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

Think of the Steering Column System as the backbone of your car's steering! It's what connects everything, taking your movements at the steering wheel and turning them into action. It's got a housing that holds a spinning shaft, which is designed to collapse in certain situations. A flexible joint then links this to the steering gear, making the ride smoother by reducing those nasty road shocks you might feel. Some setups even use a shaft that angles from the column down to the gear. And get this – some companies are building in sensors that monitor the column's movements and feed that info to the car's computer, especially in cars with electric-assisted steering.

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.

Tesla, known for cramming cutting-edge tech into its cars with, let's just say, varied success, really seemed to miss the mark with that yoke steering wheel they launched in May 2022. It first appeared on the revamped Model S, and people were scratching their heads, wondering if they'd accidentally climbed into a small airplane or a gamer's paradise. Now, Lexus takes a different approach. They use a blend of sensors and actuators to see what you're doing and what's happening on the road. All that steering wheel data gets sent to a special actuator, and then the "feel" of the road gets pumped back to you through a torque motor.

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We'll dig into the market using both qualitative and quantitative approaches, breaking it down by things like wealth and lifestyle. You'll get hard numbers – market value in USD Billion – for every area we analyze. We'll pinpoint which regions and segments are poised for the biggest jumps and those already leading the pack. Expect a geographical breakdown highlighting where the product/service is most popular and the influences at play. Plus, we'll map out the competitive landscape, ranking key players and noting recent launches, partnerships, expansions, and acquisitions over the last five years. Get detailed company profiles including overviews, insights, product comparisons, and SWOT analyses. We'll also paint a picture of the industry's current and future state, focusing on recent happenings, growth potential, and the hurdles ahead in both emerging and established areas. A deep dive using Porter’s five forces will offer multiple perspectives on the market. We will provide insight into the market through Value Chain analysis, too. Finally, we will cover market dynamics, including upcoming growth opportunities, and wrap it all up with 6 months of post-sales analyst support.

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