According to a new market research report published by Credence Research “Automotive Power Steering Systems Market (Product Type – Hydraulic Power Steering (HPS), Electric Power Steering (EPS) and Electro-Hydraulic Power Steering (EHPS); Vehicle Class – Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV) and Off-road Vehicles; End-market – OEMs and Aftermarket Sales) – Growth, Future Prospects and Competitive Analysis, 2017 – 2025”, the global automotive power steering systems market is estimated to hit US$ 35 Bn by 2025.
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The automotive power steering systems have undergone rapid advancement since the past few decades. Consistently rising automotive sales worldwide has forced the automotive vehicles as well as components manufacturers to introduce advanced auto parts so as to make driving more comfortable, safe and efficient. This has steadily led to reduced use of manual steering systems. Today, most of the vehicles manufactured worldwide are installed with power steering systems, leading to strong demand from the automotive industry.
The overall automotive power steering systems market is primarily driven by the consistently rising automotive industry worldwide. The automotive industry, especially in developed economies like North America and Western Europe witnessed a gradual slowdown in the beginning of this decade owing to unstable economic conditions. However, with financial markets showing economic stability, the automotive industry in these regions is poised to regain its original growth levels, offering the necessary push to the market growth, especially during the first half of the forecast period. This, in turn is expected to have positive impact of the growth of the automotive power steering systems market.
Even though the economic instability had relatively less effect on the Asia Pacific automotive industry, the automotive market experienced moderately sluggish growth during the slack period. Apart from China, all other leading markets including India, Japan, Indonesia and Thailand exhibited inconsistent growth in automotive production during the period 2011 – 2016. However, each of these countries witnessed a positive growth rate in production between 2011 and 2016.
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The overall automotive power steering systems market is categorized on the basis of steering type, vehicle class and end market. Based on the steering types, the market is classified into hydraulic power steering (HPS), electric power steering (EPS) and electro-hydraulic power steering (EHPS) system. The market is categorized, based vehicle class, into passenger cars, light commercial vehicles (LCV), heavy commercial vehicles (HCV) and off-road vehicles. As of 2016, the market is led by the passenger vehicles segment, accounting for more than forty percent of the total market revenue generated worldwide. Further, on the basis of end-markets, the market is segmented into original equipment manufacturers (OEMs) and aftermarket sales.
- Growing efforts towards development of steer-by-wire steering systems
- Developing steering systems for off-road vehicles
- Introduction of electronic elements for enhanced vehicle control