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Poor Market Sentiment Affects Sales of Commercial Vehicles during Coronavirus Pandemic

As the ever-evolving SARS-CoV-2 continues to spread with the risk of infecting people with Delta and Delta Plus variants, companies in the commercial vehicle steering column market are adopting contingency planning to predict possible future outcomes. The commercial transportation segment is striving to ensure that the supplies of essential goods are not disrupted. As such, the ongoing COVID-19 pandemic is anticipated to lead to a drop in sales of commercial vehicles due to poor market sentiments.

It has been found that India’s commercial vehicle sector dependency on China is moderate. Such findings are helping companies in the commercial vehicle steering column market to emerge resilient during the unprecedented times. However, the pandemic coupled with financial profiles of fleet operators and price hikes, as the transition to BS-VI emission norms will have an impact on the commercial vehicle sales.

commercial vehicle steering column market infographic

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Electro-hydraulic Steering Systems for Heavy Commercial Vehicles Gain Popularity

Power steering systems are expected to dominate the highest revenue among all steering system types in the commercial vehicle steering column market. The fast-growing challenges in the transportation and logistics industries demand economic solutions. Bosch Mobility Solutions - a comprehensive expertise in vehicle technology with software solutions and services is offering its Servotwin® electro-hydraulic steering system for heavy commercial vehicles.

Companies in the commercial vehicle steering column market are providing speed-dependent steering assistance with active reverse in electro-hydraulic steering systems, which are enabling automated driving functions.

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Bespoke Designs, Low Maintenance of Custom Steering Systems High in Demand

The commercial vehicle steering column market is expected to advance at a modest CAGR of 4.5% during the forecast period. Custom steering systems are bringing a significant change in the commercial transportation and logistics industries. These systems are in high demand in the U.K., since increasing number of people work in the haulage and logistics industry. Pailton Engineering - a global leader in the design and manufacture of commercial & military steering systems, is increasing efforts to incorporate bespoke designs in systems that require low maintenance.

Vehicles working in sub-zero temperatures such as in Canada and those operating in hot climates including the Middle East or Australia have fueled the demand for custom commercial vehicle steering columns.

OEMs to Strengthen Supply Chains with Local Commercial Vehicle Workshops

Commercial vehicles are subject to constant technological development. Manufacturers in the commercial vehicle steering column market are gravitating toward electric-power steering systems. Close co-operation with vehicle manufacturers right from early stage of development ensures efficient adaptation of steering columns as per new vehicle concepts. Thus, to boost credibility credentials, OEMs are increasing their manufacturing in operating cylinders, steering shafts, steering pumps, and bevel gearboxes.

Companies in the commercial vehicle steering column market are realizing that electric-power steering systems are laying the foundation of driver assistance systems in commercial vehicles. OEMs are strengthening their supply chains by supplying components to local commercial vehicle workshops and local production sites with technical know-how. Robust, reliable, and highly accurate steering systems are gaining importance in commercial vehicles.

commercial vehicle steering column market segmentation

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Analysts’ Viewpoint

Since the automotive industry contributes to ~50% of India’s manufacturing GDP, stakeholders in the commercial vehicle steering column market are redesigning their business processes with an extensive use of emerging technologies amid the coronavirus pandemic. The commercial vehicle steering column market is expected to cross US$ 1 Bn by 2032. However, fast-growing challenges in the haulage and logistics industries are increasing market competition. Hence, companies should increase focus on electrohydraulic steering systems and custom steering systems to meet the demanding needs of customers. Compact hydraulic steering systems integrated with mechanical steering gear are ideal for heavy commercial vehicles.

