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Commercial Vehicle Steering System Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2021-2025

  • Published: May 2021
  • Pages: 120
  • SKU: IRTNTR44272
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The commercial vehicle steering system market size has the potential to grow by 4.13 million units during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 4.39%. 

This report provides a detailed analysis of the market by application (LCVs and M and HCVs) and geography (North America, APAC, Europe, South America, and MEA). 

Commercial Vehicle Steering System Market Share

Commercial-Vehicle-Steering-System-Market-Market-Size-2020-2025

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Market Competitive Analysis

The report analyzes the market’s competitive landscape and offers information on several market vendors, including: 

 

  • Hyundai Mobis Co. Ltd.
  • JTEKT Corp.
  • Knorr-Bremse AG
  • Mando Corp.
  • Mitsubishi Electric Corp.
  • Nexteer Automotive Corp.
  • Robert Bosch GmbH
  • Showa Corp.
  • thyssenkrupp AG
  • ZF Friedrichshafen AG

 

The commercial vehicle steering system market is fragmented and the vendors are deploying growth strategies such as differentiating their product offerings through a clear and unique value proposition to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

The market players also significantly leverage external market drivers such as growing preference for CVs for freight transportation to achieve growth opportunities. However, factors such as operational and design complexities involved in CV steering systems will challenge the growth of the market participants. To make the most of the opportunities and recover from 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.

Download a free sample of the commercial vehicle steering system market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

This commercial vehicle steering system market analysis report also provides detailed information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities. 

Commercial Vehicle Steering System Market: Key Drivers and Trends

  • The growing preference for M&HCVs for transporting freight is one of the key factors that will drive market growth.
  • There has been a rising preference for road transportation in emerging economies including India and China.
  • Roadways are increasingly being opted for transporting cargo due to the limited number of rail services within the country.
  • Various heavy, medium, and light-duty vehicles are widely chosen for transporting cargo in India due to the lack of availability of freight trains and poor last-mile connectivity.
  • With the rising adoption of these commercial vehicles for cargo transportation, the demand for commercial vehicle steering systems is likely to increase.
  • The growing use of driver-assisted steering technologies in CVs will fuel the growth of the commercial vehicle steering system market size.
  • The CV segment is gaining pace in terms of the penetration of advanced driver-assisted technologies. 
  • Manufacturers of CVs that are working on advanced technologies that improve driver comfort while enhancing vehicle safety are fitting their vehicles with new steering-assisted technologies, which offer safety and comfort.
  • Many leading automakers offer dynamic steering systems or active steering systems, which can function in different environmental conditions as part of their product portfolios.

 

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Commercial Vehicle Steering System Market: Segmentation by Geography

Commercial-Vehicle-Steering-System-Market-Market-Share-by-Region-2020-2025

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47% of the market’s growth will originate from North America during the forecast period. The US, Mexico, and Canada are the key markets for commercial vehicle steering systems in North America. Market growth in this region will be faster than the growth of the market in Europe and South America.

The increasing sales of SUVs and other light-duty trucks, such as pick-up trucks and crossovers will facilitate the commercial vehicle steering system market growth in North America over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report. 

Commercial Vehicle Steering System Market: Segmentation by Application

Commercial-Vehicle-Steering-System-Market-Market-Share-by-Application-2020-2025

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The commercial vehicle steering system market share growth by the LCVs segment will be significant during the forecast period. The number of electronic components in LCVs has increased due to stringent emission regulations and the presence of more electronics. This will broaden the use of advanced steering systems in the LCVs segment. 

Fetch actionable market insights on post COVID-19 impact on each segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the commercial vehicle steering system market size.

 

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Key Highlights of the Commercial Vehicle Steering System Market Report for 2021-2025

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive commercial vehicle steering system market growth during the next five years
  • Precise estimation of the commercial vehicle steering system market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the commercial vehicle steering system industry across North America, APAC, Europe, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of commercial vehicle steering system market vendors

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Commercial Vehicle Steering System Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 4%

Market growth 2021-2025

4.13 mn units

Market structure

Fragmented

YoY growth (%)

1.57

Regional analysis

North America, APAC, Europe, South America, and MEA

Performing market contribution

North America at 47%

Key consumer countries

US, China, Mexico, Canada, Japan, and Thailand

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

Hyundai Mobis Co. Ltd., JTEKT Corp., Knorr-Bremse AG, Mando Corp., Mitsubishi Electric Corp., Nexteer Automotive Corp., Robert Bosch GmbH, Showa Corp., thyssenkrupp AG, and ZF Friedrichshafen AG

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

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.

