LONDON–(BUSINESS WIRE)–Technavio market research analysts forecast the global automotive active rear axle steering market to grow at a CAGR of around 7% during the period 2018-2022, according to their latest report.
This market research report segments the global automotive active rear axle steering market by technology (single actuator and dual actuator) and key regions (the Americas, APAC, and EMEA). The report presents a detailed analysis of the latest trends, drivers, and challenges, and also includes the list of players and their key offerings in the market.
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In this report, Technavio analysts highlight the increasing demand for pickup trucks and SUVs as a key factor contributing to the growth of the global automotive active rear axle steering market:
Increasing demand for pickup trucks and SUVs
The active rear axle steering technology will witness high adoption in SUVs and pickup trucks due to their enormous size. Therefore, the global automotive active rear axle steering market will be driven by the growth of the SUV and pickup truck markets during the forecast period. The demand for SUVs and pickup trucks has been gradually increasing. The pickup truck segment is one of the most popular segments among light commercial vehicles (LCVs) that has witnessed a lot of innovations such as coil-spring rear suspensions and turbocharged engine downsizing.
According to a senior analyst at Technavio for automotive components, â€œThere have been improvements in pickup truck features such as ride comfort and increased fuel economy. This has encouraged vehicle owners to upgrade their aging vehicles into pickup trucks. Furthermore, with the increase in the intercity logistics demand, the unit shipment of pickup trucks is expected to rise. OEMs, as well as end-consumers, are gradually becoming inclined toward these technological advances that will considerably help the pickup truck market to grow during the forecast period.â€�
The demand for SUVs has increased significantly in the past five years. This is evident from their increasing volume sales. The emergence of small and crossover SUVs has further boosted the global SUV market as the automakers have made them more affordable along with lower cost of ownership. The global SUV market is booming with the increasing availability of SUVs over different segments and increasing consumer preference. Consumers are gradually shifting toward such category of vehicles from premium hatchbacks or sedans, thereby making the automakers concentrate more on SUV offerings. The growing demand for pickup trucks and SUVs will positively impact the automotive active rear axle steering market during the forecast period.
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Global automotive active rear axle steering market â€“ segmentation analysis
Of the two major technology segments, the single actuator segment dominated the global automotive active rear axle steering market with around 60% share in 2017. However, this segment will lose its share to the dual actuator segment during the forecast period.
In 2017, the EMEA region dominated the global automotive active rear axle steering market with approximately 60% share. The reasons for this dominance include the fast adoption of technological changes, innovation from the European automotive manufacturers, and the rapid growth of high-performance vehicle market in the European countries.
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