Increasingly Stringent Fuel Efficiency Norms to Drive the Demand for Electronically Assisted Steering Systems

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Steering Market by Type (Manual, HPS, EHPS, and
EPS), Component (Hydraulic Pump, Steering Sensor
Column, and Electric Motor), EPS (C-EPS, P-EPS,
and R-EPS), Vehicle Type, Region, and Passenger
Car Power Steering Aftermarket (EPS and HPS) -
Global Forecast to 2021
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Electronic power steering A promising
market The majority of new cars sold today
feature Electric Power Steering (EPS). The market
for EPS systems is estimated to grow at a high
CAGR, owing to the increasing production of
passenger cars and sports utility vehicles
(SUVs). The EPS market is primarily driven by the
rising demand for fuel efficiency and the growth
of the automotive industry in emerging economies.
The demand for column-assist EPS, which is
suitable for small or medium-sized vehicles, and
rack-assist EPS, which is frequently used in
large vehicles, is expected to increase,
especially in North America. EPS systems have
completely replaced manual and hydraulic steering
systems in passenger cars in developed as well as
developing countries. PDF Brochure
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 Steering wheel speed sensor Fastest growing
market The steering wheel speed sensor is a
critical component of the steering system, as it
monitors the steering wheels rotational speed.
The sensor is primarily used in the EPS system.
The increasing adoption of EPS in vehicles has
boosted the demand for steering wheel sensors.
Asia-Oceania is estimated to lead the steering
wheel speed sensor market, followed by North
America and the Rest of the World, owing to the
increasing adoption of EPS in the
region. Request for Customization
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zation.asp?id940
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The steering column market is estimated to be the
largest market, by component, owing to increasing
vehicle production, particularly in emerging
markets. The steering column is an integral part
of any steering system. The increasing demand for
vehicles is expected to boost the demand for
steering systems, and consequently, for steering
columns. The Electronic Power Steering (EPS)
segment of the automotive steering market is
estimated to account for the largest market
share, in terms of value. This can be attributed
to the increasing adoption of EPS in passenger
cars by OEMs. The EPS system reduces fuel
consumption and emissions, limits the servicing
required, and improves the maneuverability of the
vehicle. This segment is estimated to experience
significant growth in Asia-Oceania, due to the
increasing production of automobiles, especially
passenger cars, in the region. Request Sample
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Asia-Oceania Fastest growing market for steering
systems Asia-Oceania comprises some of the
fastest growing economies in the world, including
China, India, and Indonesia. The region has the
highest vehicle production in the world, due to
its sizable population and increasing disposable
income. The growing population, increase in per
capita income, and improving standard of living
have contributed to the growth of the automotive
industry in Asia-Pacific. China the key
automotive market in this region produces the
highest number of passenger cars in the world.
Given that the steering market is directly
dependent on vehicle production, Asia-Oceania has
emerged as the fastest growing market for
steering systems, in terms of value as well as
volume. Speak to analyst _at_ https//www.marketsa
ndmarkets.com/speaktoanalyst.asp?id940
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Market Ecosystem The global steering market
ecosystem consists of raw material manufacturers
such as ArcelorMittal (Luxembourg), Hebei Iron
and Steel Group (China), Baosteel Group
Corporation (China), Posco Co. Ltd. (South
Korea), and Tata Steel Ltd. (India). It also
includes steering system-manufacturing companies
such as Nexteer Automotive (U.S.), China
Automotive Systems (China), Robert Bosch GmbH
(Germany), NSK Ltd. (Japan), and JTEKT
Corporation (Japan), vehicle manufacturers such
as General Motors (U.S.), BMW (Germany), Toyota
Motors (Japan), and Hyundai Motors (South Korea),
and regional automotive associations such as the
Society of Indian Automotive Manufacturers
(SIAM), Japan Automotive Manufacturers
Association (JAMA), and European Automobile
Manufacturers Association (ACEA). Buy Now
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se_report1.asp?id940
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Browse gtgt 88 market data
tables 58 figures
165 pages and in-depth TOC  Steering
Market by Type (Manual, HPS, EHPS, and EPS),
Component (Hydraulic Pump, Steering Sensor
Column, and Electric Motor), EPS (C-EPS, P-EPS,
and R-EPS), Vehicle Type, Region, and Passenger
Car Power Steering Aftermarket (EPS and HPS) -
Global Forecast to 2021 Early buyers will
receive 10 customization on this report. This
study answers several questions for the
stakeholders, primarily which market segments to
focus on in the next two to five years to
prioritize efforts and investments.
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