Global Bus Steering System Market 2017-2021

Overview of the global bus steering system market

Market research analysts at Technavio predict that the global bus steering system market will grow steadily during the next four years at a CAGR of above 5% in terms of units by 2021. This market research analysis identifies the improved steering and yaw motion control for reduced accidents as one of the primary growth factors for this market. The development of safety systems and the high-efficiency rate of driver assisted safety technologies have made roads a safer place due to the reduction in on-road accidents. The advanced steering assisted safety technologies makes the steering mechanism more balanced and suitable for driving at different speeds by lowering vehicle yaw and lateral motions. These systems improve the safety quotient of the vehicle by enhancing the overall handling capabilities at adverse conditions. Moreover, these systems also work in sync with other torque assisted safety technologies and driver assisted systems such as electronic stability control by varying the force and steering angles between the front and rear wheels.

One of the latest trends in steering systems that is slowly gaining popularity in the market is steer-by-wire technology. Rapid developments in technology and the rising demand for safe driving are compelling bus steering system manufacturers to develop steer-by-wire technologies, which can electronically steer the vehicles. Steer-by-wire technology offers advantages such as improved performance and lesser engineering and manufacturing costs for the manufacturers. It also supports advanced functions such as parking maneuvers and helps boost productivity. 

Competitive landscape and key vendors  

The global bus steering system market is characterized by the presence of well diversified global and regional vendors. The expanding presence of the global players in the steering angle sensor market has made it difficult for regional vendors to compete with them based on quality, technology, price, and product features. Moreover, the competitive environment is anticipated to intensify further with the growing market for electric steering systems and OEM.

The leading vendors in the market are -

• Robert Bosch
• Daimler
• JTEKT
• ZF-TRW

Segmentation by technology and analysis of the bus steering system market

• Power steering
• Manual steering

During 2016, the power steering segment accounted for the major shares of the bus steering system market. The rapid shift from the manual steering to power steering systems and rising regulatory mandates will contribute to the growth of this technology segment in the steering angle sensor market during the forecast period.

Geographical segmentation and analysis of the bus steering system market

• Americas
• APAC
• EMEA

This market study estimates that in terms of geographic regions, APAC will be the major revenue contributor to the steering angle sensor market throughout the forecast period. Factors such as increased volume of buses and the rising demand for safety and comfort in buses will increase the replacement of older buses and will drive the growth of the bus steering system market in APAC.

Key questions answered in the report include

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

Technavio also offers customization on reports based on specific client requirement.

Steering systems are the driving direction control systems used in every four-wheeler and other commercial vehicles. With an increasing number of buses adopting steering systems, the upcoming industry research report from Technavio on the global bus steering system market for the forecast period of 2017 to 2021 will help businesses develop sustainable growth strategies. Additionally, by studying the current market scenario for multiple automotive sectors like automotive components, automotive electronics, and automotive manufacturing, our market research analysts have identified factors that will play an important role in the growth of the vendors in the global market.

By covering various factors including the rising demand for a diverse array of products across geographical regions, research analysts at Technavio infer the growth prospects of automotive sectors such as automotive services and automotive accessories. According to our market research analysts, the development of steering assisted technologies for buses is one of the major growth factors for the growth of this market worldwide. This impending research report on the bus steering system market also considers the growth of the similar markets such as automotive shocks and struts market and automotive intelligent tires market in the automotive sector, which are predicted to grow at a CAGR of above 4% and 291% and during the period 2017 to 2021. Also, Technavio provides customized reports that support businesses in identifying new growth prospects.

The upcoming report for bus steering system market also identifies the drivers, trends, along with the challenges currently experienced by the automotive component sector. This market research report offers insights into the dynamically changing competitive landscape along with the products and services offered by key vendors and their presence across various geographical regions.