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 Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

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Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at [email protected].

View source version on businesswire.com:https://www.businesswire.com/news/home/20191014005487/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: ENGINEERING AUTOMOTIVE MANUFACTURING MANUFACTURING

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 10/14/2019 11:08 AM/DISC: 10/14/2019 11:08 AM

http://www.businesswire.com/news/home/20191014005487/en

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