The global Steering columns market is estimated to surpass $19 billion by 2024 growing at more than 10% during the forecast period 2018 to 2024. Approximately 120 Million steering column were sold in 2017, China appeared to be the market leader with 31 Million steering columns. Passenger cars constituted for 65% of market share and were the huge demand generators for the steering columns. Electric power steering systems is gaining traction because the technology provides better fuel economy as compared to the hydraulic power steering system.
Market Research and Market Trends of Steering Columns Ecosystem
- Steering columns are now being connected to on-board network, enabling the vehicles to provide assistance while driving. Functions such as lane-keeping, hands-on-wheel detection and traffic jam assist can be enabled using the on-board network. This would further assist the companies to achieve level 4 automation and provide better safety in level 3 automation. Manually adjusted steering columns will allow the driver to adjust the height and depth of the steering according to his own comfort.
- Electric powered steering system play a major role in the electrification of drive train. The increasing demand for electric vehicles is further driving the market for automotive steering columns system market.
- The demand for electronic based steering systems which are integrated in to electric vehicles has increased exponentially. In-addition the electronically controlled steering being the basic requirement for implementing automated driving system, and with the increasing demand for electric vehicles the automotive steering systems market would experience positive growth.
- Majority of the companies manufacturing automotive steering systems are investing in R&D aiming to link steering system with on-board computers, increase safety of the vehicle using collapsible steering columns and develop electronically controlled steering for electrification of drivetrain.
- To improve the safety of the vehicles, companies have started developing impact absorbing steering columns. Companies such as NSK are involved in developing collapsible columns which can absorb load during a collision. The company is also developing pivot tilt steering column and Telescopic Steering Column for Trucks which adds rigidity for heavy vehicles. Robert Bosch’s steering column system technology, Servo electric enables driver assistance functions and helps to reduce the vehicle’s fuel consumption. The production of this technology marks the first time that Bosch is producing this innovative steering system in Mexico.
- Recirculating Ball & Nut Steering System find huge replacement demand from old trucks and SUVs. Although the new automobiles are equipped with rack and pinion steering system, very few companies such as Chrysler and General Motors incorporate the Recirculating Ball Steering System technology in a few models. The demand for chrome steering columns is also gaining prominence in the classic vehicle models.
- The Electric power steering (EPS) has becoming much more common given that it’s more efficient and low cost. It eliminates the use of many components such as pump, hoses, fluid, drive belt, and pulley. This also leads to a reduction is size of the steering column when compared to the hydraulic steering systems.
Who are the Major Players in Steering Column market?
The companies referred in the market research report includes:
||• JTEKET Corporation
|• Delphi Automotive PLC
||• Coram Group
|• Nexteer Automotive
||• Pailton Engineering Ltd
|• Marimba Auto
||• Flaming River Industries Inc
|• C.O.B.O International, Italy
||• Hella KGaA Hueck
|• Continental AG
||• Schaeffler, Germany
|• Kostal of America Inc
||• Bosch Germany
|• Denso Corporation
||• Mando Halla Company
|• Company 19
||• Company 20
|• Company 21
||• Company 22
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The report incorporates in-depth assessment of the competitive landscape, product market sizing, product benchmarking, market trends, product developments, financial analysis, strategic analysis and so on to gauge the impact forces and potential opportunities of the market. Apart from this the report also includes a study of major developments in the market such as product launches, agreements, acquisitions, collaborations, mergers and so on to comprehend the prevailing market dynamics at present and its impact during the forecast period 2018-2024.
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The Automotive Steering Column is a device intended primarily for connecting the steering wheel to the steering mechanism or transferring the driver's input torque from the steering wheel. The steering column consists of a collapsible housing containing a collapsible rotating shaft. The steering column is connected to the input shaft of the steering gear by a flexible joint. This allows the alignment, and reduces the transmission of road shocks back to the driver. Some of the steering columns have an intermediate shaft, which runs at about an oblique angle, from the column to the steering gear. Some manufacturers of steering columns system fit sensors and control units to the steering column, that provide information to steering control modules as part of an electric assisted or 4-wheel steering system
Steering columns are being developed to achieve advanced functionalities which cannot be attained by conventional means. Collapsible steering columns are being employed to reduce the impact on the passenger vehicle in case of accident.
This report incorporates an in-depth assessment of Steering columns market by type of vehicle, by pivot Alignment, by steering Columns, and geography.