Automotive Steering Systems Market worth $32.4 Billion by 2018

    The report”Automotive Steering System Market by Vehicle Type (Passenger Car, LCV,& HCV), System Type (Manual, HPS, EHPS & EPS), Safety Features (WithABS/ESP & Without ABS/ESP), & Geography – Industry Trends &Forecast to 2018″ by MarketsandMarkets, defines and segments the globalautomotive steering systems market with analysis and forecasts of the globalvolume and revenue.

    Browse 96market data tables and 36 figures spread through 230 pages and in-depth TOC on”Automotive Steering System Market – Industry Trends & Forecast to2018″

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    EmergingCountries: Potential Market for Steering Systems

    Emergingeconomies such as China, India, and Brazil have seen a rise in the demand forautomobiles in recent times as the spending power of the consumers in thesecountries has increased. This trend is expected to continue in the next fiveyears as more and more automotive OEMs and component suppliers are setting uptheir R&D and manufacturing units in these developing countries. Theemerging markets also offer location advantages for manufacturing such as lowcost of production, reduced transportation costs to a greater extent and easyavailability of raw material. These factors are expected to drive the steeringsystems market in these regions to grow at a good pace in the coming years. TheAsia-Oceania region is expected to grow at a CAGR of 7.47% over the period from2013 to 2018.

    EPS Systems:Fuel Efficient Technology

    As fuel priceshave increased along with the demand for automobiles, measures have been takento preserve these non renewable sources of energy. Various regulations regardingemissions and fuel efficiency are implemented which has resulted in automotivemanufacturers constantly innovating and implementing better technologies tocomply with these norms. Recent developments in steering system technologieshave focused on helping to increase the fuel efficiency of the vehicle alongwith providing comfort to the driver.

Electronically Powered Steering (EPS) offers better fuelefficiency as they are lighter in weight as compared to its peers, and do notuse the power from engine to function. Owing to stringent emission standardsand fuel economy regulations, EPS has been adopted widely in developedeconomies of North America and Europe. In the coming years, due to the numberof benefits offered by the EPS systems, the adoption rate is expected to riseat a good pace in the regions of Asia-Oceania and ROW.

    The reportencompasses Automotive Steering Systems Market in terms of volume (‘000

Units) and value ($million) across regions such asAsia-Oceania, Europe, North America and Rest of the World (ROW). It explainsthe qualitative and quantitative aspects of steering systems industry withrespect to technological advancements, which have taken place till now. Apartfrom geographic segmentation, the report also covers the steering systemsegmented by type of steering system, vehicle type, and by safety features.

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    This reportalso shows an overview of the technical as well as other important aspects ofthe steering system. It includes the value chain, Porter’s five forcesanalysis, the competitive landscape, and company profiles for major players inthe steering system market.

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