Automotive Steering SystemMarket -Overview
The change from traditionalmanual steering systems is expected to motivate the automotive steering market2020. The semiconductor and electronics industry reports are produced by MarketResearch Future, which highlights market options for e xpansion. A 7% CAGR isexpected to guide the income of the market to USD 5,500 by 2025.
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The focus on vehicular safety hasbeen rising steadily in the past few years as the number of road accidents hasrisen significantly. The investment in production technology is expected totransform the automotive steering system market manufacturers in the impendingperiod. The upswing in the purchasing power of consumers is likely to motivatethe automotive steering system market in the upcoming period.
Segmental Analysis
The segmental insight intothe automotive steering market is segmented into steering system, vehicletype, components, end market, and regions.Based on the steering system, theautomotive steering market comprises of electrically powered, manual,electro-hydraulic powered, and hydraulic powered.On the basis ofvehicle types,the automotive steering market comprises of commercial vehicle andpassenger vehicle. The components basis of segmenting the automotive steeringmarket comprises of steering sensor & column, hydraulic pump, and electricmotor.Based on the end market, the automotive steering market comprises ofOEMand aftermarket. Based on the regions, the automotive steering marketcomprises of APAC, North America, Europe, and the rest of the regions.
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AutomotiveSteering System Market Size Detailed Regional Analysis
The regional examination of theautomotive steering market consists of regions such as APAC, North America,Europe, and the rest of the regions. The European regionis responsible for the principalmarket in automotive steering due to the increasing demand for automotivesteering in this region. The automotive producer istransforming towards the noveltechnology for increasing lightweight components in order to amplify the fuelefficiency of the car. The keypromising economies, such as Thailand, India, andChina, are becoming the production hubs for automotive OEM’s. The surge in theincome level and expanding disposable income levels has led to the developmentof the market in this region. The presentlyflourishing automotive industry, pooledwith increasinglyrising disposable income, is anticipated to addconsiderably inthe augmentation of the automotive steering market. The rise in the promisingcountries will lead to the development of the automotive steering system marketin the impending period.
Competitive Analysis
The inventions being discoveredor attempted in the market are also considered to provide further opportunitiesfor growth in the coming period.The effect of global currencies is expected tohave a significant effect on market growth. The upsurge in exports is expectedto create constructive situation for expansion in the coming period. Thebearing of global trade policies by various administrations is expected tofurther enhance the market expansion potential in the forecast period. Theinclusion of certain elements of functionality in production facilities islikely to create better supply potential for the overall market. Thestreamlining of the distribution channels is expected to create better supplychains and lead to a more positive effect on the global market. The momentum ofchange in the market is predicted to create new opportunities for growth in theforecast period. The availability of new sources of raw material is likely toinduce more opportunities for growth in the market.
The imperative players in theautomotive steering market are Mitsubishi Electric Corporation (Japan), TRWAutomotive Holdings (U.S.), Sona Koyo Steering System Ltd. (India), and JTEKTCorporation (Japan). Robert Bosch Automotive Steering Gmbh (Germany), NexteerAutomotive (U.S.), China Automotive System Inc. (China), and ThyssenkruppPresta (U.S.) to name a few.
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