About this market
Increasing popularity of dual pinion steering system to drive the market growth. Growing demand for high torque capacity steering systems has pushed automotive steering system manufacturers into developing the dual pinion steering system. This type of steering system is equipped with two pinions. The analysts have predicted that the automotive steering gearbox market will register a CAGR of over 9% by 2023.
Market Overview
Increasing demand for automobiles
Automotive steering gears are default components in all vehicles. They are used by both internal combustion engine vehicles and electric vehicles and there are no substitutes available. Hence, growing automobile production globally is beneficial for the global automotive steering gearbox market.
Increasing cost of raw materials
The growing need for improving fuel efficiency is pushing automotive manufacturers to reduce vehicle weight without compromising on performance. Most vendors are replacing components by aluminum as its lightweight and its performance is superior. However, rising prices of this metal is adding pressure on automotive components manufacturers.
For the detailed list of factors that will drive and challenge the growth of the automotive steering gearbox market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including Bosch and Knorr-Bremse the competitive environment is quite intense. Factors such as the rising demand for automobiles and the expansion of aircraft manufacturing facilities, will provide considerable growth opportunities to automotive steering gearbox manufactures. Bosch, Knorr-Bremse, Nexteer Automotive, thyssenkrupp, and ZF Friedrichshafen are some of the major companies covered in this report.