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As per the Technavio’s market research report, the global automotive power steering gears market will grow at a steady rate and post a CAGR of close to 4% during the forecast period. The increasing demand for improved torque, improved steer handling, control, and responsive handling in class 8 trucks will drive the growth prospects for the global automotive power steering gears market from 2017 to 2021. A large number of manufacturers are coming up with gears that can accommodate torque demands for a variety of steering systems. For instance, TAS Series gears are designed and developed to meet the torque demands for medium- and heavy-duty vehicles of class 5-8 HCVs that operate on the highway. Similarily, RCS assist gears offer extra torque for severe heavy duty trucks and provide improved performance. Since these gears provide the reliability of lower operating temperatures and offer a comfortable steering experience, the market for the automotive power steering gears will witness significant growth in the coming years.
The growing penetration of steer-by-wire technology is one of the key trends that will gain traction in the global automotive power steering gears market. Owing to their various benefits such as better handling and safety, reduced cost of production, and easy implementation in different variants, the coming years will witness an increase in the adoption of steer-by-wire technology, which will subsequently accelerate the growth of the automotive power steering gears market.
The automotive power steering gears market is characterized by the presence of several key vendors and a few regional players and as a result, the market is highly competitive. To improve their market share, a large number of established vendors are focusing on expanding their customer base, increasing their investments in research and developmental activities, and replacing hydraulic steering systems with electric power steering. Also, to manage costs and the quality of materials used, many OEMs are expected to get into long-term collaborations with these vendors.
Key vendors in this market are -
Other prominent vendors in the market include ATS Automation Tooling Systems, JTEKT, Mando, and Robert Bosch.
The automotive power steering gears market was dominated by the passenger cars segment during 2016 and its dominance is expected to continue until the end of 2021. Approximately 80% of passenger cars use rack and pinion gear systems over other mechanisms as they help to convert rotational energy of the steering wheel into a linear motion and turn the wheels of a vehicle. Since gears based on the rack and pinion steering systems are cheaper and compact and help in gear reduction and provide more control over the vehicle, they are increasingly integrated into the gear setup of passenger cars.
APAC occupied the majority shares of the automotive power steering gears market during 2016 and the region will retain its market dominance during the next few years as well. The growing sales of passenger cars in emerging countries such as China and India will fuel the market’s growth in the region. Moreover, the introduction of new fuel consumption standards in China aimed at reducing the carbon footprint will further drive the demand for automotive power steering gears in passenger vehicles.
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With the advent of power steering, which helps the driver reduce effort to steer the wheel, power steering gears have also gained importance. A power steering only runs as smoothly as its power steering gear as it helps put a proportionate amount of power to steer based on the force applied. To gain a deeper understanding of the current market scenario, Technavio provides a wide range of research reports from the automotive industries, comprising of similar markets such as automotive manufacturing, powertrain, and wheels and tires sectors. The upcoming research report on the global automotive power steering gears market uncovers the market potential, technological advancements, market size, and the growth rate to help the clients in making better business decisions.
To gain an in-depth knowledge of this market, market research experts at Technavio carry out an extensive qualitative and quantitative research methodologies, analyze data collected from suppliers, manufacturers, vendors, automobile manufacturers, customers, and other key stakeholders. The upcoming research report on the global automotive power steering gears market also considers the growth of similar markets such as global motorcycle clutch market and global automotive collapsible steering column market, which are expected to grow at a CAGR of 7% and 2%, respectively, for the forecast period of 2017 to 2021. The current hydraulic power steering system is not very efficient, resulting in power loss. To counteract this problem, manufacturers are moving towards electric powered steering systems. Electric power steering not only is more efficient but also prolongs the life of the system.
The upcoming report on automotive power steering gears market involves in an extensive study of key drivers, changing customer preference, technological advancements, and opportunities and challenges faced by the industry. The report also derives key insights from related markets such as automotive electronics and automotive services sectors.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by application
PART 07: Market segmentation by geography
PART 08: Key leading countries
PART 09: Decision framework
PART 10: Drivers and challenges
PART 11: Market trends
PART 12: Vendor landscape
PART 13: Key vendor analysis
PART 14: Appendix
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
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