The automotive steering system market is projected to be the largest in Asia-Oceania from 2015 to 2020, owing to the rising demand for automobiles in this region. To cater to this demand, many OEMs as well as Tier-I players have expanded in this region. In addition, economic reforms, increasing population in countries such as India & China, upcoming emission & fuel efficiency regulations, and changing buyer preferences towards economic and technologically advanced vehicles are the key factors driving the advancements in the automotive market of the region. This eventually is estimated to influence the demand of the automotive steering system in the Asian market.
The market is dominated by players such as JTEKT Corporation (Japan), Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), NSK Ltd. (Japan), Nexteer Automotive Group Ltd. (U.S.).
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