LONDON--(BUSINESS WIRE)--Mar 14, 2019--The global automotive rack and pinion steering system market is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio.

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The global automotive rack and pinion steering system market is expected to post a CAGR of over 4% during the period 2019-2023 (Graphic: Business Wire)

Improvements in steering systems have improved control and enhanced the fuel economy of vehicles. The quick steering response or control system of the rack and pinion steering system has also largely helped in making driving more intuitive. The use of fewer components and the lighter weight of the rack and pinion steering system gives more balance to the steering and makes it convenient to drive at different speeds and conditions. All these factors will promote the global automotive rack and pinion steering system market during the forecast period.

As per Technavio, the increasing popularity of the steer-by-wire system will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global automotive rack and pinion steering system market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

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Global automotive rack and pinion steering system market: Increasing popularity of the steer-by-wire system

The steer-by-wire system has been developed to eliminate mechanical linkages between the steering and wheels of vehicles. This enhances driving comfort and improves fuel efficiency due to the use of fewer mechanical components. In the steer-by-wire system, a steering wheel angle sensor is attached to the steering wheel, and it sends signals to the steering actuator. The pinion angle sensor allows pinon movement over the rack with the help of an electric motor (power assist unit). Therefore, the pinion in the steer-by-wire system does the work of an electrical actuator to support wheel movement. The steer-by-wire system is expected to improve vehicle performance and raise fuel-efficiency as well as lower manufacturing and operating costs. Thus, the development of the steer-by-wire system with a rack and pinion steering gear that functions as an electrical actuator will drive the growth prospects of the market.

“Along with the increasing popularity of the steer-by-wire system, the increasing adoption of electric power steering,and the development of rack and pinion steering system with the iHSA control module for HCV are some of the major factors that will contribute to the growth of the global market,” says a senior analyst at Technavio.

Global automotive rack and pinion steering system market: Segmentation analysis

This market research report segments the global automotive rack and pinion steering system market by application (passenger cars and commercial vehicles) and geographical regions (APAC, Europe, North America, South America, MEA).

The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. However, during the forecast period, the South American region is expected to register the highest incremental growth due to the presence of many automotive manufacturers.

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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 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 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.

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SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 03/14/2019 09:04 AM/DISC: 03/14/2019 09:04 AM

Copyright Business Wire 2019.

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