Global Light-duty Truck Steering System Market 2019-2023
About this market
The growth of the global light-duty truck steering system market is highly dependent on the sales of light-duty trucks. China, Japan, and countries in North America and Western Europe, which comprise the major markets for light-duty trucks, are expected to see a slowdown in growth or even lower sales during the forecast period. Increasing manufacturing activities in India will raise the demand for transportation and logistics. This will be supported by the robust GDP growth forecast for the country going forward. Hence, these factors will remain positive for India's light-duty truck market. Technavio’s analysts have predicted that the light-duty truck steering system market will register a CAGR of almost 6% by 2023.
Increased electronic content in light-duty trucks enabling adoption of advanced steering systems
The electrification of vehicles in the forms of powertrain, infotainment, connected vehicles, safety systems, and electronics. Automotive steering systems have also evolved into EPS and EHPS from traditional manual steering and HPS.
Increasing cost pressure on steering system manufacturers from demand side
Currently, commercial-vehicle component manufacturers and suppliers are facing challenges to maintain quality by keeping cost low. Hence, steering system manufacturers are looking to formulate growth strategies to remain profitable in this competitive. Intense competition among OEMs and surging consumer demand also push OEMs to operate within strict cost parameters to remain profitable.
For the detailed list of factors that will drive and challenge the growth of the light-duty truck steering system market during the 2019-2023, view our report.
The market appears to be highly 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 Light-duty Truck Steering System Market 2019-2023
Technavio recognizes the following companies as the key players in the global light-duty truck steering system market: Bosch GmbH, JTEKT Corporation, Knorr-Bremse AG, Nexteer Automotive, thyssenkrupp AG, ZF Friedrichshafen AG.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the steer-by- wire technology to gain adoption in light- duty trucks.”
According to the report, one of the major drivers for this market is the increased electronic content in light- duty trucks enabling adoption of advanced steering systems.
Further, the report states that one of the major factors hindering the growth of this market is the increasing prices of raw materials.
ZF Friedrichshafen AG
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