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The automotive steering column market size is forecast to increase by USD 2.74 billion at a CAGR of 4.5% between 2023 and 2028.
The industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The passenger car segment is estimated to witness significant growth during the forecast period. The market is a significant segment within the automotive components industry, driven by the production of passenger vehicles. This market is influenced by various business areas, including travel bans, logistics, and supply chain disruptions, which impact raw material shipments and operational plants. Steering column manufacturers produce steering-mounted electronics, automobile dashboard-based components such as radio and music systems, cruise control, climate control, call answering, and steering-assisted safety features like ASR and DSR. The market caters to vehicle production in electric vehicles, luxury vehicles, and traditional hydraulic systems, adhering to emission norms and policies. Key players include EPS manufacturers like ZF, AKC, and EV suppliers.
The integration of self-driving technology, Generation 3 AUTOSAR software, and advanced sensors like LeddarTech LiDAR smart sensors is shaping the future of steering columns, steering wheels, steering boxes, and tractor applications. The market is subject to cost and profitability considerations, as well as vehicle dynamics and actuators in powertrain and suspension systems.
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The Passenger car segment was valued at USD 6.07 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 54% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The Asia Pacific (APAC) region, driven primarily by China, India, Indonesia, and South Korea, is experiencing rapid economic growth. This economic expansion has significantly increased per-capita income between 2016 and 2018, enhancing consumer purchasing power and boosting automobile sales. Additionally, countries in the region have invested heavily in infrastructure and industrial development, fueling demand for commercial vehicles. APAC is now the world's fastest-growing and largest automotive market due to its fast-paced economies, attractive government incentives, and strategic location for automotive manufacturing. The region is home to numerous automotive components suppliers and manufacturers. The automotive industry in APAC covers various business areas, such as steering columns, steering boxes, electric power steering (EPS), and self-driving technology.
Key trends include the popularization of electric vehicles (EVs), the implementation of emission norms, and the development of autonomous driving technology. The region's growth is further supported by the production of electric vehicles, hybrids, pickups, and heavy-duty vehicles. Despite challenges like travel bans, logistics, and supply chain disruptions, raw material shipments and operational plants continue to thrive. Advanced technologies like steering-mounted electronics, automobile dashboard-based systems (radio and music, climate control, call answering, steering-assisted safety, and advanced driver-assistance systems like ASR and DSR), lateral and yaw motion sensors, torque sensors, position sensors, ECUs, and actuators are transforming the automotive industry.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market encompasses a vital component of modern vehicles, facilitating the direction of the automobile. This business area experiences continuous evolution, driven by advancements in technology and shifting consumer preferences. The production of vehicles relies heavily on the steering column and its associated components. Steering-mounted electronics have become increasingly common in automobile dashboards, integrating features such as radio and music systems, cruise control, climate control, call answering, and steering-assisted safety systems. These innovations enhance the driving experience and contribute to the popularity of self-driving technology. The market is influenced by various factors, including raw material shipments, logistics, and supply chain dynamics.
Moreover, traditional hydraulic systems have given way to electric power steering (EPS) systems, which offer improved fuel efficiency and vehicle dynamics. EPS manufacturers and automotive suppliers have been investing in research and development to create more advanced systems, such as torque sensors and position sensors, to optimize driving performance. Electric vehicles (EVs) and hybrid systems have gained significant attention in recent years, leading to increased demand for lightweight steering components. Policies, incentives, and projects aimed at reducing emissions and promoting sustainable transportation have further fueled this trend. The European Union-wide emission measurement regulations, for instance, have led to the implementation of more stringent emission norms worldwide.
Furthermore, the automotive industry is also witnessing the emergence of autonomous driving technology, with Generation 3 autonomous vehicles expected to hit the market soon. This shift towards self-driving cars will significantly impact the steering column market, as these vehicles will require advanced sensors and actuators to navigate the road. Leading automakers are collaborating with technology companies to integrate advanced sensors into their vehicles to enhance safety and driving capabilities. These partnerships will likely drive innovation in the steering column market, as automakers seek to differentiate themselves in a competitive landscape. Moreover, the steering column market is not limited to passenger cars but also extends to heavy-duty vehicles, pickups, tractors, and motor vehicles.
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Market Scope |
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Report Coverage |
Details |
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Page number |
150 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
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Market growth 2024-2028 |
USD 2.74 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.23 |
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Key countries |
China, US, Japan, India, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
We can help! Our analysts can customize this automotive steering column market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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