LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global heavy-duty trucks steering system market to register a CAGR close to 2%, according to their latest market research report. However, during the forecast period, the growth momentum of the market is expected to decelerate on a year-on-year basis.
Truck platooning driving the growth of automated steering wheels is one of the major trends being witnessed in the global heavy-duty trucks steering system market 2018-2022. The truck platooning concept (enabled by automated driving technologies) is set to be the future of the transportation industry. In a truck platoon, multiple trucks travel at an aerodynamically efficient distance and chive cooperatively by maintaining distance at high speeds. Truck platooning is currently being tested across the globe with the aim to commercialize such technologies soon. However, it is expected to get commercialized in the near future and major truck OEMs such as Volvo, Volkswagen (Scania), Daimler, MAN, UD, Hino, PACCAR (Peterbilt), Isuzu, and Iveco have been showcasing autonomous capabilities to play a critical role in development and commercialization of truck platooning technology. Increase in truck platooning would increase the demand for automated steering systems, which will have a positive impact on the global heavy-duty trucks steering system market in the near future.
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According to Technavio analysts, one of the key factors contributing to the growth of the global heavy-duty trucks steering system market is the adoption of dynamic steering:
Global heavy-duty trucks steering system market: Dynamic steering for heavy-duty trucks
The steering system market for heavy-duty trucks is expected to witness a slow growth rate during the forecast period. A decade ago, buyers of commercial vehicles focused on features that were more functional in nature and offered better performance, reliability, and durability. However, at present, fleet operators are emphasizing on safety, comfort, and convenient features such as driver fatigue detection, collision avoidance, attention assist, dynamic steering system, surround-view parking, and lane departure warning (LDW) systems. This demand has pushed the heavy-duty trucks manufacturers to start adapting the dynamic steering system. It has been reported that heavy-duty trucks are prone to collisions involving lane departure and rear-end collisions than other types of collision. The dynamic steering system plays a crucial role in avoiding such incidents, as advanced driver assisted steering technologies to enhance the control of the driver over the vehicle. Dynamic steering manufacturers are also integrating the dynamic steering system with stability assist and lane keeping assist. These advantages increase the adoption of the dynamic steering system in heavy-duty trucks, which would positively impact the global heavy-duty trucks steering system market, in terms of revenue, during the forecast period.
According to a senior analyst at Technavio for research on automotive components, “Apart from factors such as dynamic steering for heavy duty trucks, the increasing adoption of heavy-duty trucks in India and Eastern Europe and the advent of active rear axle steering system for heavy-duty trucks are two other major factors that are expected to boost the growth of the global heavy-duty trucks steering system market.”
Global heavy-duty trucks steering system market: Segmentation analysis
The global heavy-duty trucks steering system market research report provides market segmentation by region, including 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 APAC region held the largest share of the market in 2017, accounting for close to 43% share, followed by the Americas and EMEA respectively. During the forecast period, the APAC region is expected to continue dominating the global heavy-duty trucks steering system market and register the highest incremental growth.
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