The increasing demand for automotive comfort and reliability, stringent fuel economy norms, and increasing vehicle production are key drivers of the steering market.
The global shaft and steering market is anticipated to register a CAGR of 8.5%.
The report “Global Shaft and Steering Market Segment, By Type (Splined Shafts, Double D Shafts, and Others), By Application (Passenger Cars and Commercial Vehicles), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Trends, Analysis and Forecast till 2029”.
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In July 2020, JTEKT Corporation has developed a grease-lubricated ball bearing that enables the world’s fastest high-speed rotation of more than 1.5 million dmn for use in the driveline unit motors of electric vehicles.
In May 2020, KOYO CANADA INC., a consolidated subsidiary of JTEKT Corporation, has acquired the assets of a Halifax, Nova Scotia R&D facility previously owned by KSR International Inc. (KSR), a Canadian company. This acquisition strengthens JTEKT global ECU development for vehicle steering and driveline products, and will set the foundation for further expansion of its global electrification capabilities and plans.
Increased production of automotive and long-term steering and shafts
Continuous technological innovations coupled with rising awareness about environmental safety, consumer demands towards electrical vehicles have been observed over the recent years. Moreover, numerous national and local governments are giving incentives for electric vehicles, tax credits, subsidies, etc. These factors are fuelling the demand for electrical vehicles, subsequently creating numerous growth opportunities for the global steering and shaft system market over the forecast period. Manufacturers are also focusing on steer-by-wire technology as it provides potential benefits of enhanced vehicle performance, handling behavior and fully integrated vehicle dynamic control. Moreover, manufacturers are also establishing joint ventures for the production of high quality products for automotive manufacturers.
Growing shaft and steering industry
In 2019, Nexteer Automotive announced a joint venture with Dongfeng Motor Parts and Components Group Co., Ltd., to start the mass production of the electric power steering systems. This new JV increases the company’s manufacturing footmark to 28 sites across the world.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Shaft and Steering Market”, By Type (Splined Shafts, Double D Shafts, and Others), By Application (Passenger Cars and Commercial Vehicles), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Trends, Analysis and Forecast till 2029
Key Market Insights from the report:
The global shaft and steering market is anticipated to register a CAGR of 8.5%. The market report has been segmented on the basis of type, application, and region.
Based on the type, the global market is segmented into splined shafts, double d shafts, and others. Splined shafts accounted for the largest share of shaft and steering market and are expected to continue its dominance till 2029.
On the basis of application the shaft and steering market is divided into passenger cars and commercial vehicles. Introduction of new technologies, comfort features, and active safety systems in vehicles is expected to drive steering and shaft market during the coming years. The safety and the ease of driving an automobile have increased considerably due to the installation of steering and shaft modules on the steering wheel of vehicles.
By region, Europe dominates the global shaft and steering market. Increasing customer demand for high mileage vehicles due to fluctuating fuel prices in Europe is forcing the R&D companies to grow the developments of advanced steering system in the vehicles.
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The prominent player operating in the global shaft and steering market includes JTEKT Corporation, Nexteer Automotive Group Ltd., Showa Corporation, ThyssenKrupp AG, Hitachi Automotive System Ltd., Robert Bosch GmbH, and NSK Steering System Co. Ltd.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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