Automotive Rear Axle Steering System Market: Introduction
- Rise in demand for safety of vehicle passengers as per government mandates is expected to propel the global automotive rear axle steering system market. When a vehicle is equipped with a rear axle steering system, it transforms a vehicle into all wheel steering or four-wheel steering vehicle. In terms of steering, four-wheel steering vehicles offer multiple benefits over front wheel steering vehicles such as increased safety during turning, reduced steering angle, and reduced steering response time.
Key Drivers of Automotive Rear Axle Steering System Market
- Increase in demand for comfortable and safe vehicles across the globe is expected to be a key factor boosting the global automotive rear axle steering system market. The rear axle steering system offers enhanced stability and enables the driver to avoid potholes and high winds while driving with minimal swaying of the vehicle.
- Additionally, the rear axle steering system enables the driver to easily cross over to the next lane with minimal turning efforts during lane change. With the rear axle steering system, there is no need for the driver to accelerate during lane change to maintain vehicle speed.
- The automotive rear axle steering system can improve the safety rating of a vehicle and minimize the probability of an accident due to rollover or instability. New vehicles equipped with the rear axle steering system can respond faster when turning and switching lanes.
- Furthermore, rear axle steering system enables the vehicle to turn the rear wheels in the opposite direction of the front wheels, which enables the driver to complete smaller circular turns at lower speeds. All the factors mentioned above are expected to increase the adoption of the rear axle steering system in automobiles in near future and consequently, drive the global rear axle steering system market.
Automotive Rear Axle Steering System Market: Restraint
- The rear axle steering system enhances the safety of the vehicles; however, the cost vehicles is high and therefore, this technology is generally integrated in premium and mid-end vehicles. Additionally, the rear axle steering system increases the number of components in the entire steering system of the vehicle and therefore, requires more time for steering calibration as compared to the traditional steering system, accompanied by additional calibration cost. This additional cost is expected to increase the periodic maintenance cost of the vehicle, thereby hampering the global automotive rear axle steering system market during the forecast period.
- Vehicles integrated with rear axle steering system are considered as four-wheel steering vehicles. Vehicles with four-wheel steering systems have numerous of interdependent mechanical and electrical components. In case of malfunction of any component in the four-wheel steering system, the entire steering system could be compromised. Moreover, four-wheel steering systems are more complex and therefore, require additional cost and more time to finish repairs. This, in turn, is expected to hamper the global automotive rear axle steering system market during the forecast period.
Europe to hold prominent share of global automotive rear axle steering system market
- In terms of region, the global automotive rear axle steering system market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa.
- Europe has presence of several economically stable countries. Majority of key automotive OEMs and aftermarket players including major automakers have strong presence across Europe. Additionally, automotive research institutes across Europe are solely committed to improve automobile safety, performance, and vehicle efficiency to improve the overall dynamics of the vehicle. Therefore, Europe is expected to witness increased demand for automotive rear axle steering systems compared to that in other regions.
- Additionally, several automakers in Europe are promoting the automotive rear axle steering system owing to its advantages over traditional steering system in vehicles, which is likely to boost the automotive rear axle steering system market in the region
Key Players Operating in Automotive Rear Axle Steering System Market
The global automotive rear axle steering system market is highly concentrated owing to the presence of top manufacturers. A few key players operating in the global automotive rear axle steering system market are:
- Automakers –
- BMW AG
- Mitsubishi Motors
- Automobili Lamborghini S.p.A
- Mazda Motor Corporation
- Porsche AG
- Toyota Motors
- Ferrari S.p.A.
- Honda Motor Company, Ltd.
- Groupe Renault
- Manufacturers –
- Robert Bosch GmbH
- ThyssenKrupp AG
- Hyundai Mobis Co. Ltd.
- ZF Friedrichshafen AG
- Hitachi Automotive Systems, Ltd.
Global Automotive Rear Axle Steering System Market: Research Scope
Global Automotive Rear Axle Steering System Market, by Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicle
Global Automotive Rear Axle Steering System Market, by Component
- Electric motor
- Oil tank with pump
- Steering cylinder
- Valve system
Global Automotive Rear Axle Steering System Market, by Region
- North America
- Nordic Countries
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
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