Introduction Of A New Variant In The Market Of Shaft Supported The Demand For The Steering Shafts Market

Steering Shaft Manufacturers Responding to the Changing Consumer Dynamics

Steering shaft has shown estimated growth in the steering market in past few years. Due to the stringent emission norms, automotive industries are manufacturing steering shafts with driving comfort which has piloted the growth of steering sector shaft market. Growth in the demand for steering shaft has attributed to an increase in the manufacturing of steering shaft in other countries as well. The Asia-Pacific market is shifting towards a manufacturing-driven economy, and procurement of raw material at affordable prices. With a rapid increase in vehicle demand, steering shaft production has increased at a greater pace with quality being the top priority for companies.

Steering shaft manufacturers focuses on producing steering shaft to cater to different market demand from commercial heavy vehicle to a small vehicle. The introduction of a new variant in the market of steering shaft market supported the demand for the steering shafts. Besides, manufacturers are becoming more specific while production of the shaft.

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How Growth in Market Share of Electronic Power Steering is changing the Dynamics?

Automotive companies are developing new technologies for steering shafts to give a better and smooth steering experience to the customer. For instance, steering shaft manufacturers evolved electronic power steering (EPS), which reports the largest market share in the market. In the recent past, significant growth has been observed in the demand for EPS in Asia-Pacific, due to the automakers’ focus to improve fuel economy and control emission. Additionally, this variant minimizes the servicing required for the steering, hence it has garnered significant traction in recent years. In the past few years, this variant has been used in passenger cars by OEMs due to its durability. Alongside, EPS is used in small, mid-range, and sports cars for a better and optimal steering shaft feel for the customer. Growth of the market has even added features to the EPS system, to make it more comforting for the customer. Automobile companies capturing the market by giving better steering shafts at a lower price.

How New Technologies are Transforming Steering Sector Shaft Market?

Steering shaft sector technology has significantly changed in the last few years. Germany is focusing on developing steering shaft for SUV passenger vehicle due to its increasing demand in the market. Heavy vehicle manufacturers have collaborated with German companies to produce steering shaft with a hydraulic pump to absorb more pressure. This will lead the automobile industry towards making heavy vehicles more comforting. Additionally, this segment has gained pace with providing different products. Steering wheel speed sensors garner the sports car market, due to their sensor which provides details about the speed. Most of the manufacturers are using such sensors in the luxury car segment, to capture more market share.

What is the Regional Performance of Steering Shaft Market?

US, Canada, and Mexico, Germany, Italy, France, UK, Spain, Portugal, Netherlands, Belgium, Sweden, Austria, Finland, Morocco are leaders in the production of a steering shaft. German companies focuses more on designing better and more efficient steering shafts. North American manufacturers on the other hand are investing significant amount to domestically cater to the regional automotive sector demand. US and Canada are targeting sports car steering shafts, as it requires more precision and smoothness. Other manufacturers of steering shaft are focusing on producing components to support steering shaft that can increase durability. Canada based manufacturers are bringing steering shaft with linear and non -bulky design, to gain more market share. This provides a competitive edge over others to Canada, as luxury automobile manufacturers are moving towards this trend. It will provide better movement of the steering with less pressure on the wheel.

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What are the Key Player Doing in Steering Sector Shaft Market?

Most of the manufacturers of steering shafts are based in

  • Japan
  • U.S.
  • Germany.

The global steering shaft market is dominated by players such as

  • JTEKT Corporation
  • Robert Bosch Automotive Steering GMBH
  • ZF TRW, NSK Ltd.
  • Nexteer Automotive Group

To expand their market even further these companies focus on associating with more automotive industries and local players to expand and broaden their market presence.

JTEKT is one of the key players that focuses on collaboration with new partners in the automotive industries to synchronize its operations. JTEKT expanded its productions of steering shaft components in Southeast Asia. Similarly, the automotive steering of Robert Bosch is specialized in electronic power steering variant which captures most of the market. Large players are focusing on introducing a new features to the steering shaft, to create storage of premium products, hence increasing the demand in the market.

How is the Growing Demand Electric Vehicles Expected to Benefit Steering Shafts Market?

Increasing demand for electric vehicles drives the market towards automotive steering column systems. Key players in the market are focusing on R&D to improve their ongoing production. Automobile companies are trying to increase safety by introducing technology into the steering shaft. To improve the safety of the vehicles, companies have started developing impact-absorbing steering columns. Companies such as NSK are involved in developing collapsible columns that can absorb load during a collision. Robert Bosch’s steering column system technology, Servo electric enables driver assistance functions and helps to reduce the vehicle’s fuel consumption. This would further assist the companies to achieve level 4 automation and provide better safety in level 3 automation. Manually adjusted steering columns will allow the driver to adjust the height and depth of the steering according to his comfort.

How Covid-19 has Impacted the Steering Sector Shaft Market?

The steering shaft market has been affected significantly due to the covid-19 pandemic. The production in this sector ceased due to worldwide lockdown, worsened with shirking investments in the industry. Due to the disruption in the demand for automobiles, companies halted the purchase of steering shafts. Apart from this, during a lockdown, there was the introduction of a new trend in the market, steering shaft with sensors. This has further limited the supply of steering shaft, due to the introduction of new technology.

However, a hike in demand for automobiles created more demand for steering shafts, the market is expected to become stable in the nearest possible time. Moreover, OEMs aiming on implementing economical and robust production of EPS systems and sensor-built steering shaft for heavy vehicles, this will increase the pace in the demand and expected to grow in post-pandemic times.

Steering sector shaft market report is a compilation of first-hand information, qualitative and competitive assessment industry analysts, and inputs from industry experts and industry participants across the value chain. The report for Steering sector shaft market provides an in-depth analysis of the parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.Read More Trending Reports of Fact.MR-

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