Global Automotive Steering System Market 2017-2021

Overview of the global automotive steering system market

Market research analysts at Technavio predict that the global automotive steering system market will grow steadily over the next four years and in terms of units will post a CAGR of almost 4% by 2021. This market research analysis on automotive steering system identifies the increase in sale of passenger cars as one of the key drivers boosting the growth of the global market. The recent years have witnessed a significant impact in the growth of passenger cars and SUVs, owing to their fuel-efficiency and three-row seats offered by this car segment. Moreover, consumers are moving toward crossovers when compared to SUVs due to their properties such as light weight and fuel-efficiency associated with them. Also, in the US, robust incentives offered by the government such as the reduction in interest rate for car loans is also further compeling consumers to afford large and expensive vehicles without compromising the fuel efficiency. To bridge the gap between the demand and supply, the vendors in the market are focusing on shifting their plants to the respective countries. For instance, in 2015 Toyota planned to shift their auto production to Mexico.

One of the major trends that will gain traction in the market during the next four years is the development of four-wheel steering system. The four-wheel steering system works on the principle where the rear wheels turn in the opposite direction of the front wheels, thereby delivering an agile and seamless driving experience to drivers. Moreover, the system also lowers the turning radius and the space required, thereby allowing the driver to interchange lanes even at higher speeds. The robust maneuverability and the stability associated with the product will in turn, spur the growth of the automotive steering system market over the years.

Competitive landscape and key vendors

The automotive steering system market is characterized by the presence of well-established players. The leading players in the market are Bosch, Nexteer, and ThyssenKrupp. One of the major market players Bosch, is a leading manufacturer of motor vehicle parts and accessories, motor vehicle components, and tools. The company has its business across automotive mobility solutions, consumer goods and energy, and building technology.

 The leading vendors in the market are –

• Bosch
• Nexteer
• ThyssenKrupp

The other prominent vendors in the market are Atmel, DENSO, Mitsubishi Electric, Tianjin, China Automotive Systems, and NSK.

Market segmentation by application and analysis of the automotive steering system market

• Passenger cars
• LCVs
• H&MCVs

During 2016, the passenger cars segment dominated the global automotive steering system market. The growth of the segment can be attributed to the rapid demand for passenger cars among the consumers. In China, the growing preference toward SUV and compact crossovers, owing to their fuel efficiency are also promoting the growth of the segment in this market.

Market segmentation by geography and analysis of the automotive steering system market

• Americas
• APAC
• EMEA

APAC accounted for the major shares of the automotive steering system market during 2016. The growing demand for passenger cars among the economies such as China, Japan, and India will also stimulate the growth of the market in the region. However, the preference for used cars as compared with new cars in countries such as China, is curbing the growth of the market. Moreover, factors such as sluggish economic growth and the rise in aging population will also curtail the growth of the cars in Japan, thereby affecting the overall sales in the region.

Key questions answered in the report include

• What will the automotive steering system market size and growth rate be in 2021?
• What are the key factors driving the global automotive steering system market?
• What are the key market trends impacting the growth of the global automotive steering system market?
• What are the challenges to market growth?
• Who are the key vendors in the global automotive steering system market?
• What are the market opportunities and threats faced by the vendors in the global automotive steering system market?
• Trending factors influencing the market shares in the Americas, APAC, and EMEA?
• What are the key outcomes of the five forces analysis of the global automotive steering system market?