Systems, Denso, Douglas Autotech, Mitsubishi Electric, NSK, Tianjin Jinfeng Automobile Chassis Parts, Zhjiang Shibao.
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