The Automotive Collapsible Steering Column Sales could experience slow but consistent growth at a moderate rate during the projected period (2016 -2023), notes Market Research Future (MRFR).
Market Drivers and Top Barriers
Automotive collapsible steering column refers to a mechanism, which includes two interlocking shafts that collapse telescopically when they are compressed. This particular design structure aids the steering column in collapsing if there is a frontal impact, which helps absorb the total energy of the collision. With the surge in environmental concerns, research, and development (R&D) investments have been considerable and are successfully reducing vehicular emission. These investments also help enhance engine efficiency. Sensing the opportunity, several automotive steering column manufacturers are striving to advance their technology as well as design for better performance along with ease of compliance with the strict emission regulations.
The worldwide Automotive Collapsible Steering Column Sales gets a significant boost from speedy development of global automobile production. Increasing disposable income and rapid urbanization in developing countries also benefit the market. Moreover, rise in strict government regulations pertaining to safety in automotive industry as well as rising need to reduce front collision of automobiles leaves lucrative effect on the market. Continuous advancements in automotive steering technology stimulates growth of the collapsible steering column market.
One of the latest trends that is quickly gaining traction in the market includes the emergence of foldable steering wheel concept that is designed to shield the driver from any injury in case of a front impact on the vehicle. Mounting use of electronics in automobiles has prompted vendors to integrate safety systems as well as electronics into steering systems. These kinds of advances are projected to boost market growth in the years to come.
The worldwide Automotive Collapsible Steering Column Sales has been segregated with respect to vehicle type, and drive type.
Depending on the vehicle type, the market has been considered for passenger vehicle and commercial vehicle. The commercial vehicles segment could develop at a faster CAGR during the review period. The segment banks on the rising adoption of commercial vehicles all over the world coupled with growing appeal of the safety features of these vehicles.
The drive types covered in the report are 4-wheel Drive, rear wheel drive, all-wheel drive and others. Development of intelligent torque vectoring used in four-wheel drive vehicles has helped the segment acquire the top position in the market, among all the drive types.
North America, Middle East & Africa, Europe, South America and Asia Pacific are the main markets for automotive collapsible steering column.
Data experts note that North America has a penchant for large vehicles, like passenger and commercial vehicles. The likes of SUVs are finding a high number of buyers in the region, for leisure and work-related activities. The collapsible mechanism helps provide extra security in the market where high-powered vehicles grab the most demand among the customers.
Asia Pacific stands as the second-leading market for Automotive Collapsible Steering Column Sales. Surge in production of passenger cars as well as light commercial vehicles (LCV) in developing countries has launched the market in the region. A number of OEMs are trying to open their production facilities within the region, mostly in emerging countries like India and China. The regional market also gets a boost from the increasing sales of passenger cars, shifting of international players to the region and technological advancements. Additionally, massive rise in vehicle production in the region has had a positive influence on the business.
The Europe market for automotive collapsible steering column benefits from several government regulations that aim at increasing the safety solution in the automotive market. Booming automotive sector in the region will also lead to growth of Automotive Collapsible Steering Column Sales in the given time frame.
South America is deemed to have noteworthy growth and could emerge as a significant market for automotive collapsible steering column in the forthcoming years. The region seems to be a major target market for automotive collapsible steering column suppliers. Surge in disposable incomes paired with the expanding urban population are few growth-inducing factors in market growth.
Douglas Autotech Corporation (U.S.), Coram Group (Italy), Pailton Engineering (U.K.), JTEKT Corporation (Japan), Nexteer Automotive (U.S.), Schaeffler Technologies AG & Co (Germany), Sweet Manufacturing, Inc. (U.S.), Robert Bosch GmbH (Germany), NSK Ltd. (Japan), and others are some of the prominent vendors enlisted in the MRFR report. These companies account for the massive growth of the worldwide automotive collapsible steering column arket.
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