Automotive Steering Systems Market Trends Till 2020: Grand View Research, Inc

The automotive steering systems market is poised for steady growth on account of growing emphasis towards incorporation of sophisticated, reliable assisted steering systems in vehicles. Arduous manual steering systems are on the verge of getting obsolete owing to increased importance towards driver comfort. Contemporary steering systems aid in achieving agility and directional stability through the use of several assistance systems.
Growing initiatives directed at achieving fuel efficiency, particularly in Europe and North America, have encouraged the installation of Electric Power Steering (EPS) systems; it is mandatory for automobile manufacturers in these regions to integrate EPS systems in their vehicle models. A surge in eco-friendly initiatives in Asia Pacific and Oceania is expected to bolster EPS systems’ adoption in these regions, although the high cost associated with them may deter their incorporation in several vehicles’ basic low-end versions. Significant price reduction is expected to drive the automotive steering systems market in developing regions. Electrically assisted, hydraulically assisted, and electro-hydraulic assisted automotive steering systems have gained considerable prominence in the market.
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Several automotive steering systems have been equipped with Electronic Stability Program (ESP), and Anti-lock Braking System (ABS). Development of cheaper, less power consuming technologies is expected to significantly aid participants operating in the automotive steering systems market.
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The market is characterized by power concentration towards a handful of established global players. Several small players vie for a sustainable hold over the market. Key industry participants include ZF Lenksysteme, TRW...