The steering market is projected to grow at a CAGR of 6.47% from 2016 to 2021, to reach a market size of USD 42.77 billion by 2021.
The increasing demand for fuel-efficient vehicles and the growing demand for driving comfort from consumers are driving the steering system market. Alternatively, the high cost of power-assisted steering systems and limited load-bearing capacity of Electronic Power Steering (EPS) are major restraints for the steering market.
The automotive industry is one of the key industries in Europe, which is home to several major automobile companies. Given the increasing competition from developing countries such as India, China, Brazil, and Russia and the financial crisis in Europe, the automobile sector in the region has witnessed a decline in revenue in the past few years.
Regular updates in vehicle safety norms make it challenging for manufacturers to provide advanced technologies at an affordable price. The aftermarket for passenger car power steering is estimated to be the largest in the region, owing to the high demand for aftermarket products and limited life expectancy of steering components. European consumers tend to replace the component once it reaches the end of its operational life; this drives the steering system component aftermarket in the region.
- China Automotive Systems Inc.
- Hyundai Mobis Co., Ltd.
- Jtekt Corporation
- Mando Corporation
- Nexteer Automotive Group Limited
- Nsk Ltd.
- Robert Bosch Automotive Steering Gmbh
- Showa Corporation
- Thyssenkrupp Ag
Zf Trw Automotive Holdings Corp.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Automotive Steering System Market, By Component
7 Automotive Steering System Market, By Type, Vehicle Type & Region
8 Electric Power Steering System Market, By Type & Region
9 Passenger Car Power Steering System Aftermarket, By Type & Region
10 Competitive Landscape
11 Company Profiles
For more information about this report visit http://www.researchandmarkets.com/research/qlfn68/steering_market