New Zealand Steering Control Market By Vehicle Type (Passenger Cars, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle), By Type (Hydraulic Power Steering, Electronic Power Steering, and Electro-Hydraulic Power Steering System), By Pinion Type (Single, Dual), By Demand Category (OEM, Aftermarket), By Region, Competition, Opportunity and Forecast, 2017-2027
The New Zealand steering control market is projected to grow at a formidable rate during the forecast period, 2023-2027. The market growth can be attributed to the increase in efforts and investments by automobile manufacturers to enhance convenience for drivers. Besides, a surge in the installation of commercial vehicles and stringent regulations are anticipated to fuel the market growth in the next five years.
The steering control system is a collection of parts used to steer and assist the driver in moving the car in the desired direction. Being in charge of vehicle control, the steering control system is an essential part of a car. As technology continues to improve, manual steering has given way to power assist steering systems. The demand for the New Zealand steering control market is expected to grow during the projected period on account of the country's rising vehicle sales and consumers' increased purchasing power.
The load-bearing capability of the steering control system has increased due to continual improvements, which drives its implementation in commercial vehicles. The commercial vehicle is dominated by hydraulic power steering, which uses engine power and reduces fuel efficiency. Hydraulic power steering is considered less dependable and inefficient than electric power steering, powered by a motor. By 2027, the growth of the New Zealand steering control market is anticipated to be aided by the penetration of commercial vehicles brought by the country's ongoing trade operations.
The government is enacting strict emission limits and regulations to prevent environmental pollution and the harmful effects of greenhouse gases on the environment. Leading authorities have established minimum standards for average emissions and fuel economy that automakers must adhere to. New Zealand produced 127,058 cars in total in 2020. Due to the lack of manufacturing lines in the nation, the majority of vehicles in New Zealand are imported. The demand for cutting-edge fuel-efficient steering technologies, including electric power steering, is driven by the desire to maximize fuel efficiency and reduce automobile emissions. Power steering systems with electrical assistance are increasingly in demand since conventional steering systems are bulky and structurally complex.
The New Zealand steering control market segmentation is based on the vehicle type, type, pinion type, demand category, company, and regional distribution. Based on vehicle type, the market is divided into passenger cars, light commercial vehicle, and medium & heavy commercial vehicle. The passenger car segment is expected to dominate the New Zealand steering control market during the forecast period, owing to the continuous digitization process in automobiles and cutthroat competition among the market players in research and development activities to find innovative solutions.
Major players operating in the New Zealand steering control market are Nexteer Automotive Corporation, JTEKT Corporation, Showa Corporation, NSK Ltd., Robert Bosch GmbH, ZF Friedrichshafen AG, Continental AG, Hitachi Astemo, Ltd., Thyssenkrupp AG, Denso Corporation, among others.
Years considered for this report:
Historical Years: 2017-2020
Base Year: 2021
Estimated Year: 2022
Forecast Period: 2023–2027
Objective of the Study:
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