Market research
Steering Columns System Market Predicted to Net Revenues worth USD 12.5 billion by 2026
The global steering column system market size was valued at USD 9.7 billion in 2020 and is expected to reach USD 12.5 billion by 2026, growing at a CAGR of 4.2% during the forecast period (2021-2026).
The Global Steering Column System Market is driven by the increasing demand for passenger and commercial vehicles across the world. The rise in disposable income, growing urbanization, and changing lifestyles have led to an increase in the demand for vehicles, which, in turn, has boosted the demand for steering column systems. The increasing focus on vehicle safety and the growing trend toward electric and autonomous vehicles have also contributed to the growth of the steering column system market.
A steering column system is a crucial component of a vehicle’s steering mechanism that connects the steering wheel to the vehicle’s steering mechanism. The steering column system consists of various parts such as the steering shaft, steering wheel, universal joint, and other electronic controls. It allows the driver to control the direction of the vehicle by turning the steering wheel.
The steering column system can be either a manual steering column or a power steering column. In a manual steering column, the driver must exert force to turn the steering wheel, whereas, in a power steering column, a hydraulic or electric power-assisted mechanism helps the driver to turn the wheel more easily.
The steering column system is an essential part of the overall vehicle control and plays a critical role in ensuring the safety and stability of the vehicle. It is designed to withstand high levels of stress and vibrations during vehicle operation and is subject to strict safety regulations and standards to ensure its reliability and durability.
The demand for steering column systems is driven by the increasing demand for passenger and commercial vehicles across the world. As disposable income rises, and urbanization and changing lifestyles occur, the demand for vehicles is increasing, which in turn, is boosting the demand for steering column systems. In addition, the focus on vehicle safety has increased, leading to the demand for advanced steering column systems. Governments around the world have introduced regulations to ensure that vehicles meet specific safety standards, which has also contributed to the growth of the market.
The major players operating in the steering column system market include Bosch, Nexteer automotive, Pailton Engineering Ltd, TRW Automotive, Kostal of America Inc., Denso Corporation, Continental AG, Delphi Automotive PLC, Schaeffler, Marimba Auto, LLC, NSK, Coram Group, Mando Corporation, and COBO International
Segment Analysis:
In terms of type, the steering column system market can be segmented into manual steering column systems and power steering column systems. The power steering column system segment is expected to grow at a faster rate during the forecast period owing to the increasing demand for comfort and ease of handling in vehicles.
Based on vehicle type, the steering column system market can be segmented into passenger vehicles, commercial vehicles, and electric vehicles. The passenger vehicles segment is expected to hold the largest share of the market owing to the increasing demand for passenger cars and SUVs across the world.
Regional Insights
The Asia Pacific region is expected to dominate the steering column system market owing to the increasing demand for vehicles in countries like China and India. The region has witnessed significant growth in the automotive industry due to rising disposable income, growing population, and urbanization. Additionally, the increasing demand for electric vehicles is expected to drive market growth in this region.
North America is expected to have a significant share of the steering column system market owing to the presence of several automobile manufacturers and increasing demand for advanced vehicles. The region has stringent safety regulations, which have led to the adoption of advanced steering column systems. Additionally, the increasing demand for luxury vehicles and electric vehicles is expected to drive market growth in this region.
Europe is expected to hold a substantial share of the steering column system market due to the presence of some of the world’s leading automobile manufacturers. The region has strict regulations for automotive safety, which has led to the adoption of advanced steering column systems. Furthermore, the increasing demand for electric and hybrid vehicles is expected to boost the market growth in this region.
Recent Developments:
- In November 2021, Nexteer Automotive announced that it had developed a new steering column system, which can adjust the steering wheel position based on the driver’s facial recognition. The system will enable drivers to personalize their driving experience and enhance safety.
- In September 2021, JTEKT Corporation announced that it had developed a new electric power steering system that would improve the steering response and fuel efficiency of vehicles. The system is expected to be in high demand in the electric vehicle market.
- In March 2021, Bosch announced that it had developed a new haptic feedback steering wheel system that would provide drivers with tactile feedback on the road. The system would improve driver safety and reduce the risk of accidents.
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Expert analysis, actionable insights, and strategic recommendations – the industrial automation team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on IT & Telecommunications of which 100+ reports are specific for IT & Telecommunications. The team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the IT & Telecommunications industry.
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