- Electric-power-assisted-steering market to reach $70 billion
- In Europe, the market will grown nearly 6%
- Suspension control systems forecasted to grow at a CAGR of 9.5%
By 2021, the automotive steering market will reach $42.8 billion, forecasts MarketsandMarkets, growing at a compound annual growth rate (CAGR) of 6.47%.
The market is growing as customers increasing seek driving comfort and fuel-efficient vehicles. However, the market is narrow thanks to the limited load-bearing capacity of electronic power steering and the high cost of power-assisted steering systems.
In 2015, the electric-power-assisted-steering market was worth $29.72 billion, according to Stratistics MRC, with the electric-power-steering segment witnessing the largest market share. The market is forecasted to reach $69.8 billion by 2022, growing at a CAGR of 12.9%.
Fuel efficiency also is helping the market grow. This means a decrease in the hydraulic-power- steering segment which has low fuel efficiency.
In Europe, volume in the steering- and suspension-parts market is forecasted to grow 5.9%, according to GlobalData, while value is anticipated to increase 9.2%.
Volume was up 2.4% between 2012 and 2016, as poor road surfaces and potholes have affected many nations since the Great Recession. During the same period, value increased 7.6%.
The trend is for the use of plastic and corrosion-resistant metals as well as lighter-weight materials. If this trend continues, by 2020, volume is forecasted to increase 5.9% while value grows 9.2%.
The advanced suspension-control-system market is forecasted to grow at a CAGR of 9.5% by 2022, according to Stratistics MRC.
Technological advances that increase the use of electronics in vehicles is contributing to market growth. The key to future growth is suspension technologies.
The largest market share is dominated by the semi-active suspension-system segment. Growth is expected to continue in this segment thanks to the low cost of developing these systems.
The advanced-suspension-control-system market, however, does face some challenges including reliability, lack of standardization, the high cost of repair and replacement, and strict government regulations.
- Low penetration in commercial vehicles is one of the major trends in the electric-power- steering market.
- The European track-control-arm market volume grew 2% between 2012 and 2020, while value increased by 7.4%. By 2020, volume is forecasted to grow 5.9% and be valued 9.4%.
- Between 2012 and 2016, the number of stabilizer link bars sold in Europe increased 2.2% and was valued at 7.2%. By 2020, volume is forecasted to grow 5.9% and be valued at 8.2%.
- The European tie-rod-end market saw volume grow 3.1% and values 9.1% between 2012 and 2016. By 2020, volume is forecasted to grow 5.9% and be valued at 9.5%.
- In the suspension-control market, the passenger car segment are expected to grow at the largest CAGR, especially in Asia-Pacific.
- Europe, the Middle East and Africa account for 46% of the suspension-control market.