Asia-Pacific dominate the demand for steering sector shafts | Market is estimated to grow significantly during the period of 2021-2031

Steering Shaft Manufacturers Responding to the Changing Consumer Dynamics

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.

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Steering shaft manufacturers focuses on producing steering shaft to cater to different market demand from commercial heavy vehicle to a small vehicle.

The introduction of a new variant in the market of steering shaft market supported the demand for the steering shafts. Besides, manufacturers are becoming more specific while production of the shaft.

How Growth in Market Share of Electronic Power Steering is changing the Dynamics?

Automotive companies are developing new technologies for steering shafts to give a better and smooth steering experience to the customer.

For instance, steering shaft manufacturers evolved electronic power steering (EPS), which reports the largest market share in the market.

In the recent past, significant growth has been observed in the demand for EPS in Asia-Pacific, due to the automakers’ focus to improve fuel economy and control emission.

Additionally, this variant minimizes the servicing required for the steering, hence it has garnered significant traction in recent years. In the past few years, this variant has been used in passenger cars by OEMs due to its durability.

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Alongside, EPS is used in small, mid-range, and sports cars for a better and optimal steering shaft feel for the customer.

Growth of the market has even added features to the EPS system, to make it more comforting for the customer. Automobile companies capturing the market by giving better steering shafts at a lower price.

How New Technologies are Transforming Steering Sector Shaft Market?

Steering shaft sector technology has significantly changed in the last few years. Germany is focusing on developing steering shaft for SUV passenger vehicle due to its increasing demand in the market.

Heavy vehicle manufacturers have collaborated with German companies to produce steering shaft with a hydraulic pump to absorb more pressure.

This will lead the automobile industry towards making heavy vehicles more comforting.

Additionally, this segment has gained pace with providing different products. Steering wheel speed sensors garner the sports car market, due to their sensor which provides details about the speed.

Most of the manufacturers are using such sensors in the luxury car segment, to capture more market share.

What is the Regional Performance of Steering Shaft Market?

US, Canada, and Mexico, Germany, Italy, France, UK, Spain, Portugal, Netherlands, Belgium, Sweden, Austria, Finland, Morocco are leaders in the production of a steering shaft. German companies focuses more on designing better and more efficient steering shafts.

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North American manufacturers on the other hand are investing significant amount to domestically cater to the regional automotive sector demand.

US and Canada are targeting sports car steering shafts, as it requires more precision and smoothness. Other manufacturers of steering shaft are focusing on producing components to support steering shaft that can increase durability.

Canada based manufacturers are bringing steering shaft with linear and non -bulky design, to gain more market share.

This provides a competitive edge over others to Canada, as luxury automobile manufacturers are moving towards this trend. It will provide better movement of the steering with less pressure on the wheel.

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