Technavio analysts forecast the global automotive power steering gears marketto grow at a CAGR of almost 4% during the forecast period, according to their latest report.
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Technavio has published a new report on the global automotive power steering gears market from 2017-2021. (Graphic: Business Wire)
The research study covers the present scenario and growth prospects of the global automotive power steering gearsmarketfor 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
Most of the passenger cars use rack and pinion gear setup. Approximately 80% of the passenger cars use rack and pinion gear system. A rack and pinion configuration are closed in a metal tube, and each end of the rack projecting out of the tube. A tie rod is connected to each end of the rack to connect each joint. The pinion gear is attached to the steering shaft, and as soon as the steering wheel rotates, the pinion gear spins and moves the rack.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global automotive power steering gears market:
Growing penetration of utility vehicles in APAC
In China, SUV production will grow up to seven million by 2018 despite the weakening growth rate of the Chinese passenger car market, which slumped to about 4% in 2015 from 9% in 2014. The sales of SUVs would be the main driving factor for the passenger car market in China. SUVs occupied approximately 30% share of the passenger car market in China in 2015.
Praveen Kumar, a lead automotive components research analyst at Technavio, says, "the younger customers are the main target for the Chinese SUV market. SUVs produced for the Chinese market have higher a ground clearance compared with the Chinese sedans, yet they lack off-roading capabilities of SUVs, which are found in the US markets
Growing torque demand and performance for power steering systems in class 8 trucks
There is an increasing demand for improved torque, improved steer handling, control, and responsive handling in class 8 trucks. The gears can accommodate torque demands for a variety of steering systems. For instance, TRW Automotive offers TAS Series power steering gears for medium- and heavy-duty vehicles which operate on the highway.
"The TAS Series is designed to meet the specific demands of class 5-8 HCVs. The TAS Series gears meet the torque demands required by different steering systems. The company also offers RCS assist gears, which offer improved performance and extra torque for severe heavy duty trucks," adds Praveen.
Low motorization per capita in emerging economies
Tier 3 and Tier 4 Chinese cities contributed to 40% of the total new car sales from 2002 to 2011. It is estimated that around 60% of the new car sales will come from tier 3 and tier 4 cities. In Brazil, the automotive industry is maturing. It has approximately 45 different car brands and 2,000 models and is among the top five automotive markets worldwide.
The Indian passenger car market is smaller than the markets of other emerging countries such as China, Brazil, and South Korea. The car penetration level is likely to increase in India due to the high estimated growth rate of 10% during the forecast period, which is likely to mirror the trend in other emerging markets such as China.
- Nexteer Automotive
- ZF Friedrichshafen
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