Automotive Steering System Market Expands as Demand for Smooth Driving Goes Up | Trends, Growth Demand, Opportunities & Forecast 2016 To 2023

 

Market Scope

Market Research Future (MRFR) reveals that that global automotive steering market 2020 can note transcendent change in the coming years, following the study of the growth opportunities and the latest trends. MRFR concludes that the global market can advance at a significant rate between 2016 and 2023, which is considered to be the forecast timeline.

Growth Boosters and Main Barriers

With the blossoming automotive industry, automotive collapsible steering manufacturers are now under constant limelight.  IHS Automotive predicts sale of more than 21 million autonomous vehicles by 2035-end, which can mean that automotive steering can soon emerge as a legacy device. With self-driving cars gaining more and more traction, the importance of steering systems has been a source of hot debate, leading to higher attention on the automotive collapsible steering column market.

In a nutshell, the mounting demand for vehicles, followed by the subsequent expansion of the automotive industry has helped the automotive collapsible steering system market progress considerably in recent years. Several renowned manufacturers are working on developing superior technologies for steering systems, such as control technology, Steer by Wire or SbW, and others. These technologies are being increasingly deployed in the automotive steering system to enhance the overall quality as well as performance.

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Experts note the rising popularity of the SbW technology in the automotive industry, given the host of benefits it offers, including better performance and safety of the vehicle, to name a few. The said technology has successfully replaced the mechanical steering connection that is generally between the wheel on the roads and the wheel in hands with the use of actuators, electronics and algorithms. SbW technology expedites swifter and precise steering response, while also acting as a vibration restraint, which leads to more distance between the vibrations of the driver and the roads. In addition this, the technology also brings down the maintenance cost, weight and helps simplify the design of the autonomous car. The demand for smooth driving in recent years has been boosted by the increasing use of hybrid loader as well as construction machinery worldwide. This factor can push the business growth of automotive steering systems in commercial vehicles.

Market Segmentation

The segments as per which the automotive steering system market has been considered in the report are vehicle type, and drive type.

The vehicle types covered by MRFR analysts in the report are passenger vehicle and commercial vehicle.

The main segments, depending on the drive type, are 4 wheel Drive, Rear Wheel Drive and All Wheel Drive.

Regional Insight

Europe, Asia Pacific (APAC), the Middle East and Africa (MEA), Latin America and North America are the primary regions where the automotive collapsible steering column market size can expand during the review period.

North America ranks among the prominent contenders in the global automotive steering system market, owing to the large number of well-known manufacturers that are investing in research and development to come up with the latest technologies. The market has matured quite favorably on account of the expansive automotive industry and the high sales of vehicles in the region. MRFR experts also expect the race car collapsible steering column market to performing exceedingly well in the region, because of the surge in sports events as well as technological innovations in racing vehicles. Mounting number of sponsors as a result of the rising adoption of motorsport among youth also benefits the overall automotive collapsible steering column industry in the region.

Many of the internationally known automotive companies such as Ford, BMW, Toyota, and Volkswagen are entering emerging markets to expand their business and tap into the opportunities underlying in these regions. APAC is one of these regions, thanks to the rapid surge in vehicle production as well as sale, especially passenger cars and LCV that has led to rapid expansion of the automotive industry. The sale of vehicles has increased considerably as a result of the continuous economic growth, surging per capita income as well as urbanization and the mounting living standards. Backed by these factors, APAC has managed to take the second lead in the global market and can retain its growth rate throughout the appraisal period.

Key Contenders

The key contenders battling it out to gain a higher share in the automotive collapsible steering column market include Sweet Manufacturing, Inc.(U.S.), Schaeffler Technologies AG & Co(Germany), Pailton Engineering(U.K.), NSK Ltd.(Japan), Coram Group (Italy), Nexteer Automotive(U.S.), Robert Bosch GmbH(Germany), JTEKT Corporation(Japan), Douglas Autotech Corporation (U.S.) to name a few.

These companies undertake critical strategic decisions and offer their customers an expansive product portfolio to cater their constantly changing demand. These renowned vendors boast of a large geographic presence and exhaustive R&D, which ensures that they maintain their momentum in the market in the future as well.

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Key Questions Addressed by the Report

• What was the historic market size?
• Which segmentation (Product/ Capacity) is driving market?
• What will be the growth rate?
• How are the key players in this market?
• What are the strategies adopted by key players?

TABLE OF CONTENTS

 

1 EXECUTIVE SUMMARY

 

2 SCOPE OF THE REPORT

2.1 MARKET DEFINITION

2.2 SCOPE OF THE STUDY

2.2.1 DEFINITION

2.2.2 RESEARCH OBJECTIVE

2.2.3 ASSUMPTIONS

2.2.4 LIMITATIONS

2.3 RESEARCH PROCESS

2.3.1 PRIMARY RESEARCH

2.3.2 SECONDARY RESEARCH

2.4 MARKET SIZE ESTIMATION

2.5 FORECAST MODEL

 

3 MARKET LANDSCAPE

3.1.1 THREAT OF NEW ENTRANTS

3.1.2 BARGAINING POWER OF BUYERS

3.1.3 THREAT OF SUBSTITUTES

3.1.4 SEGMENT RIVALRY

3.1.5 BARGAINING POWER OF BUYERS

3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS

 

4 MARKET DYNAMICS

4.1 INTRODUCTION

4.2 MARKET DRIVERS

4.3 MARKET RESTRAINTS

4.4 MARKET OPPORTUNITIES

4.5 MARKET TRENDS

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