Global Steering Columns System Market Size By Steering System (Hydraulic Power Steering System, Electric Power Steering System), By Automobile Type (Commercial Vehicles, Heavy-Duty Vehicles), By Geographic Scope And Forecast

Steering Columns System Market Size And Forecast

Steering Columns System Market size was valued at USD 18.42 Billion in 2021 and is projected to reach USD 32.09 Billion by 2030, growing at a CAGR of 6.36% from 2022 to 2030.

The rising purchasing power of the consumers and favorable growth in the automotive industry globally are the key drivers for the Steering Columns System Market. The Global Steering Columns System Market report provides a holistic market evaluation. The report comprehensively analyzes key segments, trends, drivers, restraints, competitive landscape, and factors playing a substantial role in the market.

Global Steering Columns System Market Definition

The Steering Column System is a setup that is mainly used to connect the whole steering mechanism and transfers the driver’s response through the steering wheel. The steering column system comprises a transferable housing that holds a collapsible revolving shaft. The Steering Column System is linked with the shaft of the steering gear by a flexible joint, which permits the driver’s position and transmission to be reduced from road shocks. Certain steering columns consist of the shaft which is in between, that runs at a slanting angle from the steering column to the gear. Some steering column system manufacturers produce sensors that control the steering column and provide all the information to the control modules of an electric-assisted or any steering system.

Global Steering Columns System Market Overview

Since an automotive can’t be manufactured without a steering column, the high demand for automobiles drives the Global Steering Columns System Market. Furthermore, Technological advancement has led to the development of more efficient steering column systems. These improve the overall driving experience and ensure greater safety than before. Due to multi-functionality and increased safety, their demand amongst users has significantly increased. Demand for high mileage is also a driving factor for the global Steering Columns System Market.

Huge capital and high research & development costs related to the production & development of the Steering Columns System Market are major restraints of the market. However, with the advancement in technologies, the overall Global Steering Columns System Market is anticipated to grow significantly during the forecasted period. For instance, The collapsible steering column is the latest trend in the market these days. In the case of an accident, the steering column collapses to the automotive floor preventing the driver from getting hurt in front of the vehicle.

Global Steering Columns System Market Segmentation Analysis

The Global Steering Columns System Market is Segmented on the basis of Steering System, Automobile Type, And Geography.

Steering Columns System Market, By Steering System

• Hydraulic Power Steering System• Electric Power Steering System• Manual Rack and Pinion Steering System• Manual Worm & Roller Steering System• Manual Recirculating Ball & Nut Steering System

Based on Steering System, the market is segmented into Hydraulic Power Steering systems, Electric Power Steering systems, Manual Rack and Pinion Steering systems, Manual Worm & Roller Steering System, and Manual Recirculating Ball & Nut Steering System. The electric power steering segment is anticipated to grow at a rapid pace during the forecast period as the fuel efficiency and improvement in technology by electric power steering is the foremost driver for the segment. Almost all passenger vehicles and cars have Electronic Power Steering Systems driven by an electric motor.

Steering Columns System Market, By Automobile Type

• Commercial Vehicles• Heavy-Duty Vehicles• Passenger Cars• Off-road vehicles

Based on the Automobile Type, the market is segmented into Commercial Vehicles, Heavy-Duty Vehicles, Passenger Cars, and Off-road vehicles. The commercial vehicles segment dominates the market during the base year. However, the passenger cars segment is expected to expand at a relatively high CAGR during the forecast period. It is driven by increasing demand for power consumption and luxury vehicles.

Steering Columns System Market, By Geography

• North America• Europe• The Asia Pacific• Rest of the world

On the basis of Geography, the Global Steering Columns System Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Asia-Pacific is the leading market for the Global Steering Columns System and is anticipated to lead during the forecast period. This can be mainly attributed to the increasing automotive industry in developing nations such as India and China.

Key Players

The “Global Steering Columns System Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are ZF TRW, Vishnu Vaibhav Industries Private Limited, Eaton Corporation Plc., Leopold Kostal GmbH & Co. KG, Delphi Automotive, Ididit, Nexteer Automotive, Valeo, Merit Automotive Electronics Systems, and Yazaki Corp.

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Key Developments

• In May 2022, BMW held out with three pedals and a self-shifter in the 3 Series for longer than its rivals, but now in all models, it is replaced by the ubiquitous Steptronic eight-speed automatic, with all versions getting steering column paddles.

• In May 2022, Tesla has a reputation for packing bleeding-edge tech into its cars with mixed results, but its yoke steering system has to be classed as a misstep. The yoke made its debut on the recent Model S refresh to a confused reception resembling something between light aircraft controls and a racing wheel used on a gaming console. The Lexus uses a mixture of sensors and actuators to record and process the driver’s inputs and information about the road surface. Data from the steering wheel is captured and sent to a steering actuator, and feedback is zapped back to the wheel via a torque motor.

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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