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Technavio’s market research report predicts that the global automotive collapsible steering column market will grow at a CAGR of above 2% during the forecast period. The growing demand for electric power steering (EPS) that is driving the adoption of collapsible columns is one of the primary drivers for market growth. EPS helps the driver to steer the wheels of the vehicle with lower manual force and is widely adopted by passenger cars. The rising adoption of EPS systems is mainly due to advantages such as fuel efficiency and weight reduction, low development costs, and low-maintenance costs. The EPS systems also offer great handling and are currently used in the small and compact cars. Also, the introduction of strict emission and fuel efficiency norms in the developed countries and the increasing need for fuel-efficient cars are likely to boost the setup of EPS in passenger cars. This wide application of EPS systems will drive the adoption of collapsible steering columns, in turn, fueling market growth.
One of the latest trends that will gain traction in the global automotive collapsible steering column market is the development of foldable steering wheel concept. Developed to protect the driver from a fatality during a collision on the front, the collapsible steering column allows the driver to guard his/her head against hitting the steering. A concept for collapsible steering column has already been designed by ZF-TRW where the steering wheel retracts completely into the dashboard. This concept offered more space on the front and was targeted at senior drivers providing them the convenience to get in and out of the vehicle easily.
The global automotive collapsible steering column market consists of vendors competing in terms of quality, size, and performance of their products. With the introduction of steer-by-wire technology, the competition among the existing collapsible steering column vendors is likely to intensify in the coming years. Moreover, the market will also witness investments towards the development of new designs based on size and weight, which will also intensify the competition among the market players.
Key vendors in the market are:
Other prominent vendors include Coram Group and Schaeffler.
During 2016, the passenger cars vehicle type segment dominated the global automotive collapsible steering column market. However, due to the growing adoption of commercial vehicles across the globe and the increasing focus of safety features, the commercial vehicle market will witness a higher growth and dominate the market by the end of the forecast period.
In terms of geography, APAC led the global automotive collapsible steering column market during 2016 and is expected to continue the domination during the forecast period. The increasing adoption rates of the passenger cars and commercial vehicles will drive market growth in the region.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by vehicle type
PART 07: Geographical segmentation
PART 08: Decision framework
PART 09: Drivers and challenges
PART 10: Market trends
PART 11: Vendor landscape
PART 12: Key vendor analysis
PART 13: Appendix
Tags: steering wheel, steering shaft, car accessories, wheels and tires, automotive components market forecast, powertrain products,
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