Wilmington, Delaware, United States, , Jan. 27, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The Global Automotive Rear Axle Steering System Market is likely to register a CAGR of 6.1% between 2022 and 2031. The rear-wheel steering mechanism is used to increase the low or high-speed agility of a vehicle by actuating the angles in the rear wheels and turning them, either in tandem with the front wheels or in the opposite direction. Vehicles with rear-wheel steering help maintain vehicle stability at high speeds and improve cornering stability at medium and low speeds. This automatically reduces the chances of accidents as a result of rollover or instability, thereby increasing overall vehicular safety. Such factors are projected to augur well for the overall business growth of the Automotive Rear Axle Steering System Market during the forecast period.
The increase in popularity of long-haul electric vehicles stimulates demand for automotive rear axle steering systems. Governments in large economies offer tax exemptions and assistance to shift to these vehicles. These factors are anticipated to create new business opportunities for the Automotive Rear Axle Steering System Market during the forecast period.
According to the TMR report, the global Automotive Rear Axle Steering System Market value stood at US$ 2.6 Bn in 2021 and is estimated to reach US$ 4.7 Bn by the end of 2031. The rise in the need for comfortable and safe vehicles is expected to aid in market development during the forecast period.
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Key Findings of Study
- Rise in Inclination Toward Vehicular Safety and Comfort: The increase in the need for stable vehicle control and comfortable road rides is anticipated to serve as the key market trend. Additionally, rear axle steering systems allow the driver to execute smaller and slower-speed circular turns and dodge strong gusts and potholes with less swaying of the vehicle. These factors are likely to increase the popularity of rear axle steering systems, thereby improving the overall market outlook during the forecast period.
- Better Cornering Stability and Steering Response: Vehicles with better steering control help reduce the likelihood of collisions, thereby saving maintenance costs and extending the lifespan of the vehicle. Vehicles offer a better driving experience and better cornering stability with the help of automotive rear-axle steering systems. This improved ability to drive offered by automotive rear axle steering systems is predicted to create new revenue-generating opportunities in the next few years.
Key Drivers
- The surge in demand for passenger vehicles worldwide is projected to boost market growth during the forecast period
- The rise in demand for SUVs with better comfort and safety is anticipated to increase the adoption of automotive rear axle steering systems in the near future
- The adoption of the latest automotive technologies to improve the overall driving experience and reduce accident risks is anticipated to aid in market development.
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Regional Growth Dynamics
- North America is expected to emerge dominant in the market during the forecast period owing to the rapid adoption of electric vehicles
- Asia Pacific is likely to attract notable revenues in the Automotive Rear Axle Steering System Market during the forecast period due to presence of major automobile manufacturing companies as well as OEMs in India and Japan.
Key Players
Prominent players in the global Automotive Rear Axle Steering System Market include:
- ZF Friedrichshafen AG,
- WABCO,
- ThyssenKrupp AG,
- SHOWA Corporation,
- Schaeffler Group,
- Robert Bosch GmbH,
- NTN Corporation,
- NSK Ltd.,
- Nexteer Automotive,
- Mando Corporation,
- JTEKT Corporation,
- Hyundai Mobis,
- Hitachi Astemo Ltd.,
- Denso Corporation, and Aisin.
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Automotive Rear Axle Steering System Market Segmentation
Vehicle Type
- Passenger Vehicles
- Hatchbacks
- Sedans
- Utility Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Buses & Coaches
- Electric Vehicles
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Italy
- Spain
- Russia & CIS
- Japan
- China
- India
- ASEAN
- Brazil
- GCC
- Mexico
- South Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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