Commercial Vehicle Steering Column Market Trends, and Forecast, 2021-2032

Commercial Vehicle Steering Column Market: Introduction According to the report, the global commercial vehicle steering column market is projected to surpass US$ 1 Bn by 2032, expanding at a CAGR of 4.5% during the forecast period. The high demand for automotive is a key factor driving the global commercial vehicle steering column market since an automobile cannot be manufactured without a steering column. Technological advancements have led to the development of more efficient steering column systems. These improve the overall driving experience and ensure greater safety than before. The demand for these steering column systems has increased significantly among users due to multi functionality and increased safety. The demand for high mileage is also a key factor boosting the global commercial vehicle steering column market. The collapsible steering column is currently the latest trend in the market. In the case of an accident, the steering column collapses to the automotive floor, preventing the driver from getting hurt in case of a front on vehicle collision. Get PDF brochure for Industrial Insights and business Intelligence @ https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=82417 Expansion of Commercial Vehicle Steering Column Market OEMs have increasingly moved from hydraulic to electric power steering systems in the past few years, owing to reduced cost and complexity, and increased efficiency, which use electric motors rather than a hydraulic pump to provide steering assistance. Electronic sensors calculate the amount of steering force being applied by the driver and use of electric motors (that may be placed on the steering rack or the steering column) so that force is amplified to make steering easier. Most EPS systems are speed-sensitive, providing more assistance at lower speeds for easier maneuverability, and scaled-back assistance at higher speeds for better stability. This, in turn, is boosting the commercial vehicle steering column market across the globe. Additionally, electric power assist systems is fully compatible with driving modes that are increasingly being offered by OEMs across all vehicle segments. For instance, EPS systems can provide gentler steering response in comfort mode and sharper, more aggressive response in sports mode, something that would be difficult to achieve with older hydraulic-based systems. In terms of column type, the adjustable steering columns segment accounted for a notable share of the global commercial vehicle steering column market. Manufacturers of commercial vehicles, such as Freightliner, Volvo, Peterbilt, and ISUZU are incorporating adjustable steering systems in their vehicles. For instance, the FM series of Volvo features an electrically adjustable steering that uses electric motors to adjust the position of the steering as preferred by the driver. The rise in preference for power as well as tilt adjustable steering systems is driving the adjustable steering columns segment of the commercial vehicle steering column market across the globe. In terms of vehicle type, the Class 8 (GVWR - above 33,000 pounds) segment dominated the global commercial vehicle steering column market, in terms of value, in 2020. The expansion of the Class 8 (GVWR - above 33,000 pounds) vehicles segment can be attributed to the increase in construction activities and expansion of energy and logistics warehouses sectors. These sectors have driven the demand for commercial vehicles, owing to their higher load carrying capacities. Thus, Class 8 is a leading segment of the global commercial vehicle steering column market. Volatility in trade, which can be ascribed to the increase in import duties and taxes, has hampered the purchasing power of commercial vehicle fleet owners, which, in turn, is restraining the demand

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