- The key vendors in the global automotive steering system market 2015-2019 are JTEKT Corp., Mando Corp., Nexteer Automotive, NSK Ltd., Robert Bosch GmbH (Robert Bosch Automotive Steering GmbH) and ThyssenKrupp Presta AG
London, 22 July 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global automotive steering system market 2015-2019. Introduction of steer-by-wire technology is one of the key trends being observed in this market. Automobile manufacturers and consumers are shifting their focus to more-efficient, safer and smarter, and small and lightweight (small and less weight means reduced fuel consumption, in turn reducing emissions) automotive steering systems. The global automotive steering system market is projected to grow at a CAGR of 5.89% during the forecast period of 2014-2019.
The market growth is predominantly driven by the increased adoption of stringent fuel economy standards set by the EC and CAFE because of the rising oil prices, the scarcity of oil reserves, and the unstable political situation in Iraq. Advances in steering system technologies such as steer-by-wire steering systems and integration of driver assistance systems such as LAS and ACC will contribute to the market growth.
“With the recovery of the automotive industry in developed regions such as North America and Europe, the demand for automobiles is steadily increasing, which is boosting the growth of the automotive steering system market,” says Faisal Ghaus, Vice President of Technavio Research.
“Moreover, more than 95% of the automobiles produced in these regions are equipped with power steering systems as they are considered as standard equipment for vehicles because of the enhanced comfort provided by these systems while driving.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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