Global Automotive Adjustable Steering System Market 2019-2023
Global Automotive Adjustable Steering System Market: About this market
An automotive adjustable steering system improves the safety and comfort of the driver. Technavio’s automotive adjustable steering system market analysis considers sales from the manually adjustable steering and electrically adjustable steering segments. Our analysis also considers the sales of automotive adjustable steering system in APAC, Europe, MEA, North America, and South America. In 2018, the manually adjustable steering segment held the highest market share, which is expected to remain prevalent over the forecast period. Factors such as the rising installation of manually adjustable steering in entry-level and mid-segment vehicles will significantly help the market segment in maintaining its leading position. Also, our global automotive adjustable steering system report has observed market growth factors such as the pushing the increased cost to end-users driving revenue, increasing adoption of EPS, and rising adoption of adjustable steering system in entry-level and mid-segment vehicles. However, a slump in automotive production and sales, balancing design complication with functional safety requirement for optimal operation, and safety concerns due to faulty steering wheels may hamper the growth of the automotive adjustable steering system industry over the forecast period.
Global Automotive Adjustable Steering System Market: Overview
Rising adoption of adjustable steering system in entry-level and mid-segment vehicles
The rising competition among the automotive OEMs is prompting them to deploy technologically advanced equipment in a wide range of vehicles. As a result, the incorporation of adjustable steering systems in the entry-level and mid-segment vehicles is increasing. This will lead to the expansion of the automotive adjustable steering system market at a CAGR of over 5% during the forecast period.
Growing popularity of steering column as an advanced safety system
Vendors are innovating automotive adjustable steering systems to enhance their functionalities. For instance, steering columns are gaining popularity because of their advanced safety systems. Therefore, this trend will have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global automotive adjustable steering system market during the forecast period 2019-2023, click here.
With the presence of several major players, the global automotive adjustable steering system market is moderately fragmented. Technavio’s robust vendor analysis is designed to help clients in improving their market positions, and in line with this, this report provides a detailed analysis of several leading automotive adjustable steering system manufacturers, which include DENSO Corp., JTEKT Corp., Nexteer Automotive Corp., NSK Ltd., and Robert Bosch GmbH.
Also, the automotive adjustable steering system market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
DENSO Corp., JTEKT Corp., Nexteer Automotive Corp., NSK Ltd., and Robert Bosch GmbH.
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