DUBLIN, March 29, 2023 /PRNewswire/ — The “Steering Control Market – New Zealand Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Vehicle Type (Passenger Cars, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle), By Type, By Pinion Type, By Demand Category, and By Region” report has been added to ResearchAndMarkets.com’s offering.
The New Zealand steering control market is expected to witness a growth of steady CAGR in the forecast period, 2024-2028
An increase in effort and investments by automobile manufacturers 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 the improved expenditure capacity of consumers, the demand for the New Zealand steering control market is 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.
An 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 is expected to boost the New Zealand steering control market growth till 2028.
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 a fuel-efficiency standard and average emission limit that needs to be followed by automotive manufacturers. The total car production in 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.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in New Zealand steering control market.
Nexteer Automotive Corporation
JTEKT Corporation
Showa Corporation
NSK Ltd.
Robert Bosch GmbH
ZF Friedrichshafen AG
Continental AG
Hitachi Astemo, Ltd.
Thyssenkrupp AG
Denso Corporation
Report Scope:
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:
Single
Dual
New Zealand Steering Control Market, By Demand Category:
OEM
Aftermarket
New Zealand Steering Control Market, By Region:
Auckland
Canterbury
Waikato
Wellington
Rest of New Zealand
For more information about this report visit https://www.researchandmarkets.com/r/q9mtkr
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
SOURCE Research and Markets
