Published on : Jun 06, 2016
The global automotive steering systems market has been significantly gaining from the increasing demand for passenger vehicles in emerging markets. Despite holding the major share in the market, growth exhibited by developed regions such as Europe and North America will be stagnant in the near future. This is because these markets have already reached their saturation. Nevertheless, the high demand witnessed in developing economies due to the emerging middle-class population and their rising willingness to invest on personal vehicle will reflect positively on the overall sales proceeds of the global automotive steering systems market.
Global Automotive Steering System Market to Exhibit 6.20% During 2015-2021
According to a report published recently by Transparency Market Research, the global automotive steering systems market stood at US$24.5 bn in 2014. Rising at a positive CAGR of 6.20%, the market is expected to reach US$39.1 bn by the end of 2021.
Automotive Steering Systems Make the Most Vital Component in Vehicles
An automotive steering system is the vital component in a vehicle. In provides the direct link of communication and control between the vehicle and its driver. The system also includes components such as steering wheel, tie rods, steering column, intermediate shaft, and hydraulic pumps. Due to the rising demand in emerging markets, the global automotive steering system market is poised surge exponentially in the forthcoming years.
Demand for Electro-hydraulic Steering Systems Poised to Surge Exponentially
Based on type, the global market for automotive steering system can be segmented into electronic, hydraulic, and electro-hydraulic steering system. Of these, electro-hydraulic power steering system has become more popular since it converges the benefits of both hydraulic and electronic steering system. However, a majority of vehicles nowadays have electronic steering system fitted in them.
Passenger Vehicles Segment to Hold Largest Share in the Market
In terms of vehicle type, the global automotive steering system market is segmented into passenger vehicles, heavy commercial vehicles (HVC), and light commercial vehicles (LVC). Of these, the passenger vehicle segment has emerged as dominant in the market owing to the increasing demand from countries such as India, China, and Japan.