Market Overview

Global Automotive Steering Gearbox Market 2019-2023 | Development of Magnetic Torque Overlay to Boost Demand | Technavio

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The global automotive steering gearbox market is expected to post a CAGR
of over 9% during the period 2019-2023, according to the latest market
research report by Technavio.

This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20190102005343/en/

Technavio has published a new market research report on the global automotive steering gearbox marke ...

Technavio has published a new market research report on the global automotive steering gearbox market from 2019-2023. (Graphic: Business Wire)

A key factor driving the growth of the global automotive steering
gearbox market is the increasing adoption of electric power steering.
Along with the increasing demand for convenience and comfort, there is
an increase is the need to improve fuel efficiency of vehicles. This has
brought about several developments in the automotive industry such as
electric power steering and steer-by-wire systems. As electric power
steering systems are highly fuel-efficient, their adoption rate is
increasing, especially in passenger cars. Therefore. the growing
adoption of automotive electric power steering systems will fuel market
growth.

This market research report on the global
automotive steering gearbox market 2019-2023
also provides an
analysis of the most important trends expected to impact the market
outlook during the forecast period.

This report is available at a USD 1,000 discount for a limited time
only:
View
market snapshot before purchasing

In this report, Technavio highlights the development of magnetic torque
overlay as one of the key emerging trends in the global automotive
steering gearbox market:

Global automotive steering gearbox market:
Development of magnetic torque overlay

The developments in advanced driver-assistance systems (ADAS) have paved
the way for the emergence of electric power steering as these safety
systems require this component for efficient functioning. However, owing
to the requirement of greater power, incorporating electric power
steering in heavy-duty trucks has become a challenge, which has made
hydraulic power steering systems ideal options. Although this limitation
is hindering the deployment of ADAS in heavy-duty trucks, the
development of magnetic torque overlay (MTO) has resolved this hurdle.
MTO consists of a hydraulic power steering gear equipped with an
integrated electromagnetic actuator with additional pressure sensing
hardware, electronic module, and additional software. More advancements
of this technology are expected to positively influence the global
automotive steering gearbox market in the near future.

"Apart from the increasing adoption of electric power steering,
factors such as the growing demand for high torque and performance in
trucks, and the increasing demand for automobiles will fuel the growth
of the global automotive steering gearbox market during the forecast
period,"
says a senior analyst at Technavio.

Global automotive steering gearbox market:
Segmentation analysis

This market research report segments the global automotive steering
gearbox market by application (electric power steering, hydraulic power
steering, and electro-hydraulic power steering) and geographical regions
(APAC, EMEA, and the Americas).

The APAC region led the market in 2018, followed by EMEA and the
Americas respectively. Although the Americas region held the smallest
share of the market in 2018, it is expected to register the highest
incremental growth during the forecast period.

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Technavio's sample reports are free of charge and contain multiple
sections of the report such as the market size and forecast, drivers,
challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio
is a leading global technology research and advisory company. Their
research and analysis focus on emerging market trends and provides
actionable insights to help businesses identify market opportunities and
develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists
of more than 10,000 reports and counting, covering 800 technologies,
spanning across 50 countries. Their client base consists of enterprises
of all sizes, including more than 100 Fortune 500 companies. This
growing client base relies on Technavio's comprehensive coverage,
extensive research, and actionable market insights to identify
opportunities in existing and potential markets and assess their
competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team
at media@technavio.com.

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