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The automotive steering gearbox market share is expected to increase by USD 2.06 billion from 2019 to 2024, and the market’s growth momentum will accelerate at a CAGR of 2%.
This market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by application (electric power steering, hydraulic power steering, and electro-hydraulic power steering) and geography (APAC, Europe, North America, South America, and MEA). The automotive steering gearbox market report also offers information on several market vendors, including Akashi Kikai Kogyo Co. Ltd., ATS Automation Tooling Systems Inc., JTEKT Corp., Knorr-Bremse AG, Mando Corp., Melrose Industries Plc, Nexteer Automotive Corp., Robert Bosch GmbH, ThyssenKrupp AG, and ZF Friedrichshafen AG among others.
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Our Technavio Research categorizes the global automotive steering gearbox market belonging to Auto Components industry. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.
Based on our research output, there has been a negative impact on the market growth during and post-COVID-19 era. The growing demand for high torque and performance in trucks is notably driving the market growth, although factors such as the increasing cost of raw materials may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive steering gearbox industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.
Key Automotive Steering Gearbox Market Driver
One of the key factors driving growth in the market is the growing demand for high torque and performance in trucks. Technological advancements in commercial vehicles are comparatively slower than in passenger cars, but they are growing nonetheless. These improvements have raised the demand for higher torque, better steering control, and improved responsiveness of steering systems in the heavy-duty truck market, especially in Class 8 trucks [with a gross vehicle weight rating (GVWR) of more than 33,001lb]. These requirements in steering systems are met with developments in steering gears. For instance, TRW Automotive, a subsidiary of ZF Friedrichshafen, offers TAS series power steering gears for medium and heavy-duty on-highway commercial vehicles. The TAS series power steering gears are designed to meet the specific demands of medium- and heavy-duty vehicles as they have higher torque. Other benefits include increased reliability at low operating temperatures as these steering gears make use of automatic poppets for easy installation and an automatic bleed system to improve the lifespan of steering systems. These steering gears cost more than conventional steering gears but also ensure higher profit margins for manufacturers. Thus, with the demand for higher torque and performance growing, advancements in steering gears are expected to increase. Improvements in steering gears are expected to drive the global automotive steering market during the forecast period.
Key Automotive Steering Gearbox Market Challenge
The increasing cost of raw materials will be a major challenge for the market during the forecast period. The growing need for improving fuel efficiency is pushing automotive manufacturers to reduce vehicle weight without compromising on performance. A widely used material to replace iron and steel is aluminum. Most vehicle components are being replaced by aluminum as it is lightweight, and performance is superior. However, rising prices of this metal are exerting pressure on automotive components manufacturers. Decisions to slap sanctions on suppliers of aluminium have increased the cost of the material. The price of aluminum was up 23.5% in April 2018 from January 2018 and is expected to increase further during the forecast period. Therefore, manufacturers of automotive steering system components, including steering columns and steering gearboxes, which are made of aluminum, are expected to come under tremendous cost pressures, which will hinder the growth of the global market during the forecast period.
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Akashi Kikai Kogyo Co. Ltd. - The company offers automotive steering gearboxes to various automobile manufacturers. Under the unified segment, the company offers various products such as automobile drive system parts, chassis system parts, engine system parts and hydraulic parts for construction and industrial machinery.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The vendor profiles are designed to help clients improve their market position, and information on production and sustainability along with this the report provides a detailed analysis of several leading Companies.
Our report provides extensive information on the value chain analysis for the market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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66% of the market’s growth will originate from APAC during the forecast period. China, Japan, South Korea (Republic of Korea), and India are the key markets for automotive steering gearboxes in APAC. Market growth in this region will be faster than the growth of the market in other regions.
APAC houses some of the fastest-growing economies globally, and they include China, India, Thailand, Indonesia, and South Korea. Economic growth has helped raise per-capita income considerably over the last couple of years and increased consumer purchasing power, leading to higher automobile sales. Further, economic growth has allowed most countries in APAC to proactively spend on infrastructure and industrial development, which has pushed demand for commercial vehicles. This will facilitate the automotive steering gearbox market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
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The market share growth by the electric power steering segment will be significant during the forecast period. The adoption of electric power steering is increasing as it is lightweight and highly efficient. This system has a variable power assist for providing additional assistance at lower speeds and reduced assistance at higher speeds. The growth of the market by the electric power steering segment will depend on the adoption rates of electric power steering systems during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.
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Automotive Steering Gearbox Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2019 |
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Forecast period |
2020-2024 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 2% |
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Market growth 2020-2024 |
$ 2.06 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
-14.50 |
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Regional analysis |
APAC, Europe, North America, South America, and MEA |
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Performing market contribution |
APAC at 66% |
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Key consumer countries |
China, US, Japan, Germany, South Korea (Republic of Korea), and India |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
Akashi Kikai Kogyo Co. Ltd., ATS Automation Tooling Systems Inc., JTEKT Corp., Knorr-Bremse AG, Mando Corp., Melrose Industries Plc, Nexteer Automotive Corp., Robert Bosch GmbH, thyssenkrupp AG, and ZF Friedrichshafen AG |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Executive Summary
Market Landscape
Market Sizing
Market Segmentation by Application
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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