Automotive Steering System Market to Raise at CAGR of 4.3% through 2027

A new report published by Future Market Insights titled “Automotive Steering System Market: Global Industry Analysis (2012 – 2016) and Opportunity Assessment (2017 – 2027)” studies the performance of the global automotive steering system market over a ten year assessment period from 2017 to 2027. The report presents the value and volume forecast of the global automotive steering system market and provides key insights into the factors driving market growth as well as the factors restricting market growth. The estimates point to a revenue growth from about US$ 33,700 Mn in 2017 to nearly US$ 51,270 Mn by 2027 end, resulting in a CAGR of 4.3% over the forecast period.

The global automotive steering system market is segmented on the basis of technology (electronic steering (H-EPS, C-EPS, P-EPS, R-EPS), hydraulic steering) and on the basis of vehicle type (passenger car (compact, mid-size, premium, luxury, SUV), light commercial vehicle (LCV), heavy commercial vehicle (HCV)). R-EPS sub-segment is estimated to account for a significant share, i.e. 21.4% in the overall market by 2017 end. The sub-segment is projected to gain 1050 BPS between 2017 & 2027.

The sale of H-EPS segment was valued at US$ 3,216.5 Mn in 2016 end, which is estimated to reach about US$ 4,605 Mn by 2027 end. This segment is expected to create incremental dollar opportunity worth US$ 1,278 Mn between the forecast period. The sale of the C-EPS segment was valued at US$ 12,655.8 Mn in 2016 end and is estimated to reach US$ 13,236.5 Mn by 2017 end. The sale of the P-EPS segment was valued at US$ 3,052.5 Mn in 2016 end and is estimated to reach US$ 6162.3 Mn by 2027 end. This segment is expected to create incremental dollar opportunity worth US$ 2,914.8 Mn during the forecast period.

SUV sub-segment is estimated to account for a significant share of 21.0% in the overall market by 2017 end. The sub-segment is projected to gain 580 BPS between 2017 & 2027. The sales of the compact vehicle segment was valued at US$ 7,934.5 Mn in 2016 end and is estimated to reach US$ 11,486.5 Mn by 2027 end. This segment is expected to create incremental dollar opportunity of US$ 3,258.6 Mn during the forecast period.

The sale of the premium vehicle segment was valued at US$ 2,180.7 Mn in 2016 end and is estimated to reach US$ 3,689.2 Mn by 2027 end. This segment is expected to create incremental dollar opportunity worth US$ 1,415.0 Mn during the forecast period. The sales of the HCV vehicle segment was valued at US$ 1,383.1 Mn in 2016 end and is estimated to reach US$ 1,557.9 Mn by 2027 end. This segment is expected to create incremental dollar opportunity worth US$ 202.3 Mn during the forecast period.

Future Market Insights tracks the performance of the global automotive steering system market across the key geographies of North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Japan, and Middle East and Africa. As per the forecast of Future Market Insights, APEJ region is estimated to account for maximum share of 38.3% in the overall market by the end of 2017. The market is projected to gain 300 BPS between 2017 and 2027. The market in North America was valued at US$ 5,702.6 Mn by the end of 2016, and is estimated to reach US$ 8,762.7 Mn by the end of 2027. The market is expected to represent an incremental $ opportunity of US$ 2,850.9 Mn between the forecast period.  The automotive steering system market in Western Europe is expected to represent incremental $ opportunity of US$ 3,041.0 Mn between the forecast period.

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The report has included some of the key players operating in the global automotive steering system market such as 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.  Tie-ups with vehicle manufacturers ahead of new model launch, attractive price offering & system upgrades through strategic partnerships and adopting market specific designs to gain competitive advantage remains key differentiating strategies of these key players.

Yogesh

Yogesh Sengar is an experienced digital marketing professional. He tracks the latest trends and happenings in the digital marketing landscape, also offering his opinion on their impact on businesses. He has experience in both B2C and B2B markets. His hobbies include reading books and travelling.