LONDON--(BUSINESS WIRE)--Technavio has been monitoring the commercial vehicle steering system market and it is poised to grow by 0.65 million units during 2020-2024, progressing at a CAGR of almost 1% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
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Impact of COVID-19
The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the commercial vehicle steering system market. The market growth in 2020 is likely to decrease compared to the market growth in 2019.
Frequently Asked Questions:
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Based on segmentation by application, which is the leading segment in the market?
The LCVs segment led the market in 2019.
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What are the major trends in the market?
The development of independent wheel steering systems is the major trend in the market.
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At what rate is the market projected to grow?
The market is projected to grow at a CAGR of almost 1% during 2020-2024.
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Who are the top players in the market?
Hyundai Mobis Co. Ltd., JTEKT Corp., Knorr-Bremse AG, Mando Corp., Melrose Industries Plc, Nexteer Automotive Corp., Robert Bosch GmbH, Showa Corp., Thyssenkrupp AG, and ZF Friedrichshafen AG are the top players in the market.
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What are the key market drivers and challenges?
The market is driven by the electrification of automotive components. However, increasing cost pressure faced by OEMs will challenge growth.
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How big is the APAC market?
APAC accounted for 58% of the market share in 2019.
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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Hyundai Mobis Co. Ltd., JTEKT Corp., Knorr-Bremse AG, Mando Corp., Melrose Industries Plc, Nexteer Automotive Corp., Robert Bosch GmbH, Showa Corp., ThyssenKrupp AG, and ZF Friedrichshafen AG are some of the major market participants. Although the electrification of automotive components will offer immense growth opportunities, the increasing cost pressure faced by OEMs is likely to pose a challenge for the market vendors. In a bid to help players strengthen their market foothold, this commercial vehicle steering system market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Commercial Vehicle Steering System Market 2020-2024: Segmentation
Commercial Vehicle Steering System Market is segmented as below:
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Application
- LCVs
- M And HCVs
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Geography
- North America
- APAC
- Europe
- South America
- MEA
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Commercial Vehicle Steering System Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The commercial vehicle steering system market report covers the following areas:
- Commercial Vehicle Steering System Market Size
- Commercial Vehicle Steering System Market Trends
- Commercial Vehicle Steering System Market Industry Analysis
This study identifies the development of independent wheel steering systems as one of the prime reasons driving the Commercial Vehicle Steering System Market growth during the next few years.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Commercial Vehicle Steering System Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist commercial vehicle steering system market growth during the next five years
- Estimation of the commercial vehicle steering system market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the commercial vehicle steering system market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of commercial vehicle steering system market vendors
Table of Contents:
Executive Summary
Market Landscape
- Market ecosystem
- Market characteristics
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019-2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Application
- Market segments
- Comparison by Application
- LCVs - Market size and forecast 2019-2024
- M and HCVs - Market size and forecast 2019-2024
- Market opportunity by Application
Customer Landscape
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Vendor landscape
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- Hyundai Mobis Co. Ltd.
- JTEKT Corp.
- Knorr-Bremse AG
- Mando Corp.
- Melrose Industries Plc
- Nexteer Automotive Corp.
- Robert Bosch GmbH
- Showa Corp.
- thyssenkrupp AG
- ZF Friedrichshafen AG
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
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List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses 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 17,000 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.
