Global Automotive Rack and Pinion Steering System Market 2019-2023
About this market
In electric power steering (EPS), only the rack and pinion type steering system are used. Therefore, with the adoption of EPS increasing in automobiles, the demand for automotive rack and pinion steering system is also going up. EPS serves as an input for many safety systems, including lane keep assist and electronic stability control. Technological advances have helped steering systems evolve from manual to EPS and steer-by-wire systems. As EPS makes vehicles highly fuel-efficient, its adoption is increasing in passenger cars in particular, including entry-level passenger cars. EPS together with its components cost more than a hydraulic power steering system and enable manufacturers of automotive steering systems and steering system components to register higher profit margins. Thus, the increasing adoption of EPS will drive the global automotive rack and pinion steering system market during the forecast period. Technavio’s analysts have predicted that the automotive rack and pinion steering system market will register a CAGR of over 4% by 2023.
Rack and pinion steering provide improved control
Safety systems being developed today have changed the dynamics of the automotive industry. The high-efficiency rate of such driver-assist safety technologies has made roads safer by reducing accidents. The growing penetration of passive and active safety systems in vehicles has helped build trust and confidence among users.
Rising cost of raw materials
The increasing need for improving fuel efficiency is pushing automotive manufacturers to reduce vehicle weight without compromising on performance. Manufacturers of automotive steering system components such as steering column and steering gearbox use aluminum extensively, and rising prices are expected to challenge the global automotive rack and pinion steering system market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the automotive rack and pinion steering system market during the 2019-2023, view our report.
The market appears to be moderately concentrated and with the presence of limited vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Automotive Rack and Pinion Steering System Market 2019-2023
Technavio recognizes the following companies as the key players in the global automotive rack and pinion steering system market: JTEKT Corporation, Knorr-Bremse AG, Nexteer Automotive Corporation, Robert Bosch GmbH, ZF Friedrichshafen AG.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the increasing popularity of steer-by-wire system.”
According to the report, one of the major drivers for this market is the design and manufacturing benefits of rack and pinions steering system.
Further, the report states that one of the major factors hindering the growth of this market is the recalls due to defective rack and pinion steering system.
Nexteer Automotive Corporation
Robert Bosch GmbH
ZF Friedrichshafen AG
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