A consistently rising demand for vehicles from the entire world, innovation in production of electric vehicles, technological developments in automotive sector, and a growing need for making vehicles safer will collectively drive the steering columns system market in a positive direction according to a business intelligence report published by IndustryARC, As per the report, the global steering columns system market is set to reach a noticeable $16,515.8 million size in 2024. The market, however, will progress at a standard compound annual growth rate (CAGR) of 1.3% during the forecast period of 2018-2024.
The report is titled ‘Steering Columns System Market: By Vehicle Type (Passenger Cars, Heavy Commercial Vehicle, Light Commercial Vehicle); By Pivot Alignment (Lower Pivot Steering Column, Upper Pivot Steering Column, Others); By Steering Systems & Steering Columns Type; By Geography - Forecast (2018-2024).’ This report consists of a variety of important information pertaining to steering columns industry touching necessary parameters including market forces, drivers, disruptive trends, and opportunities.
Steering Columns System Market: Regional Analysis
APAC region is the most developed regions in the world in terms of automotive industry. Manufacturing in automotive sector has evolved at an eccentric pace in countries such as China, Japan, India, and others in the past few years. This is the reason why APAC has generated the highest demand for steering columns system with an evaluated $8,173.4 million size in the year 2018. Other factors that have highly influenced the market include a quick recovery from the recent recession as compared to other countries such as the Americas and Europe, a significant investment provided by leading automotive manufacturers especially in China.
Growth Drivers and Disruptive Trends
- Consistent Rise Of Automotive Industry
Automotive industry is evolving both at a technological level as well as according to consumer demands. Industry innovators have gone the extra mile and introduced newer technologies such as electronic touch control and adjustable steering columns. This has inadvertently raised consumer interest, fuelling growth of steering columns system market in return.
- Merger Of Robert Bosch and ZH Friedrichshafen
Robert Bosch merged with ZH Friedrichshafen in October 2014. They had a 50-50 partnership in the joint venture, which Bosch later owned completely as it finished acquiring Friedrichshafen a one hundred per cent. The latter’s electric steering columns system innovation helped Bosch in expanding its company and they opened a new division completely dedicated to steering systems called Robert Bosch Automotive Steering GMBH. Around 60% of the sales that happen through this division occur through Friedrichshafen’s electric steering systems.
- Nexteer’s Hydraulic Power Steering
Nexteer Automotive, a Michigan based company has introduced a series of hydraulic power steering. Some of those products are magnetic torque overlay, smart flow, power steering pumps and reservoirs, rack and pinion steering gears, and recirculating ball steering gears. Smart Flow is a technology that is being adopted universally owing to its ability to decrease parasitic loss on the engine.
Steering Columns System Market: Competitive Landscape
Key market players operating in the steering columns system market are ZF Friedrichshafen, NSK Ltd., Robert Bosch Automotive Steering GMBH, Nexteer, Flaming River, Thyssenkrupp AG, Mando Corp., Fujikiko Co. Ltd., Coram Europe SRL., and Kongsberg Automotive Holding ASA.
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