Commercial Vehicle Steering Systems - Global Market Outlook (2017-2026)
According to Stratistics MRC, the Global Commercial Vehicle Steering Systems market accounted at a growing CAGR of 6.5% during the forecast period. Some of the key factors such as minimum wastage of fuel from the consumers and rising demand for comfort driving are boosting the market growth. However, high cost of system is the restraining factor for the market growth. Moreover, gaining popularity of steer-by-wire technology, which electronically steers the vehicle, will provide ample opportunities in the near future.
A Steering System is the line of correspondence between the driver and his vehicle. Function of a directing framework is to guide the vehicle such as managing the movement of the vehicle to avoid any hindrance, take a turn or to go ahead.
By application, light commercial vehicles segment is likely to grow significantly during the forecast period due to the penetration of advanced driver-assisted technologies and several infrastructural developments across the emerging economies. By geography, North America is expected to observe significant growth mainly due to sales of pickup trucks and SUVs in the advanced economies including the US and Canada.
Some of the key players in this market include JTEKT, Bosch, Thyssenkrupp, Knorr-Bremse, ZF Friedrichshafen and Nexteer Automotive.
Steering System Types Covered:
• Electronic Power Steering
• Electro-hydraulic Power Steering
• Hydraulic Power Steering
Sales Channels Covered:
• Original Equipment Manufacturer (OEM)
• Light Commercial Vehicles
• Medium Commercial Vehicles
• Heavy Commercial Vehicles
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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- Market share assessments for the regional and country level segments
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