Global Commercial Vehicle Steering System Market 2019-2023 | 5% CAGR Projection Over the Next Five Years | Technavio
LONDON--(BUSINESS WIRE)--Feb 6, 2020--
The commercial vehicle steering system market size is poised to grow by 6.55 million units during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global commercial vehicle steering system market 2019-2023 (Graphic: Business Wire)
The preference for road transportation for transporting cargo is high in emerging countries such as China and India. One of the main reasons for opting roadways for transporting cargo is the limited number of rail services within the country. The high railway freight, poor last-mile connectivity, and lack of availability of freight trains are also some of the reasons that contribute to the high demand for road transportation. Road transportation covers about three-quarters of the total inland freight in Europe. Such increase in the preference for road transportation is driving the demand for heavy, medium, and light-duty vehicles for transporting freight across the world. This, in turn, is expected to drive the growth of the commercial vehicle steering system market during the forecast period.
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As per Technavio, the continuous advances in automotive steering technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Commercial Vehicle Steering System Market: Continuous Advances in Automotive Steering Technology
Over the years, the automotive steering system market has witnessed several advances in terms of design and integration of safety technologies with steering systems. The emerging trends of electronics in vehicles has encouraged automobile manufacturers to increasingly invest in integrating electronics and safety systems. For instance, Ford is planning to launch an advanced steering technology that will make driving easier and offer more comfort while driving. This new generation steering technology will make vehicles easier to maneuver in narrow roads and at low speeds. Similarly, Nexteer Automotive has developed a new electronic architecture for its EPS systems that integrate new electronic features faster and provide greater functional safety. Such advances are expected to drive the growth of the market during the forecast period.
“Other factors such as the growing pursuit of EHPS in heavy commercial vehicles, and the increasing penetration of steer-by-wire technology will have a positive impact on the growth of the commercial vehicle steering system market value during the forecast period,” says a senior analyst at Technavio.
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Commercial Vehicle Steering System Market: Segmentation Analysis
This market research report segments the commercial vehicle steering system market by application (LCVs and M&HCV) and by region (Americas, EMEA, and APAC).
The Americas led the commercial vehicle steering system market in 2018, followed by APAC and EMEA respectively. The growth of the commercial vehicle steering system market share in the Americas can be attributed to the strong sales of pickup trucks and SUVs in the advanced economies including the US and Canada.
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Five Forces Analysis
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SOURCE: Technavio Research
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PUB: 02/06/2020 02:00 PM/DISC: 02/06/2020 02:00 PM