Proclivity towards Electronic Power Steering Adoption by OEM Manufacturers to Promote Sales of Global Automotive Steering Market

Fri, 27 November 2020 11:06

The Global market of Automotive Steering is anticipated to develop at an optimistic rate over the forecast period. Increased traction of high-end vehicles amongst the customers is fortifying the market development prospects. Although, the market development is only expected due to increment in the demand from the OEM sector the market development in the aftermarket segment is expected to decline through the forecast years. The use of power steering also provides better control over the automotive vehicles thus, increasing the safety standards for the vehicles. The use of power steering wheels to have better control of the vehicle on sharp turns and urban roads to increase the adoption. The steering wheels are also developed for better handling to minimize accidental fatalities and also a requirement of better traffic regulation by proper driving is a factor expected to compel manufacturers to look for better steering systems. All these prospects stand as a great aid for the market over the slated cause of time.

The development of electronic steering systems (EPS) which impart additional driver safety, convenience and comfort is stirring the market development with positive growth scenario. Additionally, the ability of EPS to enhance implementation of innovative driver assistance systems like Evasive steering support, Parking Assist and Traffic jam assist in increasing traction for the automotive steering market.

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Key Highlights

  • The automotive steering market is expected to grow at a compound annual growth rate (CAGR) of 4.7% during the forecast period.
  • Market of North America is expected to dominate revenue share in the market on the back of exhaustive use of personal automobile vehicles.The encouraging scenario for autonomous driving in developed countries such as U.S. and Canada is also to improve the performance of the automotive steering market.
  • Market of Asia Pacific is estimated to develop with an intense pace in the market, the growth is primarily catered by countries with large in use vehicles fleet and countries which have witnessed influx of manufacturing clusters development. Especially, countries such as China and Japan have established manufacturing clusters to serve to the OEMs operating in the region. Whereas, India has also shown optimistic scenario for the establishment of manufacturing clusters to which are poised to provide growth for the market in the country.
  • Electronic power steering segment is anticipated to garner a substantial growth pace throughout the forecast years due to development of high-performing and electronic technology integrated automated vehicles.

Automotive Steering Market: Segmentation

By Product Type

  • Hydraulic Power Steering
  • Electronic Power Steering
  • Electro-Hydraulic Power Steering

By Vehicle Type

  • Passenger Vehicle
  • Light Commercial Vehicle
  • Heavy Commercial Vehicles
  • Electric Cars
  • Hybrid Vehicles

By Sales Channel

  • Original Equipment Manufacturer (OEM)
  • Aftermarket

By Region

North America

  • The U.S.
  • Canada
  • Mexico

Europe

  • The U.K.
  • Italy
  • France
  • Spain
  • Germany
  • The Rest of Europe

The Middle East and Africa (MEA)

  • Saudi Arabia
  • Egypt
  • South Africa
  • The Rest of MEA

Asia-Pacific

  • India
  • China
  • Japan
  • Australia
  • South Korea
  • The Rest of Asia-Pacific

South America

  • Columbia
  • Chile
  • Peru
  • Argentina
  • The Rest of South America

" Crucial Insights The Report Provides:"

* Known and Unknown Adjacencies Influencing the Growth of Market

* Explorable Revenue Sources

* Customer Behaviour Analysis

* Target Partners

* Customized Geographical Data Based on Customers as well as Competitors

* Analysis of Market Size and CAGR between the Forecast Periods

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