Increasing Demand for Fuel-efficient Vehicle is expected to drive Automotive Steering Shaft Market
The Automotive Steering Shaft industry is looking forward to 2021 with a sense of optimism. In 2020, Automotive Steering Shaft sales recovered in the last quarter to salvage lost momentum during March-April 2020. And, as vaccine rollout gains momentum, most automakers are hoping for better performance in 2021.
US Automotive Steering Shaft Industry Set to Recover in 2021
In 2019, US Automotive Steering Shaft sales were to the tune of 17.1 million. The outbreak of COVID-19 in early 2020, and subsequent shutdown created apprehensions that 2020 may be the worst year for US auto industry since Great Depression.
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However, Automotive Steering Shaft sales climbed back slowly in US, partly helped by a quick shift to online sales. Many US automakers are now investing highly in online sales channel, with 2021 expected to witness high online sales.
As per early success of vaccine inoculation and consumer receptivity toward online sales, it is highly likely that 2021 will be a better year for sales. Total Automotive Steering Shaft sales in US are likely to be in the range of 15.5 million to 16 million.
Europe Automotive Steering Shaft Market Players Can Benefit from Foreign Exports
The Europe automobile market is also likely to witness a recovery in 2021. The European Automobile Manufacturers' Association is hoping for a 10% increase in sales.
As is the case in US, European auto industry is hoping that vaccine inoculation brings the pandemic under control. Many countries in Europe have witnessed severe waves of COVID-19 pandemic, and are now in recovery phase.
While the domestic Automotive Steering Shaft demand is likely to recover at a steady pace in Europe, exports to China, Latin America, and Asia Pacific are likely to induce momentum for European auto companies.
By Product Type
Double D Shafts
Light commercial vehicle
Heavy commercial vehicle
Buses & coaches
South Asia and Pacific
Australia & New Zealand
Middle East & Africa
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China will Further its Lead as World's Largest Automotive Steering Shaft Market
The Automotive Steering Shaft industry in China represents the brightest optimism for any country globally. The pandemic recovery in China is at an advanced stage as compared to western countries. Further, the government in China is focusing on a massive infrastructure push, which is likely to help automakers exporting their wares to China.
China is the only major economy to have grown in 2020, and country's China Association of Automobile Manufacturers is forecasting 26 million sales in 2021. Volkswagen Group and General Motors are likely to maintain their position as the country's largest foreign automakers.
China is the world's largest automobile market, and going by the economic scenario and COVID-19 recovery, the country is likely to remain at numero uno position in the future as well.
Who are the Key Manufacturers and Suppliers of Automotive Steering Shaft?
Some of the leading manufacturers and suppliers of automotive Steering shaft includes ThyssenKrupp, Dana, Mando, Sona Group, erae Automotive Systems, JTEKT, OTTO FUCHS, and others.
Indian Automotive Steering Shaft Outlook Subdued by COVID-19 Resurgence
The Indian automobile industry is beset with challenges arising due to a nation-wide second wave of COVID-19 epidemic. Things were looking up for the Indian automobile industry, however, lockdown measure to contain a more virulent COVID-19 can dent overall sales in 2021.
The localized restrictions imposed by governments can have an impact on dealership activity, logistics, and in-showroom consumer visits. Also, it is anticipated that India may have to brace up for further waves of COVID-19, which can dent consumer sentiment.
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Key Long-term Trends
Overall, the Automotive Steering Shaft industry is looking for a recovery year in 2021. While China is anticipated to take the lead, healthy recovery in US and Europe markets will create necessary impetus. Amidst the recovery phase, there will be some mega trends and some subtle trends that will have a bearing on Automotive Steering Shaft market in the long run. These include,
Automotive Steering Shaft digital retail
Automotive Steering Shaft digital retail will make further inroads in 2021. As localized restrictions and consumer discretion increase due to COVID-19, more consumers are opening up to the idea of online automobile purchase. This trend is likely to become stronger in 2021, especially in US and Western Europe
Further gains in connected and autonomous cars
Connected and autonomous cars may have lost some of their momentum in 2020, but their long-term forecast remains bullish. Automakers are increasingly aware of the white space Silicon Valley giants are eyeing. In the long run, an increase in proprietary software of partnership with tech companies will be in the offing.
Automotive Steering Shaft sales will continue unabated
The sales of Automotive Steering Shafts have grown from strength to strength, dispelling the skepticism and early apprehensions. The focus now is on developing a scalable production model and enough charging stations so consumers are confident of investing in the technology of tomorrow.
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