LONDON--(BUSINESS WIRE)--The light-duty truck steering system market is expected to post a CAGR of close to 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The light-duty truck market is expected to see strong sales in India and countries in South America and Eastern Europe through 2023. Increasing manufacturing activities in India will raise the demand for transportation and logistics. This will be supported by the robust GDP growth forecast for the country. In addition, better road infrastructure in Eastern European countries will help in increasing road transportation through light-duty trucks. Hence, these factors will remain positive for the light-duty truck market in emerging economies, which will drive the demand for light-duty truck steering system.
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As per Technavio, the growing adoption of steer-by-wire technology in light-duty trucks will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Light-Duty Truck Steering System Market: Growing Adoption of Steer-By-Wire Technology in Light-Duty Trucks
The adoption of steer-by-wire technology is increasing, as it helps remove the physical connection between the steering wheel and the steering system with the help of electrically-connected motors. The benefit of steer-by-wire technology includes better handling and safety. In addition, it reduces production costs and allows for a wide array of designs for automotive OEMs. The technology also offers the added advantages such as elimination of environmental hazards in the event of the hydraulic power steering fluid leaking. Such advantages will drive the adoption of steer-by-wire technology, which will fuel market growth.
“Other factors such as the integration of electronics and safety systems in steering systems and the development of independent wheel steering systems will have a significant impact on the growth of the light-duty truck steering system market value during the forecast period,” says a senior analyst at Technavio.
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Light-Duty Truck Steering System Market: Segmentation Analysis
This market research report segments the light-duty truck steering system market by type (EPS, HPS, and EHPS) and geography (the Middle East and Africa, APAC, Europe, North America, and South America).
The North American region led the light-duty truck steering system market in 2018, followed by APAC, Europe, South America, and MEA respectively. The growth of the light-duty truck steering system market share in North America can be attributed to several factors such as the growing perception of pickup trucks as a lifestyle choice and replacement of aging light-duty truck fleets with newer models.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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