Automotive Steering System Market is expected to Surpass US$ 13.7 Bn by 2027
Posted: Jan 03, 2019
FMI delivers key insights on the global automotive steering market in its latest report titled ‘Automotive Steering Market: Global Industry Analysis and Opportunity Assessment 2017-2027.’ The long-term outlook on the global automotive steering market remains positive with the market value expected to increase at a CAGR of 3.5% during the forecast period (2017-2027). Among technologies, the electronic steering segment is expected to expand at a significant CAGR, in terms of value, over the forecast period. C-EPS and R-EPS are projected to be the most prominent sub-segments of electronic steering in terms of market size and market growth, respectively. The global automotive steering market for compact cars is estimated to be valued at US$ 13.7 Bn by the end of 2027. Asia Pacific (excluding Japan) is estimated to have accounted for a value share of 38% in the global automotive steering market by 2017 end and is anticipated to remain a prominent market, during the forecast period. In this report, FMI throws light on drivers and restraints likely to impact the Automotive Steering market during this period.
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Increasing Vehicle Production and Fleet on Road will drive the Automotive Steering market
Rise in the production of vehicles has boosted the demand for automotive steering. As steering systems are an important component of an automobile and all vehicles are equipped with it, the growth in the automotive steering market is directly related to the growth in the automotive production and fleet on road. In 2017, more than 97 million were vehicles produced, of which more than 73 million were passenger cars. The rise in the sales of vehicles has also accelerated the growth of the fleet on road. In 2015, the global fleet on road was about 1.2 Bn.
Segmentation Analysis of Automotive Steering market
The Automotive Steering market is segmented on the basis of technology and vehicle type.
Compact passenger cars are estimated to be the most prominent vehicle type in the automotive steering market. The compact passenger car segment is estimated to grow at a stable CAGR, in terms of value, over the forecast period. It is projected that the during the forecast period, compact passenger cars will be replaced by SUVs as the most prominent market. The automotive steering market for SUVs is being driven by increasing production and sales of sports utility vehicles (SUVs) in Asia Pacific, North America and Europe. Along with this, rising demand for SUVs for recreation and motorsports activity has also fuelled the market for automotive steering globally.
C-EPS is anticipated to continue to dominate the market, in terms of value, over the forecast period. The C-EPS sub-segment of the automotive steering market is estimated to grow at a steady CAGR of 3.8% over the forecast period. R-EPS is projected to grow at a relatively high CAGR as compared to other steering technologies over the forecast period. It is expected to represent total incremental opportunity of US$ 9.1 Bn between 2017 and 2027.
Regional Market Projections of Automotive Steering
The automotive steering market in Asia Pacific Excluding Japan (APEJ) is expected to represent high incremental opportunity between 2017 and 2027. The market of automotive steering in APEJ is expected to represent total incremental opportunity of US$ 8.2 Bn between 2017 and 2027.
Attributing to rising commercial activities in Brazil, Mexico, South Africa and India, increasing demand for Heavy Commercial Vehicles in these regions is being witnessed and hence, latest steering systems are expected to be adopted in the vehicles there.
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Automotive Steering Market Participants
The report highlights some of the top companies operating in the automotive steering market including JTEKT Corporation, Nexteer Automotive Group Ltd., Showa Corp., ThyssenKrupp AG, Hitachi Automotive System Ltd., Sona Koyo Steering System Ltd., Robert Bosch GmbH, NSK Steering System Co. Ltd., Mando Corp., ZF Friedrichshafen AG, Magal Engineering Limited, ATS Automation Tooling System Inc., and Hyundai Mobis.
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