Automotive steering system market has witnessed transcendent change in recent times, owing to rapid technological developments in the automotive industry. With the advent of power steering, individuals have been exposed to a steering technology, which is not only superior to technologies such as traditional manual steering systems, but also much more responsive and fuel efficient.
Automotive Steering Systems Market by Steering System (Manual, Electrically Powered, Electro-Hydraulic Powered, Hydraulic Powered), by components (Hydraulic pump, Steering Sensor & column Electric Motor), Vehicle Type and by End Market Forecast to 2023
Electronic control over steering systems are expected to significantly impact the progress in the market owing to the increasing demand from end users for improved efficiency, safety, and comfort. Additionally, factors such as integration of advanced driver assistance systems in vehicles combined with improved purchasing power of consumers across the globe, are expected to deepen the scope of the automotive steering system market for a considerable period of time.
The market has been segmented on the basis of vehicle type as commercial vehicle and passenger vehicle. On the basis of steering system, the market has been segmented as Manual, Electrically Powered, Electro-Hydraulic Powered, & Hydraulic Powered. On the basis of components, the market has been segmented as Hydraulic pump, Steering Sensor & column, and Electric Motor. On the basis of sales channel, the market has been segmented as OEM & Aftermarket.
Growing vehicle production across the globe, specifically in the Asia Pacific region, has had a positive impact on the automotive steering system market. The automotive steering market is completely dependent on the automotive industry. The increase or decrease in demand of automotive has a direct impact on the automotive steering system market. The booming automotive industry becomes one of the primary factors driving the automotive steering market, coupled with prevalence of steering systems in recent times and thewith technological developments and their awareness among the consumers. Thus, the growth of the automotive steering market is expected to go hand in hand with the automotive industry.
North America is another major region for the automotive steering system market. Existence of major manufacturers in this region pave the way for research and development and the development of new technology in the automotive steering system market. Established automotive industry in this region also leaves an opportunity for the automotive steering system market to witness significant growth during the forecast.
The prominent players in the automotive steering market include Mitsubishi Electric Corporation (Japan), TRW Automotive Holdings (U.S.), Sona Koyo Steering System Ltd. (India), and JTEKT Corporation (Japan). Robert Bosch Automotive Steering Gmbh (Germany), Nexteer Automotive (U.S.), China Automotive System Inc. (China), and Thyssenkrupp Presta (U.S.) are among others.
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