ALBANY, NY, February 22, 2022 /PRNewswire/ — Rising demand for different types of vehicles across the globe is expected to create promising prospects for revenue gain in the global commercial vehicle steering column market. Hence, the market is expected to register growth at a CAGR of 4.5% during the forecast period from 2021 to 2032, according to the research report by Transparency Market Research (TMR).
Large companies operating in the logistics and transport sectors are turning to the use of vehicles that offer next-generation and cost-effective solutions, which can help companies increase their efficiency, thereby increasing their revenues. As a result, many automakers around the world are using power steering systems in their vehicles, says the TMR report on the global commercial vehicle steering column market. Hence, the expansion of the logistics and transportation industries are expected to create substantial business prospects in the market.
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The commercial vehicle steering column market is estimated to gain profitable avenues in Asia Pacific due to many factors including the presence of several emerging economies and increasing production and sales of commercial vehicles in the countries. Additionally, the regional market is expected to be boosted by increasing number of R&D projects, which focus on the development of technologically advanced steering column systems. In addition, the rapid expansion of the construction industry and the increase in industrialization in many countries in the region is fueling the demand for commercial vehicles, which, in turn, is creating lucrative opportunities in the sector. . Asia Pacific commercial vehicle steering column market.
Commercial Vehicle Steering Column Market: Key Findings
· The increase in industrialization has led to an increase in the need for transportation of different products produced by various industrial sectors, including steel, energy, food and beverages, and building materials. Hence, the demand for heavy duty vehicles has increased significantly over the past few years. Thus, increasing sales of these vehicles propels the global commercial vehicle steering column market.
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- Players in the commercial vehicle steering column market are increasingly focusing on incorporating next-generation technologies into their products in order to stay competitive. For example, several companies offer electro-hydraulic steering systems that provide speed-dependent steering assistance as well as active reverse capabilities. These systems are growing in popularity, due to their ability to enable automated driving functions, notes a TMR report on the global commercial vehicle steering column market.
- Vehicles with custom commercial steering columns are increasingly being adopted in countries with extreme temperature conditions, due to the outstanding designs and minimal maintenance requirements of custom commercial steering columns. Therefore, the increase in demand for these advanced vehicles in many countries with hot climates (such as Australia & Middle East) and countries with sub-zero temperatures (including Canada) is expected to propel the commercial vehicle steering column market.
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Commercial Vehicle Steering Column Market: Growth Boosters
- Rising sales of commercial vehicles due to rising transportation and logistics activities support the global market
- The surge in demand for heavy duty trucks for construction and mining activities is expected to propel the global commercial vehicle steering column market
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Commercial Vehicle Steering Column Market: Key Players
Some of the key players profiled in the report are:
- Continental SA
- Bosch Germany
- COBO International
- Denso Company
- Delphi automotive automaton
- HELLA GmbH & Co. KGaA
- Knorr-Bremse AG
- JTEKET Corporation
- TRW Automotive
Commercial Vehicle Steering Column Market Segmentation
- Adjustable steering columns
- Non-adjustable steering columns
- Class 6 (GVWR – 19,501 to 26,000 pounds)
- Class 7 (GVWR – 26,001 to 33,000 pounds)
- Class 8 (GVWR – greater than 33,000 pounds)
- Secondary market
- steering system
- Manual Worm & Roller steering system
- Manual recirculating ball and nut steering system
- Manual support and pinion steering system
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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