Market Research Report
Commercial Vehicle Steering Systems - Global Market Outlook (2017-2026)
|Published by||Stratistics Market Research Consulting||Product code||907600|
|Published||Content info||212 Pages
Delivery time: 2-3 business days
|Commercial Vehicle Steering Systems - Global Market Outlook (2017-2026)|
|Published: July 19, 2019||Content info: 212 Pages||
According to Stratistics MRC, the Global Commercial Vehicle Steering Systems market accounted at a growing CAGR of 6.5% during the forecast period. Some of the key factors such as minimum wastage of fuel from the consumers and rising demand for comfort driving are boosting the market growth. However, high cost of system is the restraining factor for the market growth. Moreover, gaining popularity of steer-by-wire technology, which electronically steers the vehicle, will provide ample opportunities in the near future.
A Steering System is the line of correspondence between the driver and his vehicle. Function of a directing framework is to guide the vehicle such as managing the movement of the vehicle to avoid any hindrance, take a turn or to go ahead.
By application, light commercial vehicles segment is likely to grow significantly during the forecast period due to the penetration of advanced driver-assisted technologies and several infrastructural developments across the emerging economies. By geography, North America is expected to observe significant growth mainly due to sales of pickup trucks and SUVs in the advanced economies including the US and Canada.
Some of the key players in this market include JTEKT, Bosch, Thyssenkrupp, Knorr-Bremse, ZF Friedrichshafen and Nexteer Automotive.