Steering & Suspension Parts Market Projected to Exceed $6.5 Billion by 2010, According to New Report by Global Industry Analysts, Inc.
Growing trend towards electric power steering systems, fuel efficiency and safety concerns are expected to bolster market growth. Driven by favorable trends, the market is expected to reach US$6.5 billion by 2010.
San Jose, California (PRWEB) July 18, 2007 -- Market dynamics in steering and suspension parts depend upon vehicle production as well as replacement demand. The auto industry is experiencing a transformation in terms of use of power steering technology. Hydraulic systems, the predominantly used type, face a decline as electronic versions make significant inroads into the market. Greater fuel efficiency and safety continue to drive uptake of electrical systems and away from conventional steering systems. The trend reflects the broader trend towards higher electronic content per vehicle.
Europe is the largest market worldwide, worth an estimated US$1.54 billion in 2007. United States is the second largest market followed by Japan at third position. Europe, US and Asia (including Japan) collectively account for over 80 percent of the global steering & suspension parts market. The global and regional markets are expected to grow at CAGRs ranging between 2% and 6% through 2010. The market for rack and pinion steering gears is estimated at US$1.31 billion in 2007. Ball joints market is projected to grow at a CAGR of 3.08% through 2010. The market for tie rod assemblies is expected to exceed US$2 billion by 2010.
The global marketplace is characterized by participants such as Arvinmeritor Inc., Cardone Industries Inc., Dana Corp., Delphi Corp., Denso Corp., Federal-Mogul Corporation, Fenwick Automotive Products Ltd., Hayes Lemmerz International Inc., JTEKT Corporation, SKD Automotive Group, SOGEFI S.p.A., Tenneco Inc, Tower Automotive, Inc., TRW Automotive Inc., Visteon Corp., and ZF Friedrichshafen AG.
"Steering & Suspension Parts: A Global Strategic Business Report" provides a comprehensive review of market trends, product profile, players, competition, recent developments, mergers, acquisitions, and other strategic industry activities. Analysis is presented for major geographic markets such as United States, Japan, France, Germany, the UK, Italy, Spain, Asia, Latin America and rest of world countries. Historic and current and future analytics are provided for product markets including (Rack and Pinion Steering Gears, Ball Joints, Tie Rod Assemblies, Steering Pumps, and Other Steering and Suspension Parts).
For more details about this research report, please visit www.strategyr.com/MCP-1048.asp.
About Global Industry Analysts, Inc.:
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs over 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of over 60,000 smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Telephone 408-528-9966
Fax 408-528-9977
Web Site www.StrategyR.com
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