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Commercial Vehicle Steering System Market Size to Increase by 650 Thousand Units Over 2020-2024




Technavio has been monitoring the commercial vehicle steering system market and it is poised to grow by 0.65 million units during 2020-2024, progressing at a CAGR of almost 1% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

Impact of COVID-19

The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the commercial vehicle steering system market. The market growth in 2020 is likely to decrease compared to market growth in 2019.

Frequently Asked Questions:

Based on segmentation by application, which is the leading segment in the market?

The LCVs segment led the market in 2019.

What are the major trends in the market?

The development of independent wheel steering systems is the major trend in the market.

At what rate is the market projected to grow?

The market is projected to grow at a CAGR of almost 1% during 2020-2024.

Who are the top players in the market?

Hyundai Mobis Co. Ltd., JTEKT Corp., Knorr-Bremse AG, Mando Corp., Melrose Industries Plc, Nexteer Automotive Corp., Robert Bosch GmbH, Showa Corp., Thyssenkrupp AG, and ZF Friedrichshafen AG are the top players in the market.

What are the key market drivers and challenges?

The market is driven by the electrification of automotive components. However, increasing cost pressure faced by OEMs will challenge growth.

How big is the APAC market?

APAC accounted for 58% of the market share in 2019.


Related Reports on Consumer Discretionary Include:


  • Global Automotive Steering Gearbox Market - Global automotive steering gearbox market is segmented by application (electric power steering, hydraulic power steering, and electro-hydraulic power steering) and geography (APAC, Europe, MEA, North America, and South America). Click Here to Get an Exclusive Free Sample Report


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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Hyundai Mobis Co. Ltd., JTEKT Corp., Knorr-Bremse AG, Mando Corp., Melrose Industries Plc, Nexteer Automotive Corp., Robert Bosch GmbH, Showa Corp., ThyssenKrupp AG, and ZF Friedrichshafen AG are some of the major market participants. Although the electrification of automotive components will offer immense growth opportunities, the increasing cost pressure faced by OEMs is likely to pose a challenge for the market vendors. In a bid to help players strengthen their market foothold, this commercial vehicle steering system market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.

Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.

Commercial Vehicle Steering System Market 2020-2024: Segmentation

Commercial Vehicle Steering System Market is segmented as below:

Application

  • LCVs
  • M And HCVs

Geography

  • North America
  • APAC
  • Europe
  • South America
  • MEA

Commercial Vehicle Steering System Market 2020-2024: Scope


Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The commercial vehicle steering system market report covers the following areas:
  • Commercial Vehicle Steering System Market Size
  • Commercial Vehicle Steering System Market Trends
  • Commercial Vehicle Steering System Market Industry Analysis

This study identifies the development of independent wheel steering systems as one of the prime reasons driving the Commercial Vehicle Steering System Market growth during the next few years.

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