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Global Automotive Steering Gearbox Market 2019-2023 | Development of Magnetic Torque Overlay to Boost Demand | Technavio

January 2, 2019

LONDON--(BUSINESS WIRE)--Jan 2, 2019--The global automotive steering gearbox market is expected to post a CAGR of over 9% during the period 2019-2023, according to the latest market research report by .

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Technavio has published a new market research report on the global automotive steering gearbox market from 2019-2023. (Graphic: Business Wire)

A key factor driving the growth of the global automotive steering gearbox market is the increasing adoption of electric power steering. Along with the increasing demand for convenience and comfort, there is an increase is the need to improve fuel efficiency of vehicles. This has brought about several developments in the automotive industry such as electric power steering and steer-by-wire systems. As electric power steering systems are highly fuel-efficient, their adoption rate is increasing, especially in passenger cars. Therefore. the growing adoption of automotive electric power steering systems will fuel market growth.

This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period.

This report is available at a USD 1,000 discount for a limited time only:

In this report, Technavio highlights the development of magnetic torque overlay as one of the key emerging trends in the global automotive steering gearbox market:

Global automotive steering gearbox market: Development of magnetic torque overlay

The developments in advanced driver-assistance systems (ADAS) have paved the way for the emergence of electric power steering as these safety systems require this component for efficient functioning. However, owing to the requirement of greater power, incorporating electric power steering in heavy-duty trucks has become a challenge, which has made hydraulic power steering systems ideal options. Although this limitation is hindering the deployment of ADAS in heavy-duty trucks, the development of magnetic torque overlay (MTO) has resolved this hurdle. MTO consists of a hydraulic power steering gear equipped with an integrated electromagnetic actuator with additional pressure sensing hardware, electronic module, and additional software. More advancements of this technology are expected to positively influence the global automotive steering gearbox market in the near future.

“Apart from the increasing adoption of electric power steering, factors such as the growing demand for high torque and performance in trucks, and the increasing demand for automobiles will fuel the growth of the global automotive steering gearbox market during the forecast period,” says a senior analyst at Technavio.

Global automotive steering gearbox market: Segmentation analysis

This market research report segments the global automotive steering gearbox market by application (electric power steering, hydraulic power steering, and electro-hydraulic power steering) and geographical regions (APAC, EMEA, and the Americas).

The APAC region led the market in 2018, followed by EMEA and the Americas respectively. Although the Americas region held the smallest share of the market in 2018, it is expected to register the highest incremental growth during the forecast period.

Looking for more information on this market?

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

Market ecosystem Market characteristics Market segmentation analysis

Market Sizing

Market definition Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Regional comparison Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

Vendors covered Vendor classification Market positioning of vendors Competitive scenario

About Technavio

is a leading global technology research and advisory company. Their research and analysis focus 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 10,000 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.

If you are interested in more information, please contact our media team at .

View source version on businesswire.com:https://www.businesswire.com/news/home/20190102005343/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD: EUROPE ASIA PACIFIC NORTH AMERICA SOUTH AMERICA AFRICA MIDDLE EAST

INDUSTRY KEYWORD: MANUFACTURING AUTOMOTIVE MANUFACTURING AUTOMOTIVE PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES GENERAL AUTOMOTIVE

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 01/02/2019 10:40 AM/DISC: 01/02/2019 10:40 AM

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