DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Global Automotive Steering Market - Forecasts and Trends (2016 - 2021)" report to their offering.
The Automotive Steering Market is expected to grow at a CAGR of 6.34% by the year 2020
The strong sales in the United States Automotive Market will provide a big boost to the steering market, as United States and Mexico are still one of the most important markets for the Automobile Industry and are extremely vital for the profitability of the sector. Mexico, which was primarily an automobile exporter, has become an important domestic market, which is driving the sales of automobiles.
Most of the commercial vehicles operating in the Asia Pacific and Africa region are very old and do not feature any type of steering assist systems. But the rising regulations will force the operators to replace the vehicles, which will boost the sales of new commercial vehicles in the market. This will be a big driver for the Global Steering Market, as the steering assist systems will add more value to the market. Electronic Power steering on account of applications on a diverse model base will grow at the highest pace in the forecast period.
Manual Power Steering will register falling market shares in the forecast period and the sales will remain concentrated in some countries.
Robert Boschi, ZF Freidrichschafen, JTEKT are some of the important players in Global Steering Market.
The market has been segmented by
- Type (Manual Steering, Electronic Power Steering, Hydraulic Power Steering, Others)
- Components (Hydraulic Pump, Power Steering Column, Steering Wheel Speed Sensor, Electric Motor),
- Vehicle type (passenger cars, LCV and HCV)
- ZF Friedrichshafen
- Nexteer Automotive
- Mando Corp
- ATS Automation
- Sona Group
- Showa Corporation
For more information about this report visit http://www.researchandmarkets.com/research/9nh53d/global_automotive