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Automotive Steering Systems Market Worth $32.4 Billion by 2018 – New Report by MarketsandMarkets
Date:8/15/2014

ering systems market in these regions to grow at a good pace in the coming years. The Asia-Oceania region is expected to grow at a CAGR of 7.47% over the period from 2013 to 2018.

EPS Systems: Fuel Efficient Technology

As fuel prices have increased along with the demand for automobiles, measures have been taken to preserve these non-renewable sources of energy. Various regulations regarding emissions and fuel efficiency are implemented which has resulted in automotive manufacturers constantly innovating and implementing better technologies to comply with these norms. Recent developments in steering system technologies have focused on helping to increase the fuel efficiency of the vehicle along with providing comfort to the driver. Electronically Powered Steering (EPS) offers better fuel efficiency as they are lighter in weight as compared to its peers, and do not use the power from engine to function. Owing to stringent emission standards and fuel economy regulations, EPS has been adopted widely in developed economies of North America and Europe. In the coming years, due to the number of benefits offered by the EPS systems, the adoption rate is expected to rise at a good pace in the regions of Asia-Oceania and ROW.

The report encompasses Automotive Steering Systems Market in terms of volume ('000 Units) and value ($million) across regions such as Asia-Oceania, Europe, North America and Rest of the World (ROW). It explains the qualitative and quantitative aspects of steering systems industry with respect to technological advancements, which have taken place till now. Apart from geographic segmentation, the report also covers the steering system segmented by type of steering system, vehicle type, and by safety features.

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