The New Zealand steering
control market is expected to witness a growth of steady CAGR in the forecast
period, 2023-2027. An increase in effort and investments by the automobile
manufacturer to improve the comfort and convenience of automobiles, the surge in
installation in commercial vehicles, and stringent emission regulations are the
primary factors driving the demand for the New Zealand steering control market
for the next five years.
The steering control
system is a set of components used to control the vehicle's direction and help
the driver move the vehicle in the chosen direction. The steering control
system is a crucial component in an automobile as it is responsible for the
control of vehicles. The growing advancements in technology have led to the
transformation of manual steering to a power assist steering system. With the
ever-increasing vehicle sales in the country and improved expenditure capacity
of consumers, the demand for the New Zealand steering control market in the
forecast period.
High Sales of Commercial
Vehicles Fuels the Market Growth
The ongoing advancements in
the steering control system have expanded the load-bearing capacity fueling the
installation in commercial vehicles. Hydraulic power steering dominates
the commercial vehicle, draws power from the engine, and lowers fuel
efficiency. Electric power steering system draws power from the engine and is
considered more fuel-efficient and reliable than hydraulic power steering. The
proliferation of commercial vehicles owing to ongoing trade activities in the
country are expected to boost the New Zealand steering control market growth
till 2027.
Stringent Emission Norms and
Regulations Supports the Market Growth
To lower environmental
pollution and reduce the adverse effect of greenhouse gases on the environment,
the government is introducing stringent emission norms and regulations. Leading
authorities have set fuel-efficiency standard and average emission limit that
needs to be followed by automotive manufacturers. The total car production of
New Zealand in 2020 was 127,058. Most of the vehicles are imported in New
Zealand as there is an absence of assembly lines in the country. The need to
optimize fuel efficiency and control the emissions caused by automobiles, the
demand for advanced fuel-efficient steering technology such as electric power
steering. Traditional steering systems are heavy and complex in structure,
accelerating the demand for electrically assisted power steering systems. These
systems use fuel only when the wheels move, unlike the conventional system that
consumes fluid all the time. Increasing the need to maintain fuel economy in
automobiles and launch advanced vehicles with high performance is expected to
bolster the New Zealand steering system market growth for the next five years.
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Market Segmentation
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 vehicle. Based on type, the market is divided into hydraulic
power steering, electronic power steering, and electro-hydraulic power steering
system. Based on pinion type, the market is divided into single and dual. Based
on demand category, the market is bifurcated into OEM and aftermarket. The
market is also studied by dividing New Zealand into regions namely Auckland,
Canterbury, Waikato, Wellington, Rest of New Zealand.
Market Players
Nexteer Automotive
Corporation, JTEKT Corporation, Showa Corporation, NSK Ltd., Robert Bosch GmbH,
ZF Friedrichshafen AG, Continental AG, Hitachi Astemo, Ltd., Thyssenkrupp AG,
Denso Corporation are the major market players leading the growth of the New
Zealand steering control market.
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Attribute
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Details
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Base Year
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2021
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Historic Data
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2017 – 2020
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Estimated Year
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2022
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Forecast Period
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2023 – 2027
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Quantitative Units
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Revenue in USD Million, Volume in Units, and CAGR for 2017-2021
and 2022-2027
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Report coverage
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Revenue forecast, volume forecast, company share, competitive
landscape, growth factors, and trends
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Segments covered
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·
Vehicle Type
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Type
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Pinion Type
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Demand Category
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Region scope
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Auckland, Canterbury, Waikato, Wellington, Rest of New Zealand
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Key companies profiled
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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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Customization scope
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10% free report customization with purchase. Addition or
alteration to country & segment scope.
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Pricing and purchase options
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Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
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PDF and Excel through Email
(We can also provide the editable version of the report in PPT/Word format on
special request)
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Report Scope:
In this report, New Zealand steering
control market has been segmented into following categories, in addition to the
industry trends which have also been detailed below:
- New Zealand Steering Control Market, By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicle
- Medium & Heavy Commercial Vehicle
- New Zealand Steering Control Market, By Type:
- Hydraulic Power Steering
- Electronic Power Steering
- Electro-Hydraulic Power Steering System
- New Zealand Steering Control Market, By Pinion Type:
- New Zealand Steering Control Market, By Demand Category:
- New Zealand Steering
Control Market, By Region:
- Auckland
- Canterbury
- Waikato
- Wellington
- Rest of New Zealand
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in New Zealand steering control market.
Available Customizations:
With the given market data, TechSci Research
offers customizations according to a company’s specific needs. The following
customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).
New Zealand steering control market is
an upcoming report to be released soon. If you wish an early delivery of this
report or want to confirm the date of release, please contact us at [email protected]