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.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report
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.
For Right Perspective & Competitive Insights on Commercial Vehicle Steering Market, Request for a Sample
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
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.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
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
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
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?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.