US and Canada Region Likely to Boost the Demand of Sports Car Steering Shafts by 2031

The report covers various factors affecting the Steering Sector Shaft market. Fact.MR provides in-depth insights into the market. It presents the study in a coherent chapter-wise format, interspersed with data and relevant infographics. The report adopts an analytical approach to help our clients get better understanding about the market. Our expert market research analysts in the food & beverage industry domain carries out an extensive primary and secondary research with the help of digital intelligence for optimized decision making.

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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.

COVID-19 Impact Analysis on 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.

Important Questions Answered in the Steering Sector Shaft Market Report

  • Which end user is expected to create lucrative growth opportunities for the global Steering Sector Shaft market?
  • How is the Steering Sector Shaft market likely to evolve in the upcoming years?
  • What are the upcoming trends and opportunities likely to prevail the Steering Sector Shaft market in the future?
  • What innovative strategies are adopted by Steering Sector Shaft market players to stay ahead of the pack?
  • Which region is expected to be the most lucrative region for the Steering Sector Shaft market?
  • What are the restraints affecting the growth of the global Steering Sector Shaft market?

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Steering Sector Shaft Market: Segmentation

Based on the type, steering sector shaft market can be segmented into:

  • Double D
  • Splined
  • Smooth

Based on the material, steering sector shaft market can be segmented into:

  • Steel shaft
  • Aluminum shaft

Based on the Vehicle type, steering sector shaft market can be segmented into:

  • Passenger vehicle
    • Hatchback
    • Sedan
    • SUV/MPV
  • Commercial vehicle
    • Light commercial vehicle
    • Heavy commercial vehicle

Based on the technology type, steering sector shaft market can be segmented into:

  • Manual
  • EPS
  • Electro-Hydraulic Power Steering (EHPS)
  • Hydraulic Power Steering (HPS)

Based on the Component type, steering sector shaft market can be segmented into:

  • Steering Wheel Speed Sensor
  • Hydraulic Pump
  • Steering Column
  • Electric motor

Steering Sector Shaft Market: Competitive Analysis

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

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Significant Contributions to the Report

  • Growth Drivers and Opportunities: Comprehensive analysis on growth-driving factors and opportunities for market players in different regional markets
  • Recent Trends and Forecasts: Detailed assessment on the latest trends, technological developments, and forecasts for a 5-year or 10-year period.
  • Segmental Analysis: Extensive research on each segment and factors differentiating the role of these segments in market revenue forecasts and growth rate analysis
  • Regional Market Forecast: Thorough analysis of each regional market to arm stakeholders with necessary information to take critical decisions

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