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.
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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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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:
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
Table of Contents:
Five Forces Analysis
Market Segmentation by Application
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