Boston, MA -- (SBWIRE) -- 09/08/2015 -- Fast Market Research announces the availability of Technavio's new report "Global Automotive Steering System Market 2015-2019" on their comprehensive research portal.

Automotive steering systems have evolved from being rigid to being more flexible, technologically advanced and reliable, smooth, and easy to use. Present day automotive steering systems provide enhanced stability and agility. Rising demand for automobiles is also contributing to market growth. Furthermore, the introduction of steer-by-wire technology in automotive steering systems is expected to propel market growth.

Technavio's analysts forecast the global automotive steering system market grow at a CAGR of 5.89% over the period 2014-2019.

Get More Details on this Report and a Full Table of Contents at Global Automotive Steering System Market 2015-2019

Commenting on the report, an analyst from Technavio?s team said: ?Automobile manufacturers and consumers are shifting their focus to more-efficient, safer and smarter, and small and lightweight (small and less weight means reduced fuel consumption, in turn reducing emissions) automotive steering systems. With continuous developments in technology and the growing demand for safe driving, automotive steering system manufacturers have started developing steer-by-wire technology, which in turn is paving the way for autonomous automobiles.?

According to the report, the automotive industries in emerging markets such as India, China, and Mexico are growing steadily, which is increasing the demand for automotive steering systems. Continuous improvements in the economic conditions in emerging markets have enhanced the financial status of people, which has increased the demand for and production of automobiles in these markets.

Further, the report states that the high cost associated with the designing, development, and maintenance of steering system technologies and systems such as sensors and radars has increased the price of steering systems. This increase in price hampers the adoption of technologically advanced steering systems such as EPS and EHPS (having both electronic and mechanical features), restricting their adoption to premium vehicles.

The key players in the Global Automotive Steering System Market are JTEKT Corp., Mando Corp., Nexteer Automotive, NSK Ltd., Robert Bosch GmbH (Robert Bosch Automotive Steering GmbH) and ThyssenKrupp Presta AG while other prominent vendors include Anhui Finetech Automobile, Atmel Corp., AVIC-Xinhang Yubei Steering System Co., Ltd, China Automotive Systems Inc., Chongqing Changfeng Machinery Co., Ltd, Denso Corp., Douglas Autotech Corp., Fawer Automotive Parts ltd. Co., Guangzhou New Air Autoparts Co. Ltd., Hitachi Automotive Systems Ltd., Hubei Tri-Ring Motor Steering Gear Co. Ltd., Jiangmen Xingjiang Steering Gear Co. Ltd., Mitsubishi Electric, Showa Corp, Tianjin Jinfeng Automobile Chassis Parts Co., Ltd., Zhejiang Shibao Co. Ltd., Zhejiang Wanda Steering Gear Co., Ltd and Zhuzhou ELITE Electro Mechanical Co., Ltd

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