Global Automotive Steering Gearbox Market 2019-2023
About this market
Increasing popularity of dual pinion steering system to drive the market growth. Growing demand for high torque capacity steering systems has pushed automotive steering system manufacturers into developing the dual pinion steering system. This type of steering system is equipped with two pinions. Technavio’s analysts have predicted that the automotive steering gearbox market will register a CAGR of over 9% by 2023.
Increasing demand for automobiles
Automotive steering gears are default components in all vehicles. They are used by both internal combustion engine vehicles and electric vehicles and there are no substitutes available. Hence, growing automobile production globally is beneficial for the global automotive steering gearbox market.
Increasing cost of raw materials
The growing need for improving fuel efficiency is pushing automotive manufacturers to reduce vehicle weight without compromising on performance. Most vendors are replacing components by aluminum as its lightweight and its performance is superior. However, rising prices of this metal is adding pressure on automotive components manufacturers.
For the detailed list of factors that will drive and challenge the growth of the automotive steering gearbox market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Bosch and Knorr-Bremse the competitive environment is quite intense. Factors such as the rising demand for automobiles and the expansion of aircraft manufacturing facilities, will provide considerable growth opportunities to automotive steering gearbox manufactures. Bosch, Knorr-Bremse, Nexteer Automotive, thyssenkrupp, and ZF Friedrichshafen are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Automotive Steering Gearbox Market 2019-2023
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the increasing popularity of dual pinion steering system.”
According to the report, one of the major drivers for this market is the rising demand for automobiles.
Further, the report states that one of the major factors hindering the growth of this market is the increasing cost of raw materials.
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