– Increase in use of electro-hydraulic steering systems in the manufacturing of heavy commercial vehicles is creating lucrative prospects in the commercial vehicle steering column market
– Rising popularity of custom steering systems, owing to their tailored designs and minimum maintenance requirements is leading to revenue-generation opportunities in the commercial vehicle steering column market
ALBANY, N.Y., Feb. 22, 2022 /PRNewswire/ — Rise in demand for different types of vehicles from across the globe is projected to create promising revenue gain prospects in the global commercial vehicle steering column market. Hence, the market is projected to register growth at a CAGR of 4.5% during the forecast period from 2021 to 2032, according the research report by Transparency Market Research (TMR).
Major companies operating in logistics and transportation industries are inclining toward the use of vehicles that offer next-gen and cost-effective solutions, which can help enterprises to increase their efficiency, thereby boosting their revenues. As a result, many automakers globally are using power steering systems in their vehicles, states TMR report on the global commercial vehicle steering column market. Hence, the expansion of logistics and transportation industries is prognosticated 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 presence of several emerging economies and increase in the production & sales of commercial vehicles in countries. Moreover, the regional market is expected to be driven by increase in the number of R&D projects, which are focused on the development of technologically advanced steering column systems. Furthermore, rapid expansion of construction industry and increase in industrialization in many regional nations are fueling the demand for commercial vehicles, which, in turn, is creating lucrative opportunities in the Asia Pacific commercial vehicle steering column market.
Commercial Vehicle Steering Column Market: Key Findings
· Increase in industrialization has resulted in rise in the need of transportation of different products manufactured by varied industrial sectors, including steel, energy, food & beverage, and construction materials. Hence, the demand for heavy commercial vehicles has been increased tremendously in the past few years. Thus, rise in sales of such vehicles is propelling the global commercial vehicle steering column market.
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Players in the commercial vehicle steering column market are increasing focus on incorporating next-gen technologies in their products in order to stay competitive. For instance, several enterprises are offering electro-hydraulic steering systems that provide speed-dependent steering support together with active reverse abilities. These systems are gaining immense popularity, owing to their ability to allow automated driving functions, notes a TMR report on the global commercial vehicle steering column market.
Vehicles with custom commercial steering columns are being increasingly adopted across countries with extreme temperature conditions, owing to striking designs and minimum maintenance requirements of custom commercial steering columns. Hence, rise in demand for such advanced vehicles across many countries with hot climates (such as Australia & Middle East) and nations with sub-zero temperatures (including Canada) is estimated to propel the commercial vehicle steering column market.
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Commercial Vehicle Steering Column Market: Growth Boosters
Increase in sales of commercial vehicles due to rising transportation and logistics activities is bolstering the global market
Surge in demand for heavy load carrying capacity trucks for construction and mining activities is estimated 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:
Delphi Automotive PLC
HELLA GmbH & Co. KGaA
Commercial Vehicle Steering Column Market Segmentation
Class 6 (GVWR – 19,501 to 26,000 pounds)
Class 7 (GVWR – 26,001 to 33,000 pounds)
Class 8 (GVWR – Above 33,000 pounds)
Manual Worm & Roller Steering System
Manual Recirculating Ball & Nut Steering System
Manual Rack and Pinion Steering System
Middle East & Africa
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