The global automotive steering system market is likely to grow at a steady CAGR through 2022, according to a new report added to the vast repository of Market Research Reports Search Engine (MRRSE). Steady sales in developing markets, combined with innovation in the steering technology is creating growth opportunities for manufacturers. The report titled “Automotive Steering System Market: Global Industry Analysis (2012 – 2016) and Opportunity Assessment (2017 – 2027)” offers comprehensive and valuable insights on the key factors likely to impact the growth of the market.
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The report projects that a combination of several factors will push global revenues to over US$ 50 bn by the end of 2027. To give readers complete insights on the market, the report has segmented the global market on the basis of various factors, such as technology and vehicle type.
According to the report, R-EPS and C-EPS steering systems are likely to remain attractive during the forecast period. Demand for advanced automotive steering systems is likely to remain significant in different types of vehicle segments. Globally, there has been a steady increase in consumer preference for SUV, which is fuelling innovation and sales of different components in this segment. According to the report, sales of steering systems in SUV vehicles are an opportunity area to look at for global manufacturers.
Asia Pacific excluding Japan (APEJ) has been identified as one of the key markets for automotive steering systems globally. APEJ is likely to account for a revenue share of nearly 40% by the end of 2017. The markets in China and India offer sizeable opportunities to global OEMs and although sales may have fluctuated in comparison to previous years, there are millions of consumers who will be ready to buy their first car in the next five years. Tapping into this segment will entail thorough research on understanding the nuanced needs as this price-sensitive market is tilted in favor of the consumer. This also presents both challenges and opportunities for steering system.
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In addition to APEJ, North America is another key market, more so, in terms of innovation and development of next-generation automotive steering systems. 2017 and 2016 have been good years for the automotive industry in the U.S. and although sales are likely to be less impressive in 2018, there are significant opportunities for steering system manufacturers.
Some of the leading companies profiled in the report include Showa Corp., TEKT Corporation, vThyssenKrupp AG, Hitachi ATS Automation Tooling System Inc. Automotive System Ltd., ZF Friedrichshafen AG, Sona Koyo Steering System Ltd., Nexteer Automotive Group Ltd., Robert Bosch GmbH, Magal Engineering Limited, NSK Steering System Co. ltd., and Hyundai Mobis.
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