Commercial Vehicle Steering Column Market: Overview

  • The global commercial vehicle steering column market was valued at ~US$ 700 Mn in 2020. It is estimated to expand at a CAGR of 4.5% from 2021 to 2032.
  • Increase in demand for automobiles, rise in demand for electric vehicles among consumers, surge in trend of vehicle electrification in the automobile industry as well as government regulations on emissions and increased fuel efficiency are prominent factors driving the demand for advanced features in vehicles, along with efficient steering column systems

Commercial Vehicle Steering Column: Market Drivers

  • Industrial sectors such as energy, steel, cement, construction, and food & beverage witness significant demand for heavy commercial vehicles for transportation of products such as coal and petroleum steel, cement, sand & gravel and raw material & packaged products. Hence, expansion of these end-use industries has driven the demand for heavy commercial vehicles and subsequently, fuel the commercial vehicle steering column market across the globe.
  • Rise in the number of trade agreements, industrialization, and expansion of supply chains across the globe have boosted the logistics and transportation sector. The American Trucking Association’s data states that in 2019, 72% of the domestic freight in the U.S. was transported by trucks. It also stated that the fleet of operational Class 8 trucks increased by 2% in 2019 and reached a total 3.91 million units. This increase in the number of commercial vehicles due to a rise in logistics and transportation activities is further boosting the global commercial vehicle steering column market.
  • Awareness about the environment is rising as emissions from vehicles are significantly degrading the air quality worldwide. International Energy Agency states that transportation is responsible for 24% of direct CO2 emissions from fuel combustion. It also states that emissions from trucks and buses have risen by around 2.6% annually in the last decade. These concerns about increasing transportation emissions have prompted regulatory agencies of various countries to enact stringent emission norms. Consequently, automakers are integrating new electrically powered steering systems in their vehicles to reduce the load on engine, provide more ease while driving, and to comply with these emission standards.
  • Technological advancements in steering systems have led to the development of more efficient steering column systems that reduce the fatigue of drivers, especially of heavy commercial vehicles who make long trips. Rising popularity of powered steering systems is boosting the global commercial vehicle steering column market in terms of value.

Commercial Vehicle Steering Column Market: Challenges

  • Various market players have introduced steer-by-wire systems that reduce the number of mechanical linkages in steering systems and replace them with electronic control devices. Companies such as TRW Automotive, Cascade Drives AB, and Danfoss have launched their steer-by-wire systems that assist automakers to reduce the overall weight of their vehicles and decrease fuel consumption, which is of vital importance for commercial vehicles. Emergence of steer-by-wire systems is expected to further hamper the demand for commercial vehicle steering columns in in the near future, as the integration of these system increases.

Commercial Vehicle Steering Column: Market Segmentation

  • The global commercial vehicle steering column market has been segmented based on column type, vehicle type, sales channel, steering system, and region
  • Based on column type, the adjustable steering columns segment accounted for a major share of the global commercial vehicle steering column market in 2020. The segment accounted for more than 75% share of the market in 2020. The high share held by the adjustable steering columns segment can be attributable to its increasing adoption by commercial vehicle manufacturers in order to enhance the comfort of their vehicle models. Commercial vehicles usually travel more miles as compared to that traveled by passenger vehicles of light duty vehicles, and the improper position of the steering column can cause discomfort and fatigue of drivers which results in accidents. Therefore, adjustable steering columns are being integrated into commercial vehicles to avoid accidents.
  • Based on vehicle type, the Class 8 (GVWR - above 33,000 pounds) segment accounted for a major share of the global commercial vehicle steering column market in 2020. The segment accounted for more than 55% share of the market in 2020. Consistent expansion of the transport, logistics, mining & construction, and other such industries that require heavy load carrying capacity trucks for transportation of material and goods is driving the sales of Class 8 vehicles. Rise in sales of Class 8 vehicles is fueling the demand for steering columns and subsequently, driving the share held by the Class 8 vehicles segment in the global commercial vehicle steering column market.

Commercial Vehicle Steering Column Market: Regional Analysis

  • Based on region, the global commercial vehicle steering column market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
  • Asia Pacific accounted for a major share of the global commercial vehicle steering column market. Asia Pacific has major presence of developed countries that are home to advanced research and development facilities for steering column systems, which is likely to enhance the use of steering column systems in commercial vehicle across the region. China dominates the commercial vehicle steering column market in Asia Pacific. China is the hub for automotive markets across the globe. High sale and production of commercial vehicles in Asia Pacific is the primary driver for the high demand for commercial vehicle steering columns. Rise in number of industries and construction activities are driving the sale of commercial vehicles in Asia Pacific.
  • The market in Middle East & Africa is anticipated to expand at a significantly high growth rate in the near future due to rise in the demand for commercial vehicles from energy and petroleum industries, which, in turn, is fueling the demand for steering columns

