Published Date : Apr 05, 2016
Steering systems in automobiles help the driver maneuver the vehicle swiftly or as desired to divert from obstacles or for a smooth drive. In the past few years, rising fuel prices and safety concerns have triggered a huge demand for improved steering systems in all types of vehicles.
The global automotive steering systems market is segmented on the basis of types of vehicles into light commercial vehicles (LCV), heavy commercial vehicle (HCV), and passenger vehicles. Based on the types of steering systems, this market is segmented into electro-hydraulic power steering (EHPS), electronic power steering (EPS), and hydraulic power steering (HPS). Geographically, this market is segmented into Europe, North America, Asia Pacific, and Rest of the World.
Automotive Steering Systems to be Driven by Passenger Vehicles
Out of all the types of vehicles, automotive steering systems will largely be used for passenger vehicles due an increasing demand for these types of vehicles in budding economies of India, Japan, and China. Amongst the types of steering systems, the electronic power steering systems will be in a huge demand as they are easy to operate and offer better mileage when compared to hydraulic power steering. However, electro-hydraulic power steering does offer improved fuel efficiency and flexibility and it comes with combined advantages of electronic power steering and hydraulic power steering. The rising fuel prices are expected to propel the demand for fuel-efficient vehicles, which in turn is expected to lend an impetus to the electro-hydraulic power steering systems. The demand for electronic power and electro-hydraulic power steering systems is also on the rise as they offer anti-lock braking system (ABS) and electronic stability control (ESC).
Europe to Dominate Overall Market
Geographically, Europe dominated the overall automotive steering systems market due to higher purchasing power of the customers. North America followed this trail closely. However, the automotive steering systems market is expected to witness a retarded growth in both these regions in the coming years due to market saturation.