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Last Updated: Apr 25, 2025 | Study Period:
By Type
By Application
By Geography
During the first half of 2021,EU commercial vehicle registrations went up by 36.9% to 1 million units, reflecting the contribution of the big gains recorded between March and May 2021. Most of the regionâs markets posted double-digit percentage gains, including the four largest ones: Italy (+53.7%), Spain (+38.4%), France (+36.4%) and Germany (+21.7%).
In UK commercial vehicle (CV) production grew to 5,808 units in June 2021. The production increased 39.6% compared to the same month in 2020, when many plants were operating at reduced capacity because of pandemic restrictions.
Mercedes Benz Citaro employs ZF Power Steering whereas Mercedes Benz Tourismo model has ZF 8098 Servocom steering system. Volvo uses ZF Hydraulic Power steering system
In China, suppliers are facing two major problems, 1) There is an intense price war (not sustainable in the long run) among suppliers and 2) OEMs are putting up ambitious sales targets which are of-course followed by multiple downward revisions throughout the year. In these circumstances it will be very difficult for any supplier to improve their revenues and gross margin.
Passenger commercial vehicle segment experienced a washout year in FY-2021 ended in March 2021. Sales of passenger medium and heavy CVs dropped 81.7% year-on-year and those of passenger light CVs dropped 73.6%, even as the goods counterparts of these sub-segments dropped just 16.8% and 11.5%.
In India, TATA MOTORS Buses are provided with Hydraulic power steering with adjustable steering column as Steering system. Some of the other OEMs and the steering system fitted in them were
As we enter into the period of slow recovery post the pandemic, most global producers would be looking at changing strategy by adopting a faster and leaner approach to fast-altering marketing conditions. But the challenge is arduous for those with a limited bandwidth.
The outbreak of Covid-19 automotive industry has been drastically impacted, it also has significantly impacted the product demand and supply chain activity, hampering the growth of the market. Factors such as disruptions in the supply chain, permanent closing of small factories owing to the economic crisis, and unavailability of laborers have impacted the growth of the automotive steering system market severely. It also has affected consumer purchasing behavior, as people are focused on buying essential goods owing to the economic crisis. However, the manufacturing plants, the automotive industry, and several other businesses are functioning slowly, which is hindering the automotive steering system market.
Governments and authorities around the globe-imposed restrictions on transport and mobility at an unprecedented scale and magnitude. Physical distancing had a significant impact on mobility behavior and preferences. Many people switched to a transport mode that reduces the risk of infection. Many cities across the world saw that private cars, walking, and biking have gained the most share since the pandemic began, while bus ridership declined. This has resulted in low demand for the bus market.
JTEKT and Nexteer are specialist steering suppliers who also have an adjacent drive-line business.
Japan headquartered JTEKT generates ~$6-$7 billion per annum from its steering system business and is a preferred supplier to many Japanese OEMs. It had more than 25% share of the global automotive steering system market in 2019.
ZF, Bosch and Nexteer are market leaders in the commercial vehicle segment.
Nexteer is the market leader in North America and GM North America is its biggest customer (derives ~30% of its global revenues), followed by other OEMs.
Mandoâs penetration into HKMCâs medium-duty commercial truck ADAS business and its new business for the widening opportunities secured it a large-scale suspension order from VW and this has increased the net profit of the company.
| Sl no | Topic |
| 1 | Market Segmentation |
| 2 | Scope of the report |
| 3 | Abbreviations |
| 4 | Research Methodology |
| 5 | Executive Summary |
| 6 | Introduction |
| 7 | Insights from Industry stakeholders |
| 8 | Cost breakdown of Product by sub-components and average profit margin |
| 9 | Disruptive innovation in the Industry |
| 10 | Technology trends in the Industry |
| 11 | Consumer trends in the industry |
| 12 | Recent Production Milestones |
| 13 | Component Manufacturing in US, EU and China |
| 14 | COVID-19 impact on overall market |
| 15 | COVID-19 impact on Production of components |
| 16 | COVID-19 impact on Point of sale |
| 17 | Market Segmentation, Dynamics and Forecast by Geography |
| 18 | Market Segmentation, Dynamics and Forecast by Product Type |
| 19 | Market Segmentation, Dynamics and Forecast by Application |
| 20 | Market Segmentation, Dynamics and Forecast by End use |
| 21 | Product installation rate by OEM |
| 22 | Incline/Decline in Average B-2-B selling price in past 5 years |
| 23 | Competition from substitute products |
| 24 | Gross margin and average profitability of suppliers |
| 25 | New product development in past 12 months |
| 26 | M&A in past 12 months |
| 27 | Growth strategy of leading players |
| 28 | Market share of vendors |
| 29 | Company Profiles |
| 30 | Unmet needs and opportunity for new suppliers |
| 31 | Conclusion |
| 32 | Appendix |
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