Albany - NY, Aug. 5, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Automotive Steering Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2021," the automotive steering systems market was valued at USD 24.55 Billion in 2014, which is expected to reach USD 39.13 Billion by 2021, growing at a CAGR of 6.2% from 2015 to 2021.
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Exponential growth of the automobile sector in the recent years has positively supported the growth of the automotive steering systems market globally. Moreover, the added fuel efficiency derived from using Electronic Power Steering and Electro-Hydraulic Power Steering systems in vehicles have mainly aided to the growth of advanced steering systems globally. The growth of automotive sector in the emerging markets is also driving the market of automotive steering systems.
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By types, passenger vehicle segment held the largest market share in the automotive steering systems market in the year 2014 because of the high demand of passenger vehicle globally. With rise in the vehicle financing market, more consumers are able to afford passenger vehicles primarily in India, China and Brazil. The affordability of passenger vehicles due to the above mentioned factors are driving the growth of the passenger vehicle segment.
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Among the three steering systems types, Electronic Power Steering Systems (EPS) held the largest market share in 2014 and accounted for 37.4% market share globally. Electronic Power Steering system accounted for the largest market share because they tend to deliver more mileage than hydraulic power steering system fitted vehicles and better maneuverability. Electro-Hydraulic Steering Systems combine the advantages of Electronic Power Steering and Hydraulic Power Steering such as better road feedback than Electronic Power Steering and better fuel efficiency than Hydraulic Power Steering. The above mentioned reason is fueling the demand for automotive steering systems across the world.
Other Reports Published by Transparency Market Research :
- Automotive Crankshaft Market: http://www.transparencymarketresearch.com/automotive-crankshaft-market.html
- Automotive Tire Market: http://www.transparencymarketresearch.com/automotive-tire-market.html
- Automotive Chassis Systems Market: http://www.transparencymarketresearch.com/automotive-chassis-systems-market.html
In 2014, Europe held the largest market share in the automotive steering systems market. Asia Pacific is expected to witness highest growth because of the increasing production of vehicles and high purchasing power of the consumers. North America and Europe is expected to witness stable growth during the forecast period of 2015 - 2021.
Browse Upcoming Market Research Reports:
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TRW Automotive Holdings (U.S.), JTEKT Corporation (Japan), Robert Bosch Automotive Steering GmbH (Germany) and Nexteer Automotive (U.S.), among others are some of the key players in the automotive steering systems market.
The market has been segmented as follows:
Global Automotive Steering Systems Market: By Vehicle Type
- Heavy Commercial Vehicle (HCV)
- Light Commercial Vehicle (LCV)
- Passenger Vehicle
Global Automotive Steering Systems Market: By Steering Systems type
- Electronic Power Steering (EPS)
- Electro-Hydraulic Power Steering (EHPS)
- Hydraulic Power Steering (HPS)
The report provides cross-sectional analysis of all the above mentioned segments with respect to the below mentioned regions:
Global Automotive Steering Systems Market: By Geography/ Country
- Rest Of Europe
- South Korea
- Rest Of Asia Pacific
Rest of the World
- South America
- Middle East
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research