An Incisive, In-depth Analysis on the Automotive Steering System Market
This study offers a comprehensive, 360 degree analysis on the Automotive Steering System market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Automotive Steering System market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
C-EPS is Estimated to be the Most Prominent Technology in the automotive steering system Market
The automotive steering system market is one of the most prominent markets in the automotive sector. The automotive steering system market is led by electronic automotive steering system systems, which hold a majority share in the automotive steering system market. Under the electronics automotive steering system segment, C-EPS (Column-Electronic Power Steering) is one of the most preferred automotive steering system system technologies for the automakers. It is projected to grow at a CAGR of 4.2%, in terms of value, and will hold more than 35% of the automotive steering system market during the forecast period. The demand for C-EPS type of automotive steering system technology is mainly coming from the Asia Pacific region. C-EPS are easy to install and are available at low costs and thus, they are predominantly used in small or compact cars offered in the Asia Pacific region.
The demand for R-EPS is projected to be the most prominent in the automotive steering system market and it is estimated to grow at a significant rate of more than 8% during the forecast period. At present, the demand for R-EPS is majorly coming from the North America region as R-EPS is utilized in light commercial vehicles such as pick-up trucks and heavy commercial vehicles. Along with North America, Asia Pacific region is experiencing a growth for the R-EPS automotive steering system technology.
Compact Cars, Mid-Size Cars, and SUVs Holds Significant Share in the automotive steering system Market
The automotive steering system market for passenger car will continue to be the significant market and estimated to grow at a steady rate during the forecast period. The global automotive production in 2017 was more than 97 million and the passenger car segment holds 75% of the share in the global automotive production. The compact cars, mid-size cars, and SUVs are estimated to be the most prominent sub-segment of the passenger cars and are estimated to hold more than 65% of the overall automotive steering system market throughout the forecast period. The dominance of passenger cars over light and heavy commercial vehicles in the automotive industry makes them the prominent market for automotive steering system. Also, rising demand for advanced driving features from the consumers have enhanced the demand for automotive steering system and other related compnents such as steering fluids, power steering motors etc. especially from passenger cars at a significant rate.
Asia Pacific to Lead the Automotive Steering System Market
Asia Pacific (excluding Japan) region, being one of the key automotive production hubs, manufactured more than 40 million vehicles in 2017. The key countries for vehicle production in APEJ region are China, India, South Korea and Thailand, among others. Rising vehicle production makes APEJ the most prominent market for automotive steering system. Growing demand for vehicles can be attributed to growing economy, per capita income growth, increasing urbanization and rising living standards in the APEJ region. Due to these factors, the demand for automobiles is increasing steadily and pushing the market for automotive steering system in APEJ region.
The manufacturers in the automotive steering system market aim to expand through strategic interventions, such as acquisitions, expanding production capacity and launching advanced products in the automotive steering system market. For instance, JTEKT, in 2017, completed the acquisition of Sona Koyo Steering System Limited to enhance its presence in the Indian automotive steering system market. Along with this, in 2017, JTEKT established a new automotive steering system systems and drive parts production facility in Morocco to cater to the demand in Morocco and the North Africa region.
Apart from the development of the mechanical side of products, the companies are also enhancing their software capabilities. For instance, ThyssenKrupp AG recently established a software development center in Hungary to provide solutions for electro-mechanical steering systems.
Manufacturers of automotive steering system systems are focusing on new generation automotive steering system technology which offers better steering efficiency at any speed, making the vehicle easier to maneuver, thereby enhancing the driving experience.
Keeping in line with this, in September 2016, Ford introduced the adaptive steering system in FSeries and Edge. Class-executive adaptive steering technology improves the steering efficiency and steering effort
These steering systems also improve low-speed maneuverability and highway comfort by decreasing and increasing the steering ratio by up to 30%
Automotive manufacturers are also focusing on joint ventures and partnerships with auto part manufacturers to design electric power steering systems.
