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Increasingly Stringent Fuel Efficiency Norms To Drive The Demand For Electronically Assisted Steeri
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The report "Steering Market by Type (Manual, HPS, EHPS, and EPS), Component (Hydraulic Pump, Steering Sensor & Column, and Electric Motor), EPS (C-EPS, P-EPS, and R-EPS), Vehicle Type, Region, and Passenger Car Power Steering Aftermarket (EPS and HPS) - Global Forecast to 2021", The steering market is projected to grow at a CAGR of 6.47% from 2016 to 2021, to reach USD 42.77 Billion by 2021. The Asia-Oceania region is estimated to lead in the market in terms of growth rate during the forecast period. The increasing demand for automotive comfort and safety is a key driver of the steering market.
Browse 88 market data tables and 58 figures spread through 165 pages and in-depth TOC on “Steering Market by Type (Manual, HPS, EHPS, and EPS), Component (Hydraulic Pump, Steering Sensor & Column, and Electric Motor), EPS (C-EPS, P-EPS, and R-EPS), Vehicle Type, Region, and Passenger Car Power Steering Aftermarket (EPS and HPS) - Global Forecast to 2021”
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The steering market is estimated to be USD 31.27 Billion in 2016, and is projected to grow at a CAGR of 6.47% from 2016 to 2021. The increasing demand for automotive comfort and reliability, stringent fuel economy norms, and increasing vehicle production are key drivers of the steering market. In this study, 2015 has been considered as the base year, and 2016 to 2021 the forecast period for estimating the market for steering systems.
The primary objective of the study is to define and segment the global steering market on the basis of region, vehicle type, component, and technology from 2016 to 2021. The Electric Power Steering (EPS) market has been further classified, by type, as follows: column-assist EPS (C-EPS), pinion-assist EPS (P-EPS), and rack-assist EPS (R-EPS). The report also studies the passenger car power steering aftermarket on the basis of region (Asia-Oceania, Europe, North America, and Rest of the World (RoW)). Additionally, it includes detailed information and qualitative insights into factors influencing the growth of the steering market and opportunities offered by various segments to stakeholders.
The research methodology used in the report involves various primary and secondary sources. Secondary sources include automotive and component-manufacturing associations such as Automotive Component Manufacturers Association of India and Japan Automobile Manufacturers Association and paid databases such as Factiva and Bloomberg. Experts from related industries and suppliers have been interviewed to understand the trends prevailing in the steering market. The bottom-up approach has been used to estimate the market size, in terms of volume. This country-wise market volume is then multiplied with the country-wise average OE price of each type of steering system in every country considered in the region. This results in the country-wise market size, in terms of value. The summation of the country-wise market size, in terms of value, gives the regional market size, and further summation of the regional-level market size provides the global steering market size. The figure below illustrates the break-up of the profile of industry experts who participated in primary discussions.
Electronic power steering: A promising market
The majority of new cars sold today feature Electric Power Steering (EPS). The market for EPS systems is estimated to grow at a high CAGR, owing to the increasing production of passenger cars and sports utility vehicles (SUVs). The EPS market is primarily driven by the rising demand for fuel efficiency and the growth of the automotive industry in emerging economies. The demand for column-assist EPS, which is suitable for small or medium-sized vehicles, and rack-assist EPS, which is frequently used in large vehicles, is expected to increase, especially in North America. EPS systems have completely replaced manual and hydraulic steering systems in passenger cars in developed as well as developing countries.
Steering wheel speed sensor: Fastest growing market
The steering wheel speed sensor is a critical component of the steering system, as it monitors the steering wheels rotational speed. The sensor is primarily used in the EPS system. The increasing adoption of EPS in vehicles has boosted the demand for steering wheel sensors. Asia-Oceania is estimated to lead the steering wheel speed sensor market, followed by North America and the Rest of the World, owing to the increasing adoption of EPS in the region.
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Asia-Oceania: Fastest growing market for steering systems
Asia-Oceania comprises some of the fastest growing economies in the world, including China, India, and Indonesia. The region has the highest vehicle production in the world, due to its sizable population and increasing disposable income. The growing population, increase in per capita income, and improving standard of living have contributed to the growth of the automotive industry in Asia-Pacific. China the key automotive market in this region produces the highest number of passenger cars in the world. Given that the steering market is directly dependent on vehicle production, Asia-Oceania has emerged as the fastest growing market for steering systems, in terms of value as well as volume.
The report analyzes all major players in the steering system industry, including JTEKT Corporation (Japan), Robert Bosch Automotive Steering GmbH (Germany), ZF TRW (U.S.), Nexteer Automotive (U.S.), NSK Ltd. (Japan), and China Automotive Systems (China).
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The steering column market is estimated to be the largest market, by component, owing to increasing vehicle production, particularly in emerging markets. The steering column is an integral part of any steering system. The increasing demand for vehicles is expected to boost the demand for steering systems, and consequently, for steering columns.
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