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Strategic Analysis of the North American Steering Gears Aftermarket
Frost & Sullivan, June 2010, Pages: 71
This is a powerpoint based research service. This research service provides strategic analysis of the North American steering gears aftermarket, with particular focus on remanufactured and new steering gears aftermarket. Industry challenges that affect the market broadly are discussed. Key market drivers and restraints for steering gears at the total level are outlined. Unit shipment and revenue forecasts to 2016 are presented at the total level and product type wise. The competitive situation is comprehensively analyzed, pricing analysis, analysis of the distribution channel participants, and market share of manufacturers are presented.
This Frost & Sullivan research service titled Strategic Analysis of the North American Steering Gears Aftermarket provides industry challenges, top market drivers and restraints, unit shipment, and revenue forecasts till 2016 at the total level and product wise. It also presents the competitive situation, distribution channel analysis, and market share of manufacturers. In this research, Frost & Sullivan's expert analysts thoroughly examine the following new and remanufactured steering gears aftermarkets: hydraulic power steering (HPS), electronically powered hydraulic steering (EPHS), electric power steering (EPS), and manual steering gears (with no hydraulic or electric assistance).
Prevalence of Foreign Brand Vehicles Generates Demand for their High-priced Replacement Steering Gears
The rise in the number of foreign brand vehicles in North America has boosted the revenues of the steering gears aftermarket, as the steering gears of such vehicles, on an average, cost $60-$150 more than domestic brand vehicles’. Manufacturers can make the most of this trend by increasing their stock keeping units (SKUs) to cover foreign brand vehicles. In fact, the foreign brand vehicle share is forecast to increase from 37.2 percent in 2009 to 46.2 percent in 2016. “The higher new original equipment (OE) unit prices and raw material costs, as well as the scarcity-induced spurt in core costs justify these steering gears heavy price tags,” says the analyst of this research.
In the domestic brand segment, overcapacity and oversupply of rack and pinions provide customers with a wide range of options. Therefore, price becomes the most dominant purchase factor for remanufactured rack and pinion steering gears, threatening to relegate it to a commodity market. However, new rack and pinions, which typically cost 40 percent to70 percent more than remanufactured parts, could be prohibitively expensive to some consumer segments. Furthermore, remanufactured parts are better made and have 70 percent of the life of a new part. The aftermarket is also likely to get a leg up due to the expansion of light truck and passenger car population.
“Overall, basic HPS will continue to dominate the market but will gradually lose ground to expensive new technologies such as EPS and EPHS,” notes the analyst. “EPHS will be in great demand because they last longer and are more efficient, while EPS units will find the biggest uptake in the new category, as a greater number of late model vehicles are being installed with these systems.” High price of these systems is expected to ensure a healthy revenue growth rate for the aftermarket.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
Remanufactured steering gears
New steering gears
- Hydraulic power steering (HPS)
- Electronically powered hydraulic steering (EPHS)
- Electric power steering (EPS)
- Manual steering gears (with no hydraulic or electric assistance)
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