Global Steering Columns Market is Expected Grow at CAGR of 7.6% to hit $18.25 Billion by 2023: IndustryARC

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HYDERABAD, India, March 30, 2018 /PRNewswire/ --

According to the new market research report by IndustryARC titled "Steering Columns System Market: By Vehicle Type (Passenger Cars, Heavy Commercial Vehicle, Light Commercial Vehicle); By Pivot Alignment (Lower Pivot Steering Column, Upper Pivot Steering Column, Others); By Steering Systems & Steering Columns Type; By Geography - Forecast (2018-2023) ", the steering columns market is expected to hit $18.25 Billion at a CAGR of 7.6% by 2023.

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On the basis of market segment based on vehicle types, the passenger cars segment is expected to account revenue at a relatively high CAGR of 3.4% during the forecast period and will obtain 75% of shares worldwide. The segment is driven by the increasing demand for power consumption vehicles, followed by commercial vehicles segment that will also witness a high growth.

Asia-Pacific continues to lead the market share and growth during 2018-2023. 

The highest growth for steering columns is forecast in the Asia-Pacific due to the projected growth in the automotive market. The region accounted for $6.8 billion revenue in 2017. The growing development of steering column parts is closely interrelated to the growth of the automotive market and is anticipated to continue its position. The North American region was the second largest marketplace in 2017, accounting for $4.2 Billion in revenue and is projected to grow at a high rate further, followed by European countries.

American and European regions are showing positive signs of growth. Companies are looking forward to leverage sales due to the growing demand from these regions. These expansions have been viewed as ventures to characterize the demand from the region. These expansions have been viewed as a key strategy and have been led by European steering column companies to expand into other markets, especially in the European region.

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Selected /Sample Analysis done in the full Report: 

Power steering systems currently occupy nearly 95% of the steering column market, with manual steering making up the remaining market. The power steering mechanism systems in particular have faced growing adoption. These systems have found its increased utilization in electric vehicles due to their advanced positioning options and positional memory, thus allowing for automatic changing positions based on external factors as well as driver comfort. These systems also offer improved safety and comfort for parking and narrow roads as they can be quickly adjusted. The increased demand for adjustable steering columns is projected to propel the steering column market.

Electric power assisted steering (EPAS) systems are estimated to reduce fuel consumption by nearly 4%. The major cause of this diminished fuel consumption is the lower energy utilization in electric power steering system, thus resulting in increased customer demand. Electric power steering systems also offer improved driver comfort due to low efforts required while operating as compared to manual steering systems. The steering column industry is expected to witness growth through 2024. The steering column companies are only focused on the automotive parts market and have similar strategies for growth. The growing nature of the steering column market, due to the growth in the automotive industry, combined with the concentrated nature of the companies, raises industrial rivalry.

Selected / Sample Market Growth Factors Mentioned in the Full Report: 

1. The collapsible steering column is the latest trend in the market these days. In case of an accident, the steering column collapse to the automotive floor, preventing the driver from getting hurt.
2. Development of hybrid, electric and hydraulic steering are some of the examples. Integration of various operational switches for convenience in steering wheels and column is indeed a timely innovation, which can also be claimed as one important innovation in the automobile industry.
3. Companies such as Delphi, TRW and Nexteer have focused on new energy, absorbing steering columns with lightweight plastic components that reduce impact on occupants of the vehicle have been launched in recent years, leading to a growing utilization of these products.
4. Customers prefer high mileage vehicles and thus, automakers have started utilizing parts which reduce the fuel consumption. Electric power assisted steering systems are at the forefront of this drive for reduced fuel intake. This has led to growth in the corresponding electric power steering column market.

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Key players of Steering Columns System Market: 

Robert Bosch Automotive Steering GmbH. holds the highest share of 24% in 2017 in the global steering column market, owing to the large distribution and production units' network as well as the brand identity. ZF Friedrichshafen AG and Nexteer are the next dominant steering columns system manufacturers, with a combined share of 35% in the steering column market. The other companies in the global steering systems include NSK, and Mando. These companies have a dominant position in the market by doing M&A, New Product Launches, Strategic Joint Ventures, Etc.

Companies Cited / Interviewed: 

1. COBO International
2. Coram Group
3. Denso Corporation
4. Eaton Corporation
5. Flaming River Industries, Inc.
6. Fuji Kiko Co., Ltd.
7. Hella KGaA Hueck & Co.
8. Hyundai Mobis Co.,Ltd
9. JTEKT Corporation
10. Kongsberg Automotive
11. Kostal of America
12. Mando Corporation
13. Marimba Auto, LLC
14. Nexteer Automotive
15. NSK Ltd.
16. Pailton Engineering Ltd
17. thyssenkrupp AG
18. ZF Friedrichshafen AG
19. Company 19
20. Company 20

Steering Columns System Market Report is segmented as indicated below. 

1. Steering Columns System Market by Vehicle Type
   1. Passenger Cars (Segmented)
   2. Heavy Commercial Vehicle (Segmented)
   3. Light Commercial Vehicle (Segmented)
2. Steering Column Systems Market by Pivot Alignment
   1. Lower Pivot Tilt Steering Column
   2. Upper Pivot Tilt & Telescope Steering Column
   3. Lower pivot Tilt and Telescopic Steering Column
   4. Upper pivot Tilt Steering Column
3. Steering Column System Market by Steering System
   1. Hydraulic Power Steering System
   2. Electric Power Steering System
   3. Manual Rack and Pinion Steering System
   4. Manual Worm & Roller Steering System
   5. Manual Recirculating Ball & Nut Steering System
4. Steering Column Systems Market by Column Type
   1. Non-Adjustable Steering Columns
   2. Rake Adjustable Steering Columns
   3. Tilt-Adjustable Steering Columns
   4. Power Adjustable Steering Columns
   5. Active-Energy Absorbing Steering Columns
   6. Power one touch Adjustability Columns
   7. Touch Control Electronic Transmission Shifter Steering Column
5. Steering Columns System Market by Geography (Covers 15+ Countries)
6. Steering Columns System Market Entropy
7. Company Profiles
8. Appendix: Abbreviations, Sources, Research Methodology, Bibliography, Compilation of Experts, Disclaimer.

Related Reports: 

1. Driver Monitoring Systems  

https://industryarc.com/Report/172/driver-monitoring-systems-global-market-report.html

1. Electric Power Assisted Steering Market 

https://industryarc.com/Report/16/electric-power-steering-market-analysis-forecast-report.html

What can you expect from the report? 

The Steering Columns System Market Report is Prepared with the Main Agenda to Cover the following 20 points:

1. Market Size by Product Categories
2. Market trends
3. Manufacturer Landscape
4. Distributor Landscape
5. Pricing Analysis
6. Top 10 End user Analysis
7. Product Benchmarking
8. Product Developments
9. Mergers & Acquisition Analysis
10. Patent Analysis
11. Demand Analysis (By Revenue & Volume)
12. Country level Analysis (15+)
13. Competitor Analysis
14. Market Shares Analysis
15. Value Chain Analysis
16. Supply Chain Analysis
17. Strategic Analysis
18. Current & Future Market Landscape Analysis
19. Opportunity Analysis
20. Revenue and Volume Analysis

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