DUBLIN, Dec. 10, 2015 /PRNewswire/ -- Research and Markets (http://www.researchandmarkets.com/research/p9tl32/steering_market) has announced the addition of the "Steering Market by System, EPS Type, Component, Vehicle Type, & by Region - Forecast to 2020" report to their offering.
The steering system market size is projected to grow at a promising CAGR of 6.18% during the forecast period, to reach USD35.99 Billion by 2020.
The recent increase in demand for automobiles in the U.S. and Mexico has confirmed that the North American automotive industry has begun its recovery phase and according to industry experts, the market is projected to continue with a similar growth trend over the next five years, till 2020. Owing to this, the demand for steering systems in the region is estimated to grow at the highest rate by volume during the study period. Factors such as shift in consumer demand towards other brands, stringent regulatory requirements, and technological advancements are projected to drive the demand for automobiles in this region.
In terms of technology, the electric power steering (EPS) system is estimated to lead the automotive steering market. The technology is associated with fuel efficiency and better driving control benefits over conventional hydraulic power steering (HPS) systems. The conventional HPS systems draw power from engine output, thus, resulting in overall decrease in engine as well as fuel efficiency. However, in EPS systems, the power is drawn from the electric motor, which in turn draws the power from battery. EPS systems dominate the passenger car segment, whereas HPS systems are predominant in comparatively heavy vehicles such as SUVs, MUVs, pick-up trucks, light & heavy commercial vehicles, and agricultural tractors.
The report segments the EPS system market further in three segments - Column-EPS (C-EPS), Rack-EPS (R-EPS) and Pinion-EPS (P-EPS). The P-EPS & C-EPS markets are projected to lead the EPS systems market in terms of volume, as well as value. The P-EPS systems have an integrated controller-motor unit and assist mechanism on pinion gear shaft, whereas the in C-EPS, these electronic systems are integrated with the steering column assist mechanism. The Asia-Oceania region is dominated by C-EPS and P-EPS systems, whereas R-EPS systems are predominately used in the European region.
The steering system market report also covers the market for steering systems for agriculture tractors. The tractors usually are equipped with manual or hydraulic assisted steering systems, owing to the extreme conditions they work in. Asia-Oceania is the leading region in terms of population, land under cultivation and food demand. Hence, the demand for agricultural tractors is observed to be the maximum in this region, and subsequently, the region dominates the steering system market.
The global steering system market is dominated by some international players such as JTEKT Corporation (Japan), Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), NSK Ltd. (Japan) and Nexteer Automotive Group Ltd. (U.S.) among others.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Automotive Steering System Market, By Type
7 Steering System Key Components Market, By Type
8 Steering System Market, By Safety Features
9 Agricultural Tractors Steering System Market, By Region
10 Electric Power Steering, By Type
11 Steering System Market, By Region
12 Competitive Landscape
13 Company Profiles
- Hitachi Ltd.
- Mando Corp.
- Nexteer Automotive Group Ltd.
- Nsk Ltd.
- Robert Bosch Gmbh
- Showa Corporation
- The Sona Group
- Thyssenkrupp Ag
- Zf Friedrichshafen Ag
For more information visit http://www.researchandmarkets.com/research/p9tl32/steering_market
Media Contact: Laura Wood , +353-1-481-1716, email@example.com
SOURCE Research and Markets