Global Automotive Steering Column Market 2019-2023| 6% CAGR Projection Over the Next Five Years| Technavio
LONDON--(BUSINESS WIRE)--Oct 14, 2019--
The automotive steering column market size is expected to post a CAGR over 6% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive steering column market 2019-2023 (Graphic: Business Wire)
The growing demand for electric power steering (EPS) systems is one of the major reasons for the automotive steering column market growth. The growing need to improve driver safety, comfort, and convenience, along with increasing fuel efficiency has resulted in the development of EPS. The EPS serves as an input for many safety systems such as electronic stability control and lane-keep assist. EPS uses automotive steering system components such as steering columns. Manufacturers are offering EPS columns with various features such as theft deterrence, actuators, manual and power adjustability, ergonomically designed controls, and sensors. The growing integration of EPS in passenger cars will boost the demand for components such as automotive steering columns.
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As per Technavio, the continuous advances in automotive steering technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Automotive Steering Column Market: Continuous Advances in Automotive Steering Technology
There are continuous developments in the design and technology of automotive steering systems in tandem with development of automobiles with higher engine efficiency and improved performance. One such change is the integration of safety technologies and new-generation steering systems such as steering columns that offer enhanced steering response while driving. Automobile manufacturers are using these technologies in their medium-sized and compact segment vehicles as they offer improved comfort, efficiency, and handling of a vehicle.
“The demand for commercial vehicles is increasing due to high expenditure on infrastructure and industrial development in countries such as China, India, Indonesia, and South Korea. This will drive the automotive steering column market growth in APAC. Additionally, factors such as government incentives, low costs, and raw material advantages have made China, Japan, and India a prime offshore location for automotive manufacturing. This will also drive the growth of the market in the APAC region, ” says a senior analyst at Technavio.
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Automotive Steering Column Market: Segmentation Analysis
This market research report segments the automotive steering column market by application (passenger cars and commercial vehicles) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. The growth of the automotive steering column market share in APAC can be attributed to factors such as the rapid economic growth in the region, increased purchasing power of consumers and the higher automobile sales in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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