Mumbai, Maharashtra, India
Supported by rising demand for passenger vehicles, the total market for steering systems in China will register strong year on year growth. In this scenario, advanced technologies such as electronic power steering (EPS) systems, which offer benefits such as adaptive steering and greater fuel economy, will gain significant market share.
Frost & Sullivan (http://www.automotive.frost.com) finds that the Chinese Steering Systems Markets earned revenues of $563.3 million in 2005 and estimates it to reach $1,219.5 million in 2012.
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"Anticipating the promising future of advanced technologies such as EPS, more suppliers will start its mass production in China," notes Frost & Sullivan Research Analyst Arden Dai. "Backed by foreign assistance, some suppliers have already mastered the design and development of this technology even as a supply chain will soon be available."
However, the high cost of EPS systems, including column electronic power steering systems (CEPS), pinion electric power steering systems (PEPS) and rack electric power steering systems (REPS), will restrain adoption levels.
"The lack of a complete and mature supply chain will pose another hurdle to the more widespread adoption of EPS," cautions Mr. Dai. "For instance, the ECU and torque sensor developed by local suppliers is still immature and is mainly dependent on imported products, which ultimately increase system costs."
From a competitive standpoint, the shift from mainstream manual steering (MS) and hydraulic power steering (HPS) technologies to newer ones such as EPS holds growth potential for current suppliers and new entrants as well. Moreover, the emergence of these new technologies holds promise for both system and component suppliers.
"The expected localization of new steering technology opens a window for component suppliers in China," says Mr. Dai. "Moreover, the localization of EPS technology and increased production volumes could bring down prices in the next three to five years."
Strategic Analysis of Chinese Steering Systems Markets is part of the Automotive & Transportation Subscription which also includes research in the following markets: Strategic Analysis of the Advanced Steering Systems Markets in Europe and North America; Strategic Analysis of the Japanese Advanced Steering Systems Markets; Strategic Analysis of Chinese Powertrain Markets. All research included in subscriptions provides detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics. For more information, visit http://www.frost.com.
Strategic Analysis of Chinese Steering Systems Markets
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Ravinder Kaur, Corporate Communications - South Asia & Middle East, Frost & Sullivan, + 91 (044) 4204 4515 ravinder.kaur@frost.com
Surbhi Dedhia, Corporate Communications - South Asia & Middle East, Frost & Sullivan, + 91 (022) 4001 3431 sdedhia@frost.com
Source: Frost & Sullivan (Business Wire India)
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