Steering Gear Market Overview
According to latest research, the market is set to witness steady growth during 2021-2031. Demand for Steering Gear will witness slow recovery in short-term, with optimistic growth outlook in the long-run. Growing demand from automotive industry will have boundless opportunities in near future and sales of steering gear in automotive sector will provide momentum.
What is Driving Demand for Steering Gear?
Extensive demand, particularly in developing nations, is a major driver of the market's strong expansion. The largest market penetration is predicted to come from new product development, such as the development of electric power steering.
Furthermore, factors such as the desire of the middle-income group to purchase a vehicle and good company marketing contribute to market expansion. The industry is growing due to an increase in car loans due to cheap interest rates, which leads to increased vehicle sales and increased automotive production.
The growing demand for automobiles has directly fuelled the expansion of the automotive steering gear market. The use of construction machinery and hybrid loaders has raised the requirement for smooth driving, which is projected to drive the expansion of the market for commercial vehicles.
Along with the demand from OEM market the demand for steering gear also comes from the aftermarket (or replacement market). The rising vehicle parc (vehicle in use) across the globe will enhance the market, as any wear and tear in the steering gear of a vehicle will require a replacement of the product with the new product.
Automotive Recovery likely to Increase Steering Gear Sales
The COVID-19-induced slowdown has had an impact on automotive sales all across the world. This had a knock-on effect on sales of vehicle components and materials. Over the forecast period, the market is likely to rise due to rising demand for fuel-efficient automobiles with effective steering systems. The increased need for a smooth and comfortable driving experience is expected to drive up the market.
The increase in commercial vehicles is one of the primary factors driving the market growth. Because of its widespread use in commercial vehicles, the steering gear category is likely to rise strongly in the market throughout the projection period by which it is expected to drive market expansion.
Asia Pacific Steering Gear Market Outlook
Over the projection period, Asia is likely to lead the market. The expansion of the automotive steering gear market in this region is predicted to be fuelled by the increasing sales and production of automakers from developing countries. The increasing disposable income of customers in developing countries, as well as the desire for high-end luxury cars, are expected to drive market expansion in this area.
Furthermore, massive capacity expansion in China and India, rising per capita income, and the construction of the road network all contribute to the growth of the market.
Europe Demand Outlook for Steering Gear
Europe holds the second-largest proportion of the global market for vehicle steering systems. The expansion of the regional market is fuelled by factors such as the presence of a well-established automotive sector and automobile manufacturing businesses. Furthermore, rising consumer purchasing power and increased expenditure on luxury cars, as well as strong demand for lightweight and fuel-efficient automobiles in this region, are expected to drive significant market expansion.
Who are the Key Manufacturers and Suppliers of Steering Gear?
Some of the leading manufacturers and supplier include
- YAS co., Ltd
- Mitsubishi Electric Corporation
- Sona Koyo Steering System Ltd.
- JTEKT Corporation
- Nexteer Automotive
- Thyssen Krupp Presta
- Robert Bosch Automotive Steering GmbH
Many leading manufacturers prefer modern technology for accuracy which includes latest Computer Aided Design software’s and improved production facilities which provide great potential for development and design performance of steering gear.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
By Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Off-highway Vehicles
By Sales Channel:
- North America
- Latin America
- South Asia Pacific
- Australia & New Zealand
- East Asia
- South Korea
- Middle East & Africa
- South Africa
- North Africa