The automotive steering gearbox market is expected to grow by USD 2.06 billion during 2020-2024, progressing at a CAGR of over 2%. The report throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect. The pandemic has negatively impacted the market demand which has compelled several automobile manufacturers to reduce their production volumes. However, the growing demand for high torque and performance in trucks will provide new opportunities for vendors during the forecast period.
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Technavio has announced its latest market research report titled Global Automotive Steering Gearbox Market 2020-2024 (Graphic: Business Wire)
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Automotive Steering Gearbox Market: Growing Demand for High Torque and Performance in Trucks
The growing demand for higher torque and performance figures in trucks has compelled automobile manufacturers to adopt steering gears such as RCS assist gears. These gears are TRW Automotive, a subsidiary of ZF Friedrichshafen. They are capable of providing class 8 trucks with better performance, higher torque, and increase reliability at low operating temperatures. They are also easy to install and enhance the lifespan of steering systems. The rising demand for higher torque is expected to result in further improvements in steering gears over the forecast period. All these factors are expected to positively influence the growth of the global automotive steering gearbox market during the forecast period.
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As per Technavio, the increasing adoption of electric power steering will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Steering Gearbox Market: Increasing Adoption of Electric Power Steering
The rising consumer demand for comfort, convenience, and fuel efficiency has resulted in several technological advancements in the automobile industry. For example, automobile manufacturers are adopting electric power steering and steer-by-wire systems. Such technological advancements have created a need for the development of more advanced automotive steering system components such as steering columns and steering gearboxes, among others. Moreover, electric power steering systems are more fuel-efficient compared to conventional steering systems. This has further increased the penetration of electronic power steering systems in modern automobiles. This trend is expected to foster the growth of the global automotive steering gearbox market during the forecast period.
“Stringent regulations to control emissions and the development of magnetic torque overlay will further increase the growth of the automotive steering gearbox market during the forecast period,” says a senior analyst at Technavio.
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Automotive Steering Gearbox Market: Segmentation Analysis
This market research report segments the automotive steering gearbox market by Application (Electric power steering, Hydraulic power steering, and Electro-hydraulic power steering) and Geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the automotive steering gearbox market in 2020, followed by Europe, North America, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to factors such as favorable government incentives, low costs, and the easy availability of raw materials in the region.
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