LONDON--(BUSINESS WIRE)--The automotive rack and pinion steering system market size is poised to grow at a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The automotive industry has been witnessing several developments over the last few years as a result of the increasing need to achieve fuel efficiency, improve comfort and driver safety. Moreover, technological developments in the automotive industry have resulted in the emergence of electric power steering (EPS) that serve as an input for safety systems including electronic stability control and lane keep assist. The growing adoption of EPS will drive the demand for automotive rack and pinion steering system leading to market growth.
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As per Technavio, the increasing popularity of dual-pinion steering system 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.
Automotive Rack and Pinion Steering System Market: Increasing Popularity of Dual-Pinion Steering System
The increasing demand for high-torque capacity steering systems has compelled automotive steering system manufacturers to develop the dual-pinion system. This steering system is equipped with two pinions, primary and secondary. The dual-pinion steering system has been developed to provide an efficient solution for passenger cars and mid-sized sport-utility vehicles (SUVs) by offering a rack load up to 13 kN. Besides, this system helps reduce CO2 emission levels and improves fuel economy. As a result, the adoption of dual-pinion steering system is increasing, which will have a positive impact on the growth of the market during the forecast period.
“Other factors such as the increasing popularity of steer-by-wire system and development of rack and pinion steering system with iHSA control module for HCVs will have a significant impact on the growth of the automotive rack and pinion steering system market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Rack and Pinion Steering System Market: Segmentation Analysis
This market research report segments the automotive rack and pinion steering system market by application (passenger cars and commercial vehicles), and geographical regions (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. The growth of the automotive rack and pinion steering system market share in APAC can be attributed to factors such as the increasing purchasing power of consumers and the growing preference for automobiles equipped with rack and pinion steering system in the region.
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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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