Rapid increase in vehicle parc and automotive production is likely to stimulate the growth of market for automotive steering system across the globe. Developing countries are likely to prove lucrative for the significant growth of market for automotive steering systems in the forthcoming years. Rapid increase in urbanization, per capita growth of income as well as rise in living standards have been contributing towards the production sales of automotive steering system across the globe.
The global market in likely to witness increase in the number of mergers and acquisitions along with development of new production facilities. Apart from this, there would be development of products at affordable prices as well as system upgrades will be developed strategically.
A recent report anticipates that the market for automotive steering system will expand at a moderate 4.3% CAGR over the expected period, 2017-2027, for touching an assessment of approximately US$ 51,270Mn by 2027-end. Companies namely Nexteer Automotive Group Ltd., Hyundai Mobis, ZF Friedrichshafen AG, Robert Bosch Automotive Steering GmbH, ThyssenKrupp AG, JTEKT Corporation and ATS Automation Tooling System Inc. among others are likely to be witnessing a significant growth across the globe. Major players as well as manufacturers are planning to highly focus on the marketing plans such as product effectiveness, innovations as well as advancements together with significant development of their product line.
Nexteer Automotive Group Ltd. Introduces New Manufacturing Facility in Morocco
Nexteer Automotive Group Ltd. recently introduced its new manufacturing facility in Morocco. Key players and manufacturers must note that Nexteer Automotive Group Ltd. has developed this new manufacturing facility for the purpose of producing SPEPS (Single Pinion-assist Electric Power Steering) systems as well as plans for expanding production to driveline products for the upcoming years.
Nexteer Automotive Group Ltd. had mentioned that the new manufacturing facility in Morocco is the company’s first plant in Africa and its 25th plant across the globe. Apart from this, the focal point is that Nexteer Automotive Group Ltd. drives greater responsiveness, efficiencies as well as strengthens relations with the global OEM manufacturers. The new Morocco location will help the company in expanding their geographic operations across Europe and Africa.
Nexteer Automotive Group Ltd. Introduces a New Software Centre for Setting up a Production Plant
Key players and manufacturers must note that Nexteer Automotive Group Ltd. has big plans to open a software Centre, in order to set up a production facility in Chennai. Nexteer Automotive Group Ltd. recently announced that it has plans to open a novel software Centre in the city of Bangalore, thereby setting up a new production plant in Chennai, for the purpose of manufacturing electronic power steering. The new production plant is likely to be begin its operations by the end of 2018, which in turn will stimulate the production sales of automotive steering systems, thereby driving the growth of global market.
Nexteer Automotive Group Ltd. is likely to witness increasing demand for smart software solutions by OEM’s in the near future. Key players and manufacturers must plan on making heavy investments on Nexteer Automotive Group Ltd. for the expansion of their product portfolio and can even plan to enter into collaborations with the leading company.
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