LONDON--(BUSINESS WIRE)--The global medium and heavy-duty truck steering system market research report by Technavio predicts the market to post a CAGR of close to 2% during the period 2019-2023. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
A key driver for the global medium and heavy-duty truck steering system market is the growth of medium and heavy-duty trucks. The sales of medium and heavy-duty trucks will significantly impact the growth of the market. China, Japan, and countries in North America and Western Europe will contribute significantly to the heavy-duty truck market. The highest sales of heavy-duty trucks are expected to be witnessed in India and countries in Eastern Europe.
This global medium and heavy-duty truck steering system market research report also provides an analysis of the most important trends expected to impact the market outlook during the period 2019-2023. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the increasing popularity of autonomous heavy-duty trucks as one of the key trends in the global medium and heavy-duty truck steering system market:
Global medium and heavy-duty truck steering system market: Increasing popularity of autonomous heavy-duty trucks
There has been an increase in the interest toward autonomous vehicles in the automotive industry, particularly in the passenger and commercial vehicle segments. A similar trend is being witnessed in the heavy-duty truck market. The truck manufacturers in Europe are investing significantly in the R&D of self-driven trucks, with focus on the North American market.
“The truck manufacturers in Europe are focusing on the wider adoption of self-driven trucks to comply with emission control norms. For instance, in 2016, six trucks, one each from DAF, Daimler, Iveco, Scania, MAN, and Volvo participated in a truck platooning challenge to demonstrate the autonomous driving concept. Such advancements will encourage other manufacturers to invest in these technologies, which will increase the demand for automated steering systems,” says a senior research analyst at Technavio.
Global medium and heavy-duty truck steering system market: Segmentation analysis
This medium and heavy-duty truck steering system market analysis report segments the market by application (heavy-duty truck and medium-duty truck), type (hydraulic power steering, electro-hydraulic power steering, and electric power steering), and geography (the Americas, APAC, and EMEA).
The heavy-duty truck segment held the largest medium and heavy-duty truck steering system market share in 2018, accounting for around 61% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The APAC region led the market in 2018 with more than 55% of the market share, followed by the Americas and EMEA, respectively. The APAC region is expected to dominate the market throughout the period 2019-2023.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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