In April 2017, China’s Dongfeng Motor Group and Nexteer Automotive Group formed a 50:50 joint venture to design and make electric power steering systems for Dongfeng passenger vehicles
Nexteer Automotive group currently provides electric power steering systems for many Dongfeng-affiliated vehicle, including the Peugeot 2008 crossover
Some of the key players operating in the automotive steering system market are JTEKT Corporation, Nexteer Automotive Group Ltd., Showa Corp., ThyssenKrupp AG, Hitachi Automotive System Ltd., Sona Koyo Steering System Ltd., Robert Bosch GmbH, NSK Steering System Co. Ltd., Mando Corp., ZF Friedrichshafen AG, Magal Engineering Limited, ATS Automation Tooling System Inc., and Hyundai Mobis.
About the Report
FMI has published an exclusive forecast report for the automotive steering system market for the period between 2017 and 2027. The foremost objective of this report on automotive steering system market is to provide insights on market scenario, demand generators and technological advancements in the automotive steering system market. Also, this study on automotive steering system market addresses key dynamics, which are expected to affect sales in the automotive steering system market.
The report on automotive steering system market starts with an executive overview under which product definitions have been provided. The report further proceeds with taxonomy of the automotive steering system market. Also, the report outlines insights on dynamics of automotive steering system market, including drivers, restraints and opportunities as well as trends value chain analysis and pricing analysis. Value chain analysis and pricing analysis of automotive steering system market have also been included in the report to help the readers clearly understand the product framework map in automotive steering system market.
The automotive steering system market has been analyzed with respect to segments such as technology, vehicle type, and region. On the basis of technology, the automotive steering system market has been segmented into hydraulic steering and electronic steering. The electronic automotive steering system segment has been further segmented into H-EPS, C-EPS, P-EPS and R-EPS. The automotive steering system market will register demand from vehicle types such as passenger cars, light commercial vehicles and heavy commercial vehicles. The passenger car segment is further segmented into compact cars, mid-size cars, premium vehicles, luxury vehicles and SUVs. The automotive steering system market has been evaluated across primary regions, such as North America, Latin America, Western Europe, Eastern Europe, Japan, Asia Pacific Excluding Japan (APEJ), and Middle East and Africa (MEA).
The report offers in-depth assessment of the automotive steering system market, which is based on a tested & proven research methodology, which involves comprehensive primary and secondary research. These research methods have helped in arriving at important numbers for the automotive steering system market. Data collected on the automotive steering system market through these researches underwent several validation funnels and examination and re-examination, prior to being included in the report.
Credibility of the statistics evaluated and data acquired on the automotive steering system market bases itself on the unique nature of FMI’s research methodology. Intelligence obtained from opinion leaders and industry experts in the automotive steering system market was extrapolated, meanwhile contemplation of the data allowed analysts to develop an analytic and insightful report on the automotive steering system market.
FMI offers a 10-year forecast for the Automotive Steering System between 2017 and 2027. In terms of value, the market is expected to register a CAGR of 3.5% during the forecast period (2017–2027). The main objective of the report is to offer insights on the advancements in the global Automotive Steering System market. The study provides market dynamics that are expected to influence the current environment and future status of the Automotive Steering System over the forecast period. The primary objective of this report is to offer updates on trends, drivers, restraints, value forecasts and opportunities for manufacturers operating in the Automotive Steering System market.
A section of the report discusses how the overall competition in the market is steadily increasing. It discusses various factors that are shaping internal as well as external competition in the market. The Automotive Steering System market is expected to grow at a stable pace in near future. Moreover, steady growth of the automotive industry -- due to increase in vehicle production, sales & fleet on road, infrastructural development, economic growth and rising purchasing power -- is anticipated to create healthy growth opportunities in the Automotive Steering System market.
The report provides detailed market share analysis of the Automotive Steering System market on the basis of key manufacturers. A section of the report highlights overall country-wise Automotive Steering System Market. It provides a market outlook for 2017–2027 and sets the forecast within the context of the report. The report sheds light on key developments and activities being executed by the prominent manufacturers operating in the Automotive Steering System market.
