Steering Market by JTEKT Corporation, Robert Bosch Automotive Steering GmbH, ZF TRW, NSK Ltd., and N

According to the market research 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 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 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. Download our free PDF Brochure and gain crucial industry insights that will help your business grow: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=940

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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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.

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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.

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The global steering market is dominated by established players such as JTEKT Corporation (Japan), Robert Bosch Automotive Steering GmbH (Germany), ZF TRW (U.S.), NSK Ltd. (Japan), and Nexteer Automotive Group (U.S.).

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