The medium and heavy-duty truck steering system market will see a compound annual growth rate (CAGR) of nearly 2 percent from 2019 to 2023, according to a new report by Research and Markets.
“The latest trend gaining momentum in the market is the technological advancement will encourage other truck manufactures to invest in such technologies and increase demand for automated steering systems to positively impact the market,” a researcher explained.
The report attributes the projected growth to an growing need among end users for better safety, performance, and comfort in heavy duty trucks. Critical areas of growth cited in the report are India, the United States and Latin America.
“The growing manufacturing activities in India will raise demand for transportation and logistics services as the country has a faster economic growth.
“The market has also witnessed a steady growth in cities across the US and Southern America due to increasing demand for last mile deliveries which will be a key factor behind the growth of the market.”
The report points out that modern steering systems, which help provide the desired enhancements in safety, performance and comfort, are being purchased and installed at an increasingly greater rate.
Furthermore, “Growing environment issues such as air pollution have promoted the formulation of stringent regulations for the automotive industry. The majority of regulations are targeted at medium and heavy duty trucks as they contributed significantly to CO2 emissions even through their volumes are lower than passenger’s cars and LCVs.”
Purchase the full report here.