Market Overview
The automotive collapsible steering column market 2020 has been studied extensively by Market Research Future (MRFR), with the primary focus on the latest trends and the growth prospects during the forecast period (2016 to 2023). MRFR projects that the market can most likely expand at a high rate in the given timeframe, given the rising popularity of self-driving cars around the world.
Significant Contenders
The global market for automotive collapsible steering column consists of significant contenders such as Douglas Autotech Corporation (U.S.), JTEKT Corporation (Japan), Nexteer Automotive (U.S.), Robert Bosch GmbH(Germany), NSK Ltd.(Japan), Pailton Engineering (U.K.), Sweet Manufacturing, Inc.(U.S.), Coram Group (Italy), Schaeffler Technologies AG Co (Germany), to name a few.
Market Segmentation
Following a detailed analysis of the automotive collapsible steeling column market, the main segments identified in the report are vehicle type, and driver type.
Depending on the vehicle type, the market segmentation comprises commercial and passenger vehicles.
The driver types discussed in the report are 4 wheels drive, rear wheel drive as well as all wheel drive.
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Main Drivers and Key Restraints
The automotive collapsible steering column refers to a mechanism that has two interlocking shafts that collapse telescopically after being compressed. The mechanism in the system is quite essential while experiencing a forceful impact. If there is no collapsible mechanism, the driver can be harmed by the steering column. Consequently, the demand for collapsible steering columns in automotive vehicles has gone up tremendously in recent years.
With the backup from the said mechanism, the steering column, during a crash, helps absorb the largest chunk of the energy that is received by the vehicle’s front portion. This keeps the impact of the energy away from the driver, preventing any harm. Before this mechanism was introduced, the steering column proved to be dangerous for the driver since it used to impact the body of the driver, often leading to fatality. Therefore, to ensure the safety of the driver, the collapsible steering column is installed in vehicles worldwide. This can mean huge revenue generation for the automotive collapsible steering market in the coming years.
Several government regulations pertaining to the safety solution within the automotive industry is pushing the market growth for automotive collapsible steering columns. Furthermore, to better handle the vehicle, the automotive sector has developed the concept of Multi-axle dynamic steering system as well as foldable steering wheel, which can give a strong boost to the automotive collapsible steering column market in the following years.
Regional Insight
The primary regions where MRFR analysts expect the automotive collapsible steering column market to grow in the coming years include North America, Asia Pacific (APAC), Europe and the rest of the world (RoW).
In conjunction with the changing global economy, some of the developing countries like India, China, Indonesia and Thailand in APAC have emerged as prominent manufacturing hubs for widely-known automotive vendors. A number of OEMs are interested in opening their production facilities in the region, especially in the countries mentioned. The automotive collapsible steering column market in the region is doing quite well, on account of the surging sales of passenger cars, and the rapid technological advancements in the automotive industry. Rampant increase in vehicle production has led to significant growth of the automotive collapsible steering column market in the region and can also lead to further business growth during the assessment period.
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In North America, a trend that has substantial traction includes the introduction of the foldable steering wheel concept that helps protect the driver from any injuries during collisions. Rising deployment of electronics in automobiles has encouraged the manufacturing industry to integrate electronics and safety systems with steering systems and these kinds of advances can lead to better growth prospects for the regional market in the approaching years.
The market growth in South America during the review period is expected to be quite gripping, considering the massive growth of the overall automotive industry in the region. With global automotive manufacturers continuously expand into emerging markets; automotive collapsible steering columns can note high demand in the region in the ensuing period.
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