United States. The global market for automotive pivots, or steering wheels, is on track to grow significantly, projected to reach $7.27 billion by 2034, according to a report by Fact.MR.
This growth, driven by a CAGR of 4.4%, is driven by the increase in vehicle production and demand for replacements in heavy commercial vehicles.
The growth of the construction and mining sectors globally is increasing the need for heavy-duty commercial vehicles, which have a higher rate of pivot replacement. Growing demand for transportation and logistics will also create opportunities in the aftermarket, as operators look to extend the life of their fleets.
East Asia is estimated to be the fastest-growing region, capturing 36.2% of the market share by 2034, while in the United States automotive pivot sales are expected to grow at a rate of 3.3% annually, reaching $1.37 billion by the end of the forecast period.
Leading manufacturers such as Meritor, Diesel Technic SE and Schaeffler Technologies are implementing innovative solutions, such as the launch of ReadySet kits, to meet the growing demand in long-haul, bus and urban delivery applications.
Key points from the report:
The global market will reach $7.27 billion by 2034.
The demand for automotive pivot kits will grow at a rate of 4.5% per annum.
Vehicle production and aftermarket parts replacement are projected to be the key drivers of growth.
