Commercial Vehicle Steering Market: Introduction
- Steering is an important mechanism in handling of vehicles. It converts the driver’s input in form of the steering wheel rotation into a swiveling movement of the wheels, thus allowing the driver to handle and steer the vehicle.
- Steering systems for commercial vehicles are either entirely mechanical or assisted by additional source of power (hydraulic and electric)
Key Drivers of Commercial Vehicle Steering Market
- Growth in globalization has led to an increase in trade activities. Global trade activities are rising significantly. This rise in trade activities has boosted the demand for commercial vehicles for transportation of goods. According to the International Organization of Motor Vehicle Manufacturers, the sale of commercial vehicles increased from 26 million in 2018 to 27 million in 2019 across the globe. This rise in sale of vehicles amid the growth in trade activities is boosting the global commercial vehicle steering market.
- The global commercial vehicle steering market is witnessing rapid transformation with the emergence of power assisted steering systems. These new steering systems enable reduction of CO2 emissions. They also help lower driver fatigue and exertion caused by mechanical steering and provide many other such benefits. These benefits are encouraging commercial vehicle manufacturers to incorporate these advanced systems in their vehicle models. Thus, benefits of power assisted steering systems are boosting the commercial vehicle steering market across the globe.
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Challenges in Commercial Vehicle Steering Market
- Price and aftermarket maintenance of these systems has been increasing owing to the growth in advancements in commercial vehicle steering technology. OEMs are struggling to control the cost of these new steering systems and reduce the complexity for easier maintenance.
Impact of COVID-19 Pandemic on Commercial Vehicle Steering Market
- Production and sale of vehicles has declined during the COVID-19 pandemic. This has adversely affected the demand for commercial vehicle steering. However, many industries are restarting their operations, as multiple vaccination drives have been initiated by governments of various countries to combat the disease. Thus, the commercial vehicle industry is expected to regain its momentum in the near future. This is likely to augment the global commercial vehicle steering market.
Opportunity in Commercial Vehicle Steering Market
- Commercial vehicle manufacturers are striving to incorporate advanced driver assistance systems in their vehicles. This has led to the emergence of smart electric steering in the market. These steering systems for commercial vehicles feature a network of multiple sensors and replace most of the mechanical connections in the steering systems by electronic controls. Commercial vehicles are increasingly becoming autonomous. Thus, smart systems offer lucrative opportunities to the global market.
North America Holds Significant Share of Global Commercial Vehicle Steering Market
- North America accounts for significant share of the global commercial vehicle steering market. Growth in mechanization of farms, flourishing e-commerce industry, and constantly developing construction sector have boosted the demand for commercial transport vehicles and off-road vehicles in North America. This, in turn, is propelling the commercial vehicle steering market in the region.
- Asia Pacific trails North America in the global commercial vehicle steering market. Rise in industrialization in the region is boosting the sale of commercial vehicles, thus driving the demand for steering systems.
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Key Players Operating in Commercial Vehicle Steering Market
The commercial vehicle steering market is highly concentrated due to the presence of leading manufacturers. Key players operating in the global commercial vehicle steering market include:
- CHINA AUTOMOTIVE SYSTEMS, INC.
- Fagor Ederlan
- Federal Mogul Motorparts
- HYUNDAI MOBIS
- JTEKT Corporation
- Knorr-Bremse AG
- Mahindra CIE Automotive Limited
- Mando Corp.
- Nexteer Automotive
- Pailton Engineering Ltd.
- Parker Hannifin Corp
- Robert Bosch GmbH
- SHOWA CORPORATION
- ZF Friedrichshafen AG
Global Commercial Vehicle Steering Market: Research Scope
Global Commercial Vehicle Steering Market, by Type
Global Remote Vehicle Shutdown System Market, by Mechanism
- Rack & Pinion
- Recirculating Ball
Global Remote Vehicle Shutdown System Market, by Commercial Vehicle Type
- Light Commercial Vehicles
- Heavy Trucks
- Buses & Coaches
- Off-road Vehicles
Global Remote Vehicle Shutdown System Market, by Sales Channel
Global Remote Vehicle Shutdown System Market, by Region
- North America
- Nordic Countries
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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