Europe Steering System Market

Europe is the second largest market for steering systems across all the major regions. The automotive industry in Europe is currently in recovery phase from the financial crisis that affected the entire region in the year 2009. According to the European Union forecast, the industry will post a positive growth by the year 2014-2015 due to its various efforts such as offering recovery package to the automotive industry, funding for research in areas such as greener combustion engines, electric & hybrid vehicles, and infrastructure, and others.

The major driver for the European steering systems market is the stringent emission as well as fuel efficiency norms. The hydraulic power steering (HPS) and electro-hydraulic steering systems (EHPS) affect the fuel efficiency of a vehicle as more of the fuel is burned and in turn it increases the emission levels of the vehicle. The new Electronic Power Steering (EPS) doesn’t affect the fuel efficiency; in fact it increases the efficiency of the vehicle, which also helps in reduction of emission levels. All these benefits of EPS help the vehicle to comply with the emission norms.

On the other hand one of the major restraints for the steering systems market in the European region is the slow economic growth as it affects the vehicle production in the region to a great extent as the market for steering systems is co-related with the vehicle production,. This drop in the vehicle production in the region is due to the financial crisis of 2009 that affected all the major industries in the region including automobile. Hence, the slow economic growth of the region is a big restraint for the steering systems market as the production levels are growing at a slower pace as compared to other regions across the globe.

The European steering systems market was valued at $5.24 billion in 2013, to grow at 4.3% annually. It is projected to reach $6.48 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 European steering systems?
• What are the trends based on the key countries of the region?
• Identification of market dynamics and impact of the same on European steering systems market
• Analysis of recent developments, alliances, joint ventures, and mergers & acquisitions in the steering systems market in European region

Audience for this report

• European 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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