The global automotive steering gearbox market is expected to post a CAGR of over 9% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global automotive steering gearbox market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global automotive steering gearbox market is the increasing adoption of electric power steering. Along with the increasing demand for convenience and comfort, there is an increase is the need to improve fuel efficiency of vehicles. This has brought about several developments in the automotive industry such as electric power steering and steer-by-wire systems. As electric power steering systems are highly fuel-efficient, their adoption rate is increasing, especially in passenger cars. Therefore. the growing adoption of automotive electric power steering systems will fuel market growth.
This market research report on the global automotive steering gearbox market 2019-2023 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period.
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In this report, Technavio highlights the development of magnetic torque overlay as one of the key emerging trends in the global automotive steering gearbox market:
Global automotive steering gearbox market: Development of magnetic torque overlay
The developments in advanced driver-assistance systems (ADAS) have paved the way for the emergence of electric power steering as these safety systems require this component for efficient functioning. However, owing to the requirement of greater power, incorporating electric power steering in heavy-duty trucks has become a challenge, which has made hydraulic power steering systems ideal options. Although this limitation is hindering the deployment of ADAS in heavy-duty trucks, the development of magnetic torque overlay (MTO) has resolved this hurdle. MTO consists of a hydraulic power steering gear equipped with an integrated electromagnetic actuator with additional pressure sensing hardware, electronic module, and additional software. More advancements of this technology are expected to positively influence the global automotive steering gearbox market in the near future.
“Apart from the increasing adoption of electric power steering, factors such as the growing demand for high torque and performance in trucks, and the increasing demand for automobiles will fuel the growth of the global automotive steering gearbox market during the forecast period,” says a senior analyst at Technavio.
Global automotive steering gearbox market: Segmentation analysis
This market research report segments the global automotive steering gearbox market by application (electric power steering, hydraulic power steering, and electro-hydraulic power steering) and geographical regions (APAC, EMEA, and the Americas).
The APAC region led the market in 2018, followed by EMEA and the Americas respectively. Although the Americas region held the smallest share of the market in 2018, it is expected to register the highest incremental growth during the forecast period.
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Market Landscape
- Market ecosystem
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Market Sizing
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Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
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- Market positioning of vendors
- Competitive scenario
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