Market Research Report
Global Commercial Vehicle Steering System Market 2019-2023
|Published by||TechNavio (Infiniti Research Ltd.)||Product code||748499|
|Published||Content info||118 Pages
Delivery time: 1-2 business days
|Global Commercial Vehicle Steering System Market 2019-2023|
|Published: November 2, 2018||Content info: 118 Pages||
Lately, the commercial vehicle market has become competitive with automakers competing with their distinct product offerings. The latest technologies in safety systems are also being used as product differentiators by the OEMs. As a result, the global commercial vehicle market is continuously evolving with changing market dynamics across the globe. Presently, the commercial vehicle segment is gaining pace in terms of penetration of advanced driver-assisted technologies. Thus, the growing driver-assisted steering technologies for commercial vehicles will drive the commercial vehicle steering system market during the forecast period.
The presence road transport in emerging countries such as China and India is on the rise. The subsequent increase in the use of heavy, medium, and light-duty vehicles is likely to lower the share of rail transport. In China, traffic congestions are caused mainly due to large heavy-duty trucks transporting goods from inner Mongolia to Beijing.
Currently, CV component manufacturers and suppliers are facing challenges in the form of quality requirements and cost pressure from the demand side. Hence, manufacturers need to carve out growth strategies to be profitable in this difficult yet attractive market. The bargaining power in the market is largely concentrated on the demand side of the market.
For the detailed list of factors that will drive and challenge the growth of the commercial vehicle steering system market during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including thyssenkrupp and ZF Friedrichshafen the competitive environment is quite intense. Factors such as the growing preference for M&HCVs for transporting freight, will provide considerable growth opportunities to commercial vehicle steering system companies. Bosch, JTEKT, Knorr-Bremse, Nexteer Automotive, thyssenkrupp, and ZF Friedrichshafen are some of the major companies covered in this report.