Executive Summary

    Market Landscape

    • Market ecosystem
    • Value chain analysis

    Market Sizing

    • Market definition
    • Market segment analysis
    • Market size 2020
    • Market outlook: Forecast for 2020 - 2025

    Five Forces Analysis

    • Five forces summary
    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of new entrants
    • Threat of substitutes
    • Threat of rivalry
    • Market condition

    Market Segmentation by Application

    • Market segments
    • Comparison by Application
    • LCVs - Market size and forecast 2020-2025
    • M and HCVs - Market size and forecast 2020-2025
    • Market opportunity by Application

    Customer landscape

      Geographic Landscape

      • Geographic segmentation
      • Geographic comparison
      • North America - Market size and forecast 2020-2025
      • APAC - Market size and forecast 2020-2025
      • Europe - Market size and forecast 2020-2025
      • South America - Market size and forecast 2020-2025
      • MEA - Market size and forecast 2020-2025
      • Key leading countries
      • Market opportunity by geography
      • Market drivers
      • Market challenges
      • Market trends

      Vendor Landscape

      • Overview
      • Vendor landscape
      • Landscape disruption

      Vendor Analysis

      • Vendors covered
      • Market positioning of vendors
      • Hyundai Mobis Co. Ltd.
      • JTEKT Corp.
      • Knorr-Bremse AG
      • Mando Corp.
      • Mitsubishi Electric Corp.
      • Nexteer Automotive Corp.
      • Robert Bosch GmbH
      • Showa Corp.
      • thyssenkrupp AG
      • ZF Friedrichshafen AG

      Appendix

      • Scope of the report
      • Currency conversion rates for US$
      • Research methodology
      • List of abbreviations

      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.

      TechnavioINFORMATION SOURCES

      Primary sources

      • Manufacturers and suppliers
      • Channel partners
      • Industry experts
      • Strategic decision makers

      Secondary sources

      • Industry journals and periodicals
      • Government data
      • Financial reports of key industry players
      • Historical data
      • Press releases
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      TechnavioDATA ANALYSIS

      Data Synthesis

      • Collation of data
      • Estimation of key figures
      • Analysis of derived insights

      Data Validation

      • Triangulation with data models
      • Reference against proprietary databases
      • Corroboration with industry experts
      Technavio

      TechnavioREPORT WRITING

      Qualitative

      • Market drivers
      • Market challenges
      • Market trends
      • Five forces analysis

      Quantitative

      • Market size and forecast
      • Market segmentation
      • Geographical insights
      • Competitive landscape
      Interested in this report?
      Get your sample now!
      Commercial Vehicle Steering System market growth will increase by $4.13 million units during 2021-2025.
      The commercial vehicle steering system market is expected to grow at a CAGR of 4.39% during 2021-2025.
      Technavio has segmented the commercial vehicle steering system market by application (LCVs and M and HCVs) and geographic (North America, APAC, Europe, South America, MEA, North America, APAC, Europe, South America, and MEA).
      Hyundai Mobis Co. Ltd., JTEKT Corp., Knorr-Bremse AG, Mando Corp., Mitsubishi Electric Corp., Nexteer Automotive Corp., Robert Bosch GmbH, Showa Corp., thyssenkrupp AG, ZF Friedrichshafen AG are a few of the key vendors in the commercial vehicle steering system market.
      North America will register the highest growth rate of 47.46% among the other regions. Therefore, the commercial vehicle steering system market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
      The key factors driving the commercial vehicle steering system market growth are:
      • Electrification of automotive components for precise and accurate steering control
      • Continuous advances in automotive steering technology
      The commercial vehicle steering system market vendors should focus on grabbing business opportunities from the lcvs segment as it accounted for the largest market share in the base year.
      • What are the key global market and the regional market share?
      • What are the revenue-generating key market segments?
      • What are the key factors driving and challenging this market’s growth?
      • Who are the key market vendors and their growth strategies?
      • What are the latest trends influencing the growth of this market?
      • What are the variables influencing the market growth in the primary regions?
      • What are the factors influencing the growth of the parent market?
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