Commercial Vehicle Steering Column Market: Competition Landscape

  • Key players operating in the global commercial vehicle steering column market include
    • Bosch Germany
    • Continental AG
    • Denso Corporation
    • C.O.B.O International
    • Italy
    • HELLA GmbH & Co. KGaA
    • Delphi Automotive PLC
    • NSK
    • Knorr-Bremse AG
    • JTEKET Corporation
    • ThyssenKrupp
    • TRW Automotive
  • Key players operating in the global commercial vehicle steering column market are expanding their presence by engaging in mergers and acquisition activities or by establishing new facilities. For instance, in December 2018, Knorr-Bremse AG acquired the commercial vehicle steering business of Hitachi Automotive Systems, Ltd. in Japan and Thailand. In January 2017, Knorr-Bremse AG completed the acquisition of Kiepe Electric, a supplier of electrical equipment for rail and commercial vehicles. Knorr-Bremse AG acquired tedrive Steering Systems GmbH based in Wulfrath, Germany in June 2016. This acquisition enabled the company to add state-of-the-art steering systems to its portfolio and subsequently, supply customers with highly integrated systems as well as new functionalities in the field of autonomous driving.

Commercial Vehicle Steering Column Market – Scope of Report

Transparency Market Research’s recent report on the commercial vehicle steering column market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the commercial vehicle steering column market analyzes the scenario for the period of 2021 to 2032, wherein, 2020 is the base year and 2018 to 2019 covers historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.

This TMR study on the commercial vehicle steering column market also provides data on the developments made by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the commercial vehicle steering column market gives readers an individual understanding of the market.

Key Questions Answered in This Report on Commercial Vehicle Steering Column Market

  • How much value will the commercial vehicle steering column market generate by the end of the forecast period?
  • Which segment of the market is likely to have the maximum market share by 2032?
  • What are the impact factors and their effects on the market for commercial vehicle steering column market?
  • What regions currently contribute the maximum share to the overall commercial vehicle steering column market?
  • What are the indicators expected to drive the commercial vehicle steering column market?
  • What region is likely to be a lucrative market during the forecast period?
  • What are the essential strategies by key stakeholders in the commercial vehicle steering column market to expand their geographic presence?
  • What are the major advancements witnessed in the commercial vehicle steering column market?
  • How regulatory norms affected the market for commercial vehicle steering column market?

This report answers these questions and more about the commercial vehicle steering column market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.

Commercial Vehicle Steering Column Market – Research Methodology

This TMR report on the commercial vehicle steering column market is based on a complete and comprehensive evaluation of the market backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the commercial vehicle steering column market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the commercial vehicle steering column market arrive at predictions and estimations, and calculate the forecast for the market.

This report uses an analytical triangulation method to estimate the numbers and figures of the commercial vehicle steering column market, with both a bottom-up and top-down approach.

This detailed assessment of the commercial vehicle steering column market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the commercial vehicle steering column market is estimated to expand are based on carefully vetted primary and secondary sources.

Commercial Vehicle Steering Column Market – Segmentation

This report on the commercial vehicle steering column market provides information on the basis of column type, vehicle type, sales channel, steering system, and region.

Column Type
  • Adjustable Steering Columns
  • Non-adjustable Steering Columns
Vehicle Type
  • Class 6 (GVWR - 19,501 to 26,000 pounds)
  • Class 7 (GVWR - 26,001 to 33,000 pounds)
  • Class 8 (GVWR - Above 33,000 pounds)
Sales Channel
  • OEM
  • OES
  • Aftermarket
Steering System
  • Manual Worm & Roller Steering System
    • Power Steering System
  • Manual Recirculating Ball & Nut Steering System
  • Manual Rack and Pinion Steering System
Region
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

This study also discusses the underlying trends and impact of various factors that are driving the commercial vehicle steering column market, along with their influence on the evolution of the market.

This study also offers Porter’s Five Point Analysis, value chain analysis, regulatory scenario, and a SWOT analysis of the commercial vehicle steering column market in order to elaborate the crucial growth tactics and opportunities for market players contributing to the market.

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Commercial Vehicle Steering Column Market

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