Market Synopsis: Global Automotive Steering Column Market
Automotive steering column is a type of linkage part operating between steering gear and steering wheel, which transmit steering force and steering torque input from steering wheel to steering gear. This assembly also includes ignition key, anti-theft locking device, trim covers and steering angle sensor. The growth of the automotive sector is attributed to the factors such as macroeconomic development, effective manufacturing techniques, and the rise in the middle-class population globally. However, the recent pandemic crisis and economic slowdown have declined the growth for a limited period. The rising population and the necessity of new automotive ways to address consumer demand are likely to drive the growth of the global automotive steering column market over the forecast period. The automotive steering column market in emerging economies is expected to grow with a significant CAGR during the forecast period, 2022-2030.
Impact of Covid-19 pandemic on market
COVID-19 crisis impacted manufacturers involved in various industries and obstructed the entire supply chain, from raw materials to end product delivery. Moreover, government and policymakers are mostly engaged in handling and controlling the medical crisis to meet a healthy and safe environment for the nation's population. The lack of understanding to manage economic risks and the business sector is expected to put the economic and industrial growth towards vulnerability. The report will include the impact of COVID-19 on the target market in detail.
Market Dynamics: Global Automotive Steering Column Market
Rising the production of new vehicles will create a direct growth proportion of automotive steering column market. Adoption of advanced technology and innovation of more cost effective automotive steering columns will enable manufacturers to enlarged consumer base as well as geographical footprint. These are major factors which anticipated to drive the global automotive steering column market over the forecast period.
Lack of awareness and disrupted supply chains in underdeveloped countries has been a prominent hindrance for the global automotive steering column market. Furthermore, the growing production cost and short life of resources may hamper the growth of the global automotive steering column market.
The company’s focus and goal of making a decisive contribution to shaping technological progress in business segments are likely to propel the demand and increase the sales volume of automotive steering column across the global market.
Market Segmentation: Global Automotive Steering Column Market
The global automotive steering column market is segmented based steering system type, column type, vehicle type, distribution channel, and regions.
The global automotive steering column market is segmented based on steering system type as hydraulic power steering system, electric power steering system, manual rack & pinion steering system and manual worm & roller steering system. The electric power steering system segment is estimated to grow with highest CAGR during the forecast period, as rising the demand of electric vehicles as rising awareness about environmental pollution. Based on vehicle type, the target market is segregated into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger cars segment of vehicle type is anticipated positive growth the market during the estimated period.
The target market is segmented based on column as power adjustable steering columns, active-energy absorbing steering columns, rake adjustable steering columns, and tilt-adjustable steering columns. Based on the distribution channel, the global automotive steering column market is segmented into OEM and aftermarket. With considerable growth in the OEM’s distribution channel, as OEMs are focused on adopting the advanced technology to proving the more comfort driving experience to the occupant.
Regional Overview: Global Automotive Steering Column Market
In the region, the global Automotive Steering Column market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. During the forecast period, the Asia Pacific Automotive Steering Column market is projected to endure its dominance owing to demand from increasing population and urbanization leveraging the automotive industry. Besides, increase the number of automotive manufacturing industries, entry of foreign automaker in emerging nations such as India and China are driving the global automotive steering column market during the forecast period.
Competitive Landscape: Global Automotive Steering Column Market
The key players operating in the global Automotive Steering Column market include Continental AG, Kongsberg Automotive, TRW Automotive, Schaeffler, Germany, NSK, JTEKET Corporation, Denso Corporation, Nexteer Automotive, ThyssenKrupp, Coram Group, Toyoda Gosei, Tokai Rika Co., Ltd., Autoliv, Key Safety Systems, Nihon Plast Co. Ltd and other players. The market players have an opportunity to work on establishing and improving new distribution channels to attract the prominent consumer segment across developing countries.
Detailed Segmentation: Global Automotive Steering Column Market
The base year for estimation
Revenue in USD Million & CAGR from 2022-2030
Steering System Type: – Hydraulic Power Steering System, Electric Power Steering System, Manual Rack & Pinion Steering System, and Manual Worm & Roller Steering System
By Column – Power Adjustable Steering Columns, Active-Energy Absorbing Steering Columns, Rake Adjustable Steering Columns and Tilt-Adjustable Steering Columns
By Vehicle Type – Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles
By Distribution Channel – OEM and Aftermarket
North America - U.S., Canada
Europe - Germany, UK, Spain, France, Italy, Russia, Rest of Europe
Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
Latin America - Brazil, Mexico, Argentina, Rest of Latin America
Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
Revenue forecast, company share, competitive landscape, growth factors, and trends
Segments Covered in the Report:
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2021 to 2028. For the purpose of this study, analyst has segmented the global automotive steering column market report based on the steering system type, column, vehicle type, distribution channel, and region.
Global Automotive Steering Column Market, Steering System Type:
Hydraulic Power Steering System
Electric Power Steering System
Manual Rack & Pinion Steering System
Manual Worm & Roller Steering System
Global Automotive Steering Column Market, By Column:
Power Adjustable Steering Columns
Active-Energy Absorbing Steering Columns
Rake Adjustable Steering Columns
Tilt-Adjustable Steering Columns
Global Automotive Steering Column Market, By Vehicle Type:
Light Commercial Vehicles
Heavy Commercial Vehicles
Global Automotive Steering Column Market, By Distribution Channel:
Global Automotive Steering Column Market, By Region: