Global Medium and Heavy-duty Truck Steering System Market 2019-2023| Growth Analysis and Forecast| Technavio
LONDON--(BUSINESS WIRE)--Dec 6, 2018--The global medium and heavy-duty truck steering system market research report by predicts the market to post a CAGR of close to 2% during the period 2019-2023. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
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Technavio has released a new market research report on the global medium and heavy-duty truck steering system market for the period 2019-2023. (Graphic: Business Wire)
A key driver for the global medium and heavy-duty truck steering system market is the growth of medium and heavy-duty trucks. The sales of medium and heavy-duty trucks will significantly impact the growth of the market. China, Japan, and countries in North America and Western Europe will contribute significantly to the heavy-duty truck market. The highest sales of heavy-duty trucks are expected to be witnessed in India and countries in Eastern Europe.
This research report also provides an analysis of the most important trends expected to impact the market outlook during the period 2019-2023. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the increasing popularity of autonomous heavy-duty trucks as one of the key trends in the global medium and heavy-duty truck steering system market:
Global medium and heavy-duty truck steering system market: Increasing popularity of autonomous heavy-duty trucks
There has been an increase in the interest toward autonomous vehicles in the automotive industry, particularly in the passenger and commercial vehicle segments. A similar trend is being witnessed in the heavy-duty truck market. The truck manufacturers in Europe are investing significantly in the R&D of self-driven trucks, with focus on the North American market.
“The truck manufacturers in Europe are focusing on the wider adoption of self-driven trucks to comply with emission control norms. For instance, in 2016, six trucks, one each from DAF, Daimler, Iveco, Scania, MAN, and Volvo participated in a truck platooning challenge to demonstrate the autonomous driving concept. Such advancements will encourage other manufacturers to invest in these technologies, which will increase the demand for automated steering systems,” says a senior research analyst at Technavio.
Global medium and heavy-duty truck steering system market: Segmentation analysis
This medium and heavy-duty truck steering system market analysis report segments the market by application (heavy-duty truck and medium-duty truck), type (hydraulic power steering, electro-hydraulic power steering, and electric power steering), and geography (the Americas, APAC, and EMEA).
The heavy-duty truck segment held the largest medium and heavy-duty truck steering system market share in 2018, accounting for around 61% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The APAC region led the market in 2018 with more than 55% of the market share, followed by the Americas and EMEA, respectively. The APAC region is expected to dominate the market throughout the period 2019-2023.
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 LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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PUB: 12/06/2018 09:54 AM/DISC: 12/06/2018 09:53 AM