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Global Commercial Vehicle Steering System Market 2019-2023 | 5% CAGR Projection Over the Next Five Years | Technavio

February 6, 2020 GMT
Global Commercial Vehicle Steering System Market 2019-2023 | 5% CAGR Projection Over the Next Five Years | Technavio
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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Some of the key topics covered in the report include:

Market Landscape

Market Sizing

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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CONTACT: Technavio Research

Jesse Maida

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Website:https://www.technavio.com/

KEYWORD:

INDUSTRY KEYWORD: AUTOMOTIVE GENERAL AUTOMOTIVE

SOURCE: Technavio Research

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PUB: 02/06/2020 02:00 PM/DISC: 02/06/2020 02:00 PM

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