Key Segments Covered in Automotive Steering System Market Report:
On the basis of technology, the Automotive Steering System market can be segmented into:
Hydraulic Automotive Steering System
Electronic Automotive Steering System
On the basis of vehicle type, the Automotive Steering System market can be segmented into:
Light Commercial Vehicle (LCV)
Heavy Commercial Vehicle (HCV)
On the basis of region, the Automotive Steering market can be segmented into:
Middle East & Africa (MEA)
A detailed analysis has been provided for every segment, in terms of market size (volume and value) analysis for Automotive Steering System.
The report starts with the market overview and provides market definition and analysis of drivers, restraints, opportunities, supply chain and key trends in the Automotive Steering System market. The next section includes global Automotive Steering System market analysis by technology, vehicle type and region-level analysis. All the above sections evaluate the Automotive Steering System market on the basis of various factors affecting the market and cover present scenario and future prospects. For market data analysis, the report provides historical data from 2012 to 2016 and considers 2016 as the base year, with Automotive Steering System market numbers estimated for 2017 and forecast made for 2018–2027.
It is imperative to note that in an ever-fluctuating global economy, we not only conduct forecast in terms of CAGR, but also analyse the same on the basis of key parameters, such as year-on-year (Y-o-Y) growth, to understand the predictability of the market and identify the right opportunities for market players.
Another key feature of the Automotive Steering System market report is the analysis of all key segments in terms of absolute dollar. This is usually overlooked while forecasting the market. However, absolute dollar opportunity is critical in assessing the level of opportunity that a provider can look to achieve as well as in identifying potential resources from a sales and delivery perspective in the Automotive Steering System market.
Research Methodology of Automotive Steering System Market
The report titled “Automotive Steering System Market” focuses on providing information regarding the volume and value of market from a global perspective. The research on the said market was initiated thorough secondary research on the product, using both top-down and bottom-up approaches, right down to the country and segmental level. Automotive production, vehicle parc, market trends and growth projections were taken into consideration to arrive at the total market. In addition to the above secondary research, yearly revenue generated by the various technology types of Automotive Steering System was estimated.
Furthermore, the yearly revenue generated from Automotive Steering System manufacturing companies from each product type were obtained from both primary and secondary sources and then benchmarked at the regional level. Fluctuations in annual prices over the forecast period have been based on the historic market trends and expected percentage change in the upcoming years on the basis of investment has been done on the patent market and the related industry. Any decline or increase in price in the upcoming years has been kept linear for all the regions.
The Automotive Steering System market value, thus, deduced was once again cross verified and validated from the supply side. FMI’s proprietary regression analysis forecast model was adopted to generate the market estimation for the forecast years. This model takes into account the effects of macroeconomic factors impacting the overall Automotive Steering System market. All the data was further validated by primary respondents belonging to different levels of the value chain of the Automotive Steering System market, such as manufacturers and independent service providers.
Automotive Steering System Market Participants
In the final section of the report, a competitive landscape has been included to provide report audiences with a dashboard view of global Automotive Steering System market. Detailed profiles of manufacturers have also been included within the scope of the report to evaluate their long- and short-term strategies, key offerings and recent developments in the Automotive Steering System. Some of the key players covered under the scope of this report on global Automotive Steering System are JTEKT Corporation, Nexteer Automotive Group Ltd., Showa Corp., ThyssenKrupp AG, Hitachi Automotive System Ltd., Sona Koyo Steering System Ltd., Robert Bosch GmbH, NSK Steering System Co. Ltd., Mando Corp., ZF Friedrichshafen AG, Magal Engineering Limited, ATS Automation Tooling System Inc., and Hyundai Mobis.
Automotive Steering System Market Reports - Table of Contents
5. Forecast Factors: Relevance and Impact
17. Route To Market
18. Research Methodology