LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global commercial vehicle steering system market to grow at a CAGR of over 5% during the forecast period, according to their latest market research report.
The continuous advances in automotive steering technology is one of the major trends being witnessed in the global commercial vehicle steering system market 2019-2023. The rise in environmental concerns has encouraged several countries to reduce emission levels. One of the policy responses includes higher investments in R&D to improve engine efficiency and to reduce vehicle emission levels. Thus, automotive steering system manufacturers are making changes in design and technology to improve performance and ease compliance with the latest emission norms.
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According to Technavio analysts, one of the key factors contributing to the growth of the global commercial vehicle steering system market is the growing preference for M&HCVs for transporting freight:
Global commercial vehicle steering system market: Growing preference for M&HCVs for transporting freight
In emerging countries such as China and India, the preference for road transportation is on the rise. The subsequent increase in the use of heavy, medium, and light-duty vehicles is likely to lower the share of rail transport. In China, traffic congestions are caused mainly due to large heavy-duty trucks transporting goods from inner Mongolia to Beijing. The limited number of rail services within the country is one of the main reasons for opting roadways for transporting cargo. The lack of sufficient rail freight services also causes companies to choose roadways as a reliable mode of transportation for their products.
According to a senior analyst at Technavio for research on automotive components, “Heavy, medium, and light-duty vehicles are used extensively for transporting cargo in China. In India, road transportation is the widely chosen means for container transport. The main reasons for this are high railway freight, poor last-mile connectivity, and lack of availability of freight trains. The level of congestion and preference for passenger trains is also high. This compels transportation companies to choose road transportation. Furthermore, cross-subsidization between freight trains and passenger trains has made the rates of rail haulage expensive.”
Global commercial vehicle steering system market: Segmentation analysis
The global commercial vehicle steering system market research report provides market segmentation by application (LCVs and M&HCVs) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The LCV segment held the largest market share in 2018, accounting for over 78% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2018 with a market share of over 53%. This region is expected to dominate the market through 2023, with an increase of over 1% in its market share.
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Market Landscape
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Market Sizing
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Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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