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 in the Asia-Pacific is 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 $42 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.
Selected Product Type & Industrial Vertical 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.
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Excerpts Market Growth Factors Mentioned in the Full Report:
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.
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.
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.
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 share of 17% and 14% in the steering column market. The other companies in the global steering systems include NSK, and Mando. These companies held a combined share of 75% in the steering systems market. These companies have a dominant position in the market by doing M&A, New Product Launches, Strategic Joint Ventures, Etc.
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