Automotive Steering System Market: Automotive Giants Endorsing Adoption of EPS Systems

Posted on 2019-02-15 by Mark Hub in Automotive // 0 Comments

Rockville, USA, 2019-Feb-15 — /EPR Network/ — Frequent fluctuations in commodity prices, prevailing sales of vehicles delivering smooth traction, and tightening regulatory standards regarding passenger safety are collectively driving the global scenario of automotive steering system market. North American and European automotive industries anticipate brisk adoption of EPS (electric power steering), rear-axle or all-wheel-steering (AWS), and SbW (steer-by-wire), which is foreseen to provide a strong push to the growth of automotive steering system market globally. The US and Canadian automotive steering system markets recorded a combined revenue of over US$ 7 Bn in 2017, whereas Europe’s market for automotive steering system is presumed to register steady expansion over the next few years.

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A recent intelligence outlook published by Fact.MR predicts steady growth for the global automotive steering system market over 2017-2022. A stable compound annual growth rate has been estimated for the global automotive steering system market for the next five-year period. As indicated by the report on the automotive steering system at a global level, the roughly US$ 30 Bn vertical for automotive steering system market will possibly equate the valuation of US$ 40 Bn by 2022 end. The global automotive steering system marketplace continues to transform with dramatic technological advancements directed to improved automotive steering systems that allow drivers to achieve effortless and risk-less maneuvering.

“New demands raised by the emergence of fully or partially autonomous vehicles and electric vehicles will continue to influence the automotive steering system space over the next few years,” says a senior research analyst with an expertise in the automotive domain, at Fact.MR.

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Electric Powered Automotive Steering System Taking over Hydraulics

The quest for reduced complexity and costs will continue to compel OEMs to switch from hydraulic automotive steering system to electric automotive steering system. Moreover, manufacturers are increasingly inclined towards achieving high efficiency, and thereby preferring electric automotive steering system over hydraulic automotive steering system. Although hydraulics have been considered ideal for amplified steering efforts for parking and maneuvering vehicle through heavy traffic, they tend to undermine both the engine power and fuel economy. Electric automotive steering system on the flipside helps achieve high fuel efficiency, and reduced vehicle weight and costs – offering assistance at lower as well as higher vehicle speeds and in all driving modes, including sports.

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Maximum sale of automotive steering system is anticipated to be through OEMs, as the number of automotive steering system replacement instances is negligible – forestalling the growth of the aftermarket segment in the automotive steering system market. The estimated revenue generation through OEMs is expected to account for a substantial incremental value for the global automotive steering system market through 2022. Regional analysis of the global automotive steering system market uncovers that a majority of manufacturers are focusing on strengthening their footprint in Asia Pacific excluding Japan (APEJ), looking at its whopping one-third value share in the global automotive steering system market.

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Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that’s why we publish multi-industry global, regional, and country-specific research reports.

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