Automotive Power Steering Systems Market Size and Share 2018: Robert Bosch Autom

Posted by akshayparmar on September 14th, 2018

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. [Continue Reading]

Market Insights

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. [Continue Reading]

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.

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.

Key Trends

  • 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

About us:

Credence Research is a worldwide market research and counseling firm that serves driving organizations, governments, non legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives. Over almost a century, we've manufactured a firm extraordinarily prepared to this task.

Who we are

Credence Research is a worldwide firm, containing more than 15 research consultants and almost 100 research and information professionals.

Our customers mirror our worldwide nature. Around 45% are in Europe, 30% in the Americas, 13% in Asia Pacific and 12% in the Middle East and Africa. 

Our firm is intended to work as one. We are a solitary global research organization united by a solid arrangement of qualities, concentrated on customer effect.

Contact Us:

Credence Research Inc.

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United States

Email:

sales@credenceresearch.com


akshayparmar

About the Author

akshayparmar
Joined: July 31st, 2017
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