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Automotive Steering Systems Market to Expand owing to Increased Demand for Electro-hydraulic Power Steering

Article Description

Automotive steering systems help the driver take control of a vehicle. The primary function of auto-steering systems is to help maneuver the vehicle and avoid any obstacles. Electro-hydraulic, hydraulic power steering, and electronic power steering are the three types of automobile steering systems that offer better mileage and easy operability. An electro-hydraulic power steering system combines the features and advantages of the hydraulic power steering system and the electronic power system. Electro-hydraulic power steering systems offer fuel efficiency and the best maneuverability.

Asia Pacific to Register Maximum Demand for Automotive Steering Systems

Rising prices of fuel have motivated consumers to opt for fuel-efficient vehicles, thus boosting the global automotive steering systems market. Safety features such as anti-lock braking system, electronic steering system, and electronic stability have fueled the global automotive steering systems market in the recent past. The global automotive steering systems market is segmented on the basis of steering systems type, vehicle type, and geography. Based on geography, the global automotive steering systems market is divided into North America, Europe, Asia Pacific, and Rest of the World.

Browse the full Global Automotive Steering Systems Market report at http://www.mrrse.com/automotive-steering-systems-market

In 2014, in terms of revenue, Europe held a dominant position in the global automotive steering systems market, followed by North America. Asia Pacific is expected to be the largest market in the global automotive steering systems market in the years to come. Increasing production of cars in South Korea, China, Japan, and India is predicted to propel the Asia Pacific automotive steering systems market in the coming few years.

TRW Automotive Holdings (U.S.), Hyundai Mobis Co. Ltd (South Korea), Robert Bosch Automotive Steering GmbH (Germany), Nexteer Automotive (U.S.), China Automotive Systems Inc. (China), ZF Friedrichshafen Manufacturing Company (Germany), Mitsubishi Electric Corporation (Japan), Sona Koyo Steering Systems Ltd (India), JTEKT Corporation (Japan), and Thyssenkrupp Presta AG Aktiengesellschaft (U.S.) are some of the leading companies in the global automotive steering systems market.

Electro-hydraulic Power Steering Segment to be the Largest

The rising production of vehicles and growing demand for the easy maneuverability of vehicles has boosted the growth of the leading companies in the global automotive steering systems market. By steering systems type, the global automotive steering systems market is classified into electronic power steering (EPS), hydraulic power steering (HPS), and electro-hydraulic power steering (EHPS). The electro-hydraulic power steering systems segment is the largest contributor to the global automotive steering systems market and is expected to maintain its dominant position in the years to come. The introduction of advanced automotive steering systems from the new companies is predicted to make the global automotive steering systems market highly competitive in the next five years.

High capital requirements and the often prohibitive cost of advanced steering systems are predicted to hamper the growth of the global automotive steering systems market in the years to come. However, an increase in the production of fuel-efficient vehicles is expected to boost the global automotive steering systems market in the coming few years. Based on vehicle type, the global automotive steering systems market can be classified into heavy commercial vehicle (HCV), passenger vehicle, and light commercial vehicle (LCV).