Asia and Oceania Steering System Market

The Asia-Oceania region is the leader when it comes to automobile steering systems market across the globe in terms of market volume. The market for steering systems is growing in wake of the increasing levels in vehicle production in emerging countries like China, India, Japan and South Korea. The region has a high demand for the mid-segment passenger vehicles as the spending capability of the consumers in the region have increased. This is mainly due to the increasing industrialization, rapid growth in infrastructure development and urbanization in the aforementioned countries has attracted all the major original equipment manufacturers (OEMs) to set up their production plants in the region in order to exploit the emerging market that the region offers and hence increasing the overall steering systems market.

China has been the highest automobile producer in the world and is the largest market in terms of volume. In spite of the largest vehicle production, the Chinese automobile market is still developing as China has a low vehicle penetration of about four vehicles per 100 people. Steering system manufacturers have expanded their facilities or formed joint ventures in China to fulfil the demand. The Chinese government has helped to boost the automotive industry by introducing subsidies and promoting industrialization.

Japan is the second largest market for automobile steering systems in the region due to its high production and technological prowess. The automotive industry in the region was badly hit due to earthquake and flood which reduced the total vehicles production, and since the country is still recovering from the after effects of the same, the steering systems market has also been on a slow growth track as compared to the other countries in the region.

South Korea and India are the third and fourth largest market for steering systems in the region respectively. Both the countries have a high growth rate mainly because they are the emerging economies and the growing demand of vehicles due to the increasing disposable income of the people better fuel efficiency, ride control and others.

The Asia-Oceania Steering systems market was valued at $11.49 billion in 2013, and expected to grow at 7.8% annually. It is projected to reach $16.71 billion by the end of 2018.

It is segmented on the basis of applications and geography.

Key question answered

• What are the market estimates and forecasts for the Asia-Oceania steering systems?
• What are the trends based on the key countries of the region?
• Identification of market dynamics and impact of the same on Asia-Oceania steering systems market
• Analysis of recent developments, alliances, joint ventures, and mergers & acquisitions in the steering systems market in Asia-Oceania region

Audience for this report

• Asia-Oceania Steering systems manufacturers
• Suppliers for steering systems manufacturers
• Traders, distributors, and suppliers in the  steering systems market
• Automobile associations
• Automotive industry as end user industry

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