LONDON--(BUSINESS WIRE)--The global automotive steering gearbox market size is expected to grow by USD 2.06 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
Request challenges and opportunities influenced by COVID-19 pandemic - Request a Free Sample Report on COVID-19 Impacts
Technological advancements have raised the demand for higher torque, better steering control, and improved responsiveness of steering systems in the heavy-duty truck market, especially in Class 8 trucks. These requirements in steering systems are met with developments in steering gears. For instance, TRW Automotive, a subsidiary of ZF Friedrichshafen, offers TAS series power steering gears, which are designed to meet specific demands of medium and heavy-duty vehicles as they have higher torque. In addition, steering gears such as RCS assist gears are capable of providing Class 8 trucks with better performance and higher torque. Other benefits include increased reliability at low operating temperatures as these steering gears make use of automatic poppets for easy installation and an automatic bleed system to improve the lifespan of steering systems. Thus, with demand for higher torque and performance growing, advancements in steering gears are expected to increase. Improvements in steering gears are expected to drive the global automotive steering market during the forecast period.
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR44896
As per Technavio, the increasing adoption of electric power steering will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Steering Gearbox Market: Increasing Adoption of Electric Power Steering
The increasing demand for comfort and convenience for the driver and the need to improve the fuel efficiency of vehicles has brought about many developments in the automotive industry. Technological advancements in steering systems are allowing automotive manufacturers to adopt electric power steering and steer-by-wire systems. These transformations have paved the way for the further development of automotive steering system components, including steering columns and steering gearboxes, among others. The pump in a hydraulic power steering system is always on, even when the steering is idle, and this reduces fuel efficiency. As electric power steering systems are highly fuel-efficient, their adoption rate is increasing, especially in passenger cars. Therefore, the growing adoption of automotive electric power steering systems will drive the revenue growth of the global automotive steering gearbox market during the forecast period.
“Other factors such as the stringent regulations to control emissions, and the development of magnetic torque overlay will have a significant impact on the growth of the automotive steering gearbox market value during the forecast period,” says a senior analyst at Technavio.
Register for a free trial today and gain instant access to 17,000+ market research reports
Automotive Steering Gearbox Market: Segmentation Analysis
This market research report segments the automotive steering gearbox market by application (electric power steering, hydraulic power steering, and electro-hydraulic power steering) and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the automotive steering gearbox market share in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing focus on the development of electric power steering systems to deepen penetration in the passenger car and light commercial vehicle segments .
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.