Demand of Automotive Steering Shaft is expected to expand at CAGR of 3% to 4% during 2021 to 2031
According to latest research by Fact. MR, automotive steering shaft market is set to witness steady growth during 2021-2031. In the short term, demand for steering shaft will rebound steadily, with a positive long-term outlook. In the near future, increased demand from the automotive industry would generate opportunities.
What is Driving Demand for Automotive Steering Shaft?
The steering shaft is used in a wide range of steering systems, from modern power steering to traditional manual steering, and can be used in steering systems that convert rotational motion into linear motion.
Since the directing framework comprises of the controlling shaft or section, wheel, and rack, all of what work together to permit the vehicle to turn and move easily around corners and bends, just as move adequately and with accuracy, this is a potential factor driving the worldwide car guiding shaft market.
Over the forecast period, the growth of the steering shaft market is expected to be fuelled by an increase in automobile production. In addition, steering shaft is an important part of any passenger and commercial vehicle and production of these vehicle are increasing over the period of time has been attributed as the major driving factor of the market expansion.
Increasing Demand for Fuel-efficient Vehicle is expected to drive market.
The COVID-19 induced slowdown has had an effect on automotive sales all over the world. This has had a knock- on impact on sales of vehicle components and materials. Automotive steering shaft is used extensively in automotive industry. Although lockdown and shelter-at-home guidelines have meant restricted automobile production activities, however sales are likely to improve over the course of the assessment period.
Over the forecast period, the market is expected to rise due to rising demand for fuel-efficient vehicles with effective steering systems. One of the primary automotive steering shaft industry developments is the government's strict requirements for vehicle fuel economy.
The rising demand for a smooth and convenient driving experience is expected to drive the market for automotive steering shafts to new heights. In addition, increasing demand for high-tech steering shafts from developing countries such as India and China is expected to drive market growth over the forecast period.
Asia Pacific Automotive Steering Shaft Market Outlook
Asia Pacific is estimated to be one of the prominent market globally for steering shaft. The China and Japan market is set to account for substantial share in global market during the assessment period 2021-2031.
The growth of the automotive steering shaft industry is directly related to the demand for passenger cars and commercial vehicles. The growing vehicle production in China and India will push the sale of steering shafts. EPS and its components are also more expensive than hydraulic power steering systems, allowing steering system and component manufacturers to gain higher profit margins.
Europe Automotive Steering Shaft Market Outlook
The COVID-19 crisis has had a significant impact on many European countries, resulting in a drop in economic activity. However, in automotive industry, Europe is home to a number of steering shaft manufacturers, making the region a major producer of automotive components and systems.
Due to high rate of adoption of steering shaft and the growth of the automotive industry in the region. Europe holds a significant share of the global steering shaft market for automobiles.
As a result, the production of passenger and commercial vehicles with automotive steering shaft has increased. Especially in Germany, UK, France, and Italy. Smooth riding experience and fuel efficient features highly adopted by vehicle owners in these countries are expected to grow at a rapid rate.
Who are the Key Manufacturers and Suppliers of Automotive Steering Shaft?
Some of the leading manufacturers and suppliers of automotive Steering shaft includes ThyssenKrupp, Dana, Mando, Sona Group, erae Automotive Systems, JTEKT, OTTO FUCHS, and others.
Automotive steering shaft is supplied by several leading manufacturers and suppliers under long-term contracts with end-users. Furthermore, manufacturers are focusing on developing manufacturing facilities in Asia Pacific countries such as India, China, Thailand, and Taiwan in order to meet the region's growing demand.
Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprints
