Press release
Automotive Rear Axle Steering System Market Projected to Exhibit Growth at 6.1% CAGR by 2031- TMR Study
Market Overview:
Vehicles equipped with rear-wheel steering systems play a crucial role in enhancing vehicle stability at high speeds and improving cornering stability at low to medium speeds. The market is witnessing a shift towards electric actuators for rear-wheel steering, with two primary configurations: left-right combined-type steering and left-right independent systems. These systems contribute to improved safety ratings, reduced accident risks, and enhanced responsiveness during lane changes, positioning them as key contributors to the market's growth.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐จ๐ซ ๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐จ๐ ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฌ๐๐๐ซ๐๐ก ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐๐ญ (๐๐ฌ๐ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ ๐๐๐ข๐ฅ ๐๐ ๐๐จ๐ซ ๐๐ฎ๐ข๐๐ค ๐๐๐ฌ๐ฉ๐จ๐ง๐ฌ๐) - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=81798&utm_source=OpenPR_Ganesh&utm_medium=OpenPR
Market Drivers:
1. Long-Haul Electric Vehicles and Sustainability Goals: The growing popularity of long-haul electric vehicles aligns with global sustainability goals, prompting governments to incentivize their adoption through tax exemptions and assistance programs. Key players are capitalizing on these trends to maximize revenue opportunities within the automotive rear axle steering system market.
2. Comfort and Safety: Consumer preferences for safe and comfortable vehicles are driving the demand for rear axle steering systems. These systems enhance stability, allowing drivers to navigate obstacles with ease. The technology's ability to facilitate smaller, slower-speed circular turns is particularly appealing to consumers.
Key Technological Developments:
In response to market demands, key players are continually innovating. In December 2021, BMW patented a new rear-wheel steering system, showcasing advancements that could result in nearly 10ยฐ of steering without complicating the rear axle. This demonstrates a commitment to improving steering response and cornering stability, contributing to increased vehicle lifespan and reduced maintenance costs.
Regional Outlook:
North America is poised to lead the global automotive rear axle steering system industry, driven by the expansion of the automotive sector and rapid electric vehicle adoption. In Asia Pacific, stringent emission norms in countries like India and China are fueling market growth, presenting lucrative opportunities for Original Equipment Manufacturers (OEMs).
Key Players and Market Consolidation:
The market is consolidated, with major manufacturers such as Aisin, Denso Corporation, and Hyundai Mobis dominating significant shares. These players are leveraging advanced technologies, acquisitions, and partnerships to strengthen their market positions.
Notable Developments:
1. Autoliv China and Geely Auto Group Collaboration (October 2022): Autoliv China, a subsidiary of Autoliv, Inc., collaborated with Geely Auto Group to develop advanced safety technology for future vehicles, reflecting the industry's commitment to innovation and safety.
2. Genesis Motor's G80 Sport Sedan Unveiling (August 2021): Genesis Motor, the luxury division of Hyundai Motor Company, unveiled the G80 Sport sedan featuring a rear-wheel steering system. This exemplifies the integration of advanced safety technologies and rear axle steering in high-end vehicles.
๐๐ฎ๐ฒ ๐ญ๐ก๐ข๐ฌ ๐๐ซ๐๐ฆ๐ข๐ฎ๐ฆ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ | ๐๐ฆ๐ฆ๐๐๐ข๐๐ญ๐ ๐๐๐ฅ๐ข๐ฏ๐๐ซ๐ฒ ๐๐ฏ๐๐ข๐ฅ๐๐๐ฅ๐ ๐๐ญ - https://www.transparencymarketresearch.com/checkout.php?rep_id=81798<ype=S&utm_source=OpenPR_Ganesh&utm_medium=OpenPR
About Us 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.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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