New Zealand Steering Control Market to be dominated by Passenger Cars through 2027
High demand for luxury automobiles and growing expenditure
capacity of consumers are expected to drive the demand for New Zealand steering
control market in the forecast period, 2023-2027.
According
to TechSci Research report, “Steering Control Market – New Zealand Industry
Size, Share, Trends, Opportunity, and Forecast, 2017-2027”,
the New Zealand steering control market is expected to witness a growth of
robust CAGR in the forecast period, 2023-2027. An increase in demand for
fuel-efficient vehicles and the need to have an effortless driving experience
among consumers is driving the demand for the New Zealand steering control
market during the forecast period. Ongoing developments in the automotive
industry enable them to invest in launching new products and enter partnerships
to cover the largest market share.
Growing
environmental concerns and growing awareness about the adverse effect of
greenhouse gases on the environment are accelerating the demand for electric
vehicles. The rapid shift of consumers towards electric vehicles is expected to
create substantial growth opportunities for the New Zealand steering control
market.
However,
performance constraints of electric power steering system may restrain the New
Zealand steering controls market growth for the forecast period.
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The New Zealand steering control market
is segmented into vehicle type, type, pinion type, demand category, company,
and regional distribution.
Based on vehicle type, the market is
divided into passenger cars, light commercial vehicle, and medium & heavy commercial
vehicles. Passenger cars dominated the market in 2021 and are expected to
maintain dominance throughout the forecast period. The ongoing digitization
process in automobiles fuels the integration of electronics in passenger cars,
which lowers the dependency on auxiliary power. Cutthroat competition among the
market players is making investments in research and development activities to
find innovative solutions, reduce the weight, and boost the efficiency of
passenger cars. Passenger car manufacturers' increased adoption of electric
power steering systems has fewer components and lower weight, accelerating the
market demand. The launch of high-performance passenger cars and the high
installation rate of electronics in passenger cars are expected to create
lucrative opportunities for the New Zealand steering control market for the
forecast period.
Based on type, the market is divided
into hydraulic power steering, electronic power steering, and electro-hydraulic
power steering system. Electronic power steering is expected to witness the
fastest incremental growth in the forecast period as it is cost-effective and
less complex than a hydraulic power steering system. The need to achieve high
drivetrain efficiency makes automobile manufacturers adopt electronic power
steering systems.
Based on pinion type, the market is
divided into single and dual. The dual-pinion type is leading the market and is
expected to account for the largest market share in the forecast period.
Growing demand for C and D vehicle segments coupled with the ability of dual
pinion type to provide better fuel and efficiency are expected to boost the
market growth. In case of collision, dual pinion type is considered helpful as
it reduces the chances of a leg injury. It can locate motor and controller;
therefore is highly preferred in four-wheeler vehicles.
Based on the demand category, the market
is bifurcated into OEM and aftermarket. The OEM segment is expected to hold the
largest market share in the forecast period due to the country's huge
production and sales of automobiles. Constant efforts of automobile
manufacturers to find innovative solutions and upgrade the existing
infrastructure of the steering control system is expected to contribute to the
high market demand in the forecast period.
Major market players operating in the New
Zealand steering control market are :
- Nexteer Automotive Corporation
- JTEKT Corporation
- Showa Corporation
- NSK Ltd.
- Robert Bosch GmbH
- ZF Friedrichshafen AG
- Continental AG
- Hitachi Astemo, Ltd.
- Thyssenkrupp AG
- Denso Corporation
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“Prominent automotive manufacturers
invest in research and development activities and adopt the latest technologies
to enhance automobile users' experience. The demand for highly automated level
4 and 5 vehicles is expected to create high demand for the autonomous steering
control market. The growing demand for autonomous, semi-autonomous, and
connected vehicles and the advent of cybersecurity solutions for increased data
security is expected to propel the New Zealand steering control market till
2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Steering Control Market
– New Zealand Industry Size, Share, Trends, Opportunity, and Forecast,
2017-2027, Segmented By Vehicle
Type (Passenger Cars, Light Commercial Vehicle, Medium & Heavy Commercial
Vehicle), By Type (Hydraulic Power Steering, Electronic Power Steering, and
Electro-Hydraulic Power Steering System), By Pinion Type (Single, Dual), By
Demand Category (OEM, Aftermarket), and By Region”, has evaluated the future
growth potential of New Zealand steering control market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in New Zealand steering control market.
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