Global Steering Column Control Modules Market – Industry Trends and Forecast to 2029

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Steering Column Control Modules Market Analysis and Size

The global steering column control modules market is expected to witness significant growth during the forecast period due to the large space required and low fuel efficiency across the globe. The increasing popularity of comfort driving vehicles is expected to increase the integration of electric and hybrid vehicles across the globe, which are expected to boost the demand for the steering column control modules. Moreover, the “hydraulic power steering” is the fastest growing system type segment because it provides better steering feel and better fuel economy over the forecast period. Furthermore, growing investments by governments to introduce advanced technology strengthens the global market. The growing sales of electric vehicles is another major factor which is contributing to the global steering column control modules market growth globally.

Data Bridge Market Research analyses that the steering column control modules market was valued at USD 16.74 billion in 2021 and is expected to reach USD 28.78 billion by 2029, registering a CAGR of 7.01 % during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.     

Steering Column Control Modules Market Scope and Segmentation

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Market Definition

Steering column control modules is a kind of device used to connect the steering wheel for the rotational mechanism. They are mainly the switches installed all over the steering wheel and act as the primary network to all the other systems surrounding it. It incorporates power tilt/telescope column controls, pedal position controls, clock springs, steering angle sensors and other simple and complex switches.

Global Steering Column Control Modules Market Dynamics

Drivers

• Growing adoption of steering column control modules in automotive sector

The automotive trade has developed from manual steering systems to power steering system, which use especially for the interface between the steering column and steering wheel to transfer the driver's input rotation. However, the ability of steering column control modules have electronic and mechanics element which helps in comfortable driving and simultaneously increases the potency of the automotive. Hence, the ability of steering column control modules has been extensive and diverse all over the globe. Therefore, the adoption of these modules is accountable for increasing the demand of the steering column control modules, which are expected to drive the market growth rate.

• Increasing demand of steering column control modules due to safety concern

Steering column control modules have become an important part of the automobiles due to the growing safety concern of vehicle occupants and pedestrians, which is a major concern of manufacturers and many automakers. The manufacturers are trying to produce those steering column control modules with enhanced safety and comfort features at a much higher level.

Furthermore, increasing comfort features is an vital factor which is accelerating the market growth, also rising improvement in fuel efficiency which has provided by electric power steering (EPS), rising active safety systems, improved vehicle quality and augmented convenience are some of the major factors among others which are anticipated to boost the growth of the steering column control modules market. 

Opportunities

• Use of steering column control modules in commercial vehicles

Steering column control modules is currently used in light marketable vehicles and passenger vehicles and has a limited presence in the heavy vehicles. With the technological advancements, steering column control modules could have a superior capability of integrating various operational switches for convenience in steering wheels and column due to this it is used in both commercial and marketable vehicle which will create immense opportunities for the market growth rate in upcoming years.

Moreover, increasing production of cars in automotive industry, rapid urbanization and modernization are some factors which will further create new opportunities for the steering column control modules market during the forecast period of 2022-2029.

Restraints/ Challenges

• Increasing cost of steering column

The increasing cost of the steering columns due to rise in the prices of raw materials is the vital factor among others which will obstruct the growth of the steering column control modules market in the above mentioned forecast period 

Steering column control modules market is to produce these modules as the interconnection between several components and the systems in the steering assembly. This task will further challenge the steering column control modules market growth rate.

This steering column control modules market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the steering column control modules market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Covid-19 Impact on Steering Column Control Modules Market

The outbreak of COVID-19 pandemic has continued to impact the growth of the vehicles sector across the globe. Major OEMs, such as Ford, Toyota and General Motors, recorded a decrease  in product manufacturing due to factory closures caused by this epidemic. This pandemic is expected to negatively affect the steering column control modules which is directly related to the vehicles products. The ongoing COVID-19 pandemic can be a limitation for many businesses together with the automotive business.

However, high demand is predicted to occur in the coming years that is predicted to recover the business output performance, growth consumption and the expansion of steering column control modules market

Global Steering Column Control Modules Market Scope

The steering column control modules market is segmented on the basis of switch positioning, system type, automobile type and distribution channel and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Switch Positioning

• On the Steering Wheel
• Below/Around the Steering Wheel

System Type

• Hydraulic Steering
• Electric Powered Hydraulic Steering
• Electric Power Steering

Automobile Type

• Commercial Vehicles
• Heavy Duty Vehicles
• Passenger Cars
• Off-Road Vehicles

Distribution Channel

• Original Equipment Manufacturer
• Aftermarket Sellers

Steering Column Control Modules Market Regional Analysis/Insights

The steering column control modules market is analysed and market size insights and trends are provided by country, switch positioning, system type, automobile type and distribution channel as referenced above.

The countries covered in the steering column control modules market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Switzerland, Netherlands, Russia, Turkey, Belgium, Rest of Europe, Japan, China, South Korea, India, Australia & New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, South Africa, Israel, U.A.E., Saudi Arabia, Egypt, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America.

Asia-Pacific dominates the steering column control modules market in terms of market share and market revenue. This is due to increased usage in end-use industries and increased the demand for easy grip and fuel efficient vehicles in this region.

North America is expected to be the fastest developing regions in the forecast period 2022-2029 due to the acceptance of electric and hybrid vehicles which is leading to improved sales of the automotive ECU market in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Steering Column Control Modules Market Share Analysis

The steering column control modules market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to steering column control modules market.

Some of the major players operating in the steering column control modules market are:

• ZF Friedrichshafen AG (Germany)
• DENSO CORPORATION. (Japan)
• Valeo (France)
• Aptiv (U.S.)
• HYUNDAI MOBIS (Sweden)
• Leopold Kostal GmbH & Co. KG (U.S.)
• Eaton. (Ireland)
• Magna International Inc (Canada)
• Mando Corp. (South Korea)
• Robert Bosch GmbH (Germany)
• MAHLE GmbH (Germany)
• Hanon Systems (South Korea)
• Schaeffler AG (Germany)
• JTEKT Corporation. (Japan)
• BorgWarner Inc. (U.K.)
• Ididit. (U.S)

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