Global Shaft & Steering Market To Amass Huge Profits Worth USD 57,007.9 million in 2027

October 2021 | Report Format: Electronic (PDF)

The market for automobile steering column systems is growing as demand for electric vehicles grows. To boost their continuing production, key market players are focused on R&D. Vehicle manufacturers are attempting to improve safety by incorporating electronics into the steering shaft. Companies have begun creating effect steering rods in order to increase car safety. Collapsible columns which can absorb stress during an accident are being developed by companies like NSK. Servo electric, a steering column system developed by Robert Bosch, allows for driver assistance features while also lowering fuel usage. This will help organisations reach level 4 automation while also improving safety in level 3 automated. Manually adjustable steering columns allow the driver to customise the depth and height of the steering wheel to his personal preference.

The covid-19 epidemic has had a severe impact on the steering shaft business. Due to a worldwide lockdown, production in this sector came to a halt, which was exacerbated by a lack of investment in the sector. Businesses have suspended the acquisition of steering shafts due to the interruption in the demand for vehicles. Apart from that, during a shutdown, a new trend in the industry, steering shafts with sensor, was introduced. Due to the advent of new technologies, the supply of steering shaft has been further constrained.

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Shaft & Steering Market Report Highlights

• ZF Friedrichshafen AG (Germany) is a leading technology firm that specialises in suspensions for commercial vehicles, automobiles, and industrial applications. ZF also provides OEMs and aftermarket customers with driveline and chassis technology, as well as passive and active safety technologies.
• Globally, the Asia Pacific area is a fast-growing market for automobile steering systems. Key growth factors include the existence of several automobile steering system market players that are significantly investing in electric mobility services. Furthermore, massive capacity expansion in India and China, rising per capita income, and the construction of the road network all contribute to the growth of the market.
• JTEKT is one of the main companies in the automobile industry that focuses on synchronising its operations by collaborating with new partners. JTEKT increased its steer shaft component output in Southeast Asia.

SHAFT & STEERING MARKET SEGMENTATION

The research report published by Market Research Strategy contains industry segments, as below-

Shaft & Steering Type Outlook (Revenue, USD Million, 2016 - 2027)

• Rear Side Shaft
• Front Side Shaft
• Others

Shaft & Steering Application Outlook (Revenue, USD Million, 2016 - 2027)

• Passenger Vehicles
• Commercial Vehicles

Shaft & Steering Regional Outlook (Revenue, USD Million, 2016 - 2027)

• North America (U.S., and Canada)
• Europe (Germany, U.K., France, Italy, Spain etc.)
• Asia-Pacific (China, India, Japan, Indonesia, Malaysia, Australia, South Korea, etc.)
• South America (Brazil, Mexico, Argentina etc.)
• Middle East & Africa (Saudi Arabia, Kuwait, UAE, South Africa etc.)

List of Key Players of Shaft & Steering Market

• ZF TRW, NSK Ltd.
• Wanxiang
• Robert Bosch Automotive Steering GMBH
• NTN
• Nexteer Automotive Group
• Nexteer
• Neapco
• KOFCO
• JTEKT
• Hyundai-wia
• Guansheng
• GKN

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