LONDON--(BUSINESS WIRE)--The global automotive rack and pinion steering system market is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio.
Improvements in steering systems have improved control and enhanced the fuel economy of vehicles. The quick steering response or control system of the rack and pinion steering system has also largely helped in making driving more intuitive. The use of fewer components and the lighter weight of the rack and pinion steering system gives more balance to the steering and makes it convenient to drive at different speeds and conditions. All these factors will promote the global automotive rack and pinion steering system market during the forecast period.
As per Technavio, the increasing popularity of the steer-by-wire system will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global automotive rack and pinion steering system market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global automotive rack and pinion steering system market: Increasing popularity of the steer-by-wire system
The steer-by-wire system has been developed to eliminate mechanical linkages between the steering and wheels of vehicles. This enhances driving comfort and improves fuel efficiency due to the use of fewer mechanical components. In the steer-by-wire system, a steering wheel angle sensor is attached to the steering wheel, and it sends signals to the steering actuator. The pinion angle sensor allows pinon movement over the rack with the help of an electric motor (power assist unit). Therefore, the pinion in the steer-by-wire system does the work of an electrical actuator to support wheel movement. The steer-by-wire system is expected to improve vehicle performance and raise fuel-efficiency as well as lower manufacturing and operating costs. Thus, the development of the steer-by-wire system with a rack and pinion steering gear that functions as an electrical actuator will drive the growth prospects of the market.
“Along with the increasing popularity of the steer-by-wire system, the increasing adoption of electric power steering, and the development of rack and pinion steering system with the iHSA control module for HCV are some of the major factors that will contribute to the growth of the global market,” says a senior analyst at Technavio.
Global automotive rack and pinion steering system market: Segmentation analysis
This market research report segments the global automotive rack and pinion steering system market by application (passenger cars and commercial vehicles) and geographical regions (APAC, Europe, North America, South America, MEA).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. However, during the forecast period, the South American region is expected to register the highest incremental growth due to the presence of many automotive manufacturers.
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