Automotive Steering System Market Size, Trends, Opportunities, Innovations & Forecast till 2025
According to a recent report published by KD
Market Insights, titled,"Automotive
Steering System Market by
Type and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2018
- 2025,"the global automotive steering system market was valued at
$29,423.8 million in 2017, and is projected to reach $45,349.8 million by 2025,
registering a CAGR of 5.4% from 2018 to 2025.
At present, Asia-Pacific dominates the market,
followed by Europe, North America, and LAMEA. U.S. dominated the global
automotive steering system market in 2017, whereas Mexico is expected to grow
at a significant rate in North America during the forecast period.
The market is primarily driven by the increase
in demand for automotive owing to rise in disposable income of consumers. In
addition, the adoption of power steering system in vehicles is responsible for
the growth of this market. The effective steering system is accountable for
increase in fuel efficiency of vehicle. Hence, the increase in demand for fuel
efficient vehicle results in increase in requirement of steering system. Also,
the consumers prefer driving comfort in their vehicles, which includes the
effortless driving and maneuverability of the vehicle. The driving comfort is
achieved by using effective steering system resulting in increase in demand for
steering system, thus boosting the growth of this market. However, the high
cost associated with power steering system is anticipated to hamper the growth
of the steering system market. The technology such as drive-by-wire is expected
to be implemented in upcoming vehicles showing lucrative growth for this market
in near future.
Browse Full Report & TOC: https://www.kdmarketinsights.com/product/automotive-steering-system-market-amrr
Key Findings of the Automotive
Steering System Market:
- The electronic power steering segment in
steering type generated the highest revenue in 2017.
- In 2017, the passenger vehicle segment was the highest revenue contributor in the vehicle type category.
- Europe is anticipated to exhibit the highest CAGR during the forecast period.
- In 2017, Asia-Pacific contributed the highest market revenue, followed by Europe, North America, and LAMEA.
- In 2017, the passenger vehicle segment was the highest revenue contributor in the vehicle type category.
- Europe is anticipated to exhibit the highest CAGR during the forecast period.
- In 2017, Asia-Pacific contributed the highest market revenue, followed by Europe, North America, and LAMEA.
The key players analyzed in this report are
China Automotive Systems Inc., JTEKT Corporation, Nexteer Automotive, Mando
Corporation, ThyssenKrupp Presta AG, Robert Bosch Automotive Steering GmbH,
Showa Corporation, NSK Ltd, Mitsubishi Electric Corporation, Sona Koyo Steering
Systems Ltd., and Hyundai Mobis Co. Ltd.
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