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Steering Columns Market to Hit 15.7 USD Billion By 2020 As Demand For Driver Comfort And Vehicular Safety Increases

“The highest growth for steering columns is forecast in APAC region due to the projected growth in the automotive market in this region.”

APAC is the largest market accounting for $6.3 billion in 2014 led by the Chinese and Indian markets. This region is projected to grow at 2.3% CAGR to reach $7.3 billion by 2020.

The report “Steering Columns System Market Analysis & Forecast By Vehicle Type (Passenger, Commercial, Sports & Others); By Steering Systems and Steering Columns; By Geography – Forecast (2015-2020)“, published by IndustryARC, the steeting column systems market is estimated to hit 15.7 USD Billion By 2020 at high CAGR.

The automotive steering column is a device intended primarily for connecting the steering wheel to the steering mechanism or transferring the driver’s input torque from the steering wheel. Steering systems assist drivers by enhancing the turning power of the steering wheel. Power steering systems in particular provide increased steering capabilities with less effort. Power steering can also improve the driving experience as well as the fuel efficiency significantly. Global steering columns market can be segmented by type into hydraulic steering, electric powered hydraulic steering and electric power steering.

In 2014, electric power steering segment accounted for the largest market share. The global electric power steering market size is estimated for 2014 to be around $26.1 Billion and is forecast to exhibit a growth rate of 11.4% through 2020 and reach $50.2 Billion. The hydraulic power steering is projected to decline due to the large space required as well as low fuel efficiency.  The improving technology and fuel efficiency provided by electric power steering is the major driver for this segment.

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According to a recent report from IndustryARC, the global steering columns market is estimated to grow at a relatively sedate rate of around 1.7% to reach market revenue of around $15.7 bn in 2020. The key driver for the steering column is the recovering automotive market. Automotive industry is exhibiting positive gains recovering from recession, with increase in the number of unit sales. This creates a bigger potential market for steering columns. There is growing demand for steering columns that offer improved driver comfort. This has led to an enhanced product portfolio of adjustable steering columns by companies operating in this market. The different types of adjustable steering columns include power, rack and tilt adjustable steering columns. These columns can be shifted to provide improved comfort for the driver and thus have faced increased demand. These steering columns have been augmented in recent years with additional options such as auto calibration, positional memory and variable positioning speed thus leading to growing demand. There is also a growing need for safer steering columns that have resulted in a growing market for energy absorbing steering columns. These steering columns reduce the impact of a crash on the interior by absorbing energy from the vehicle thus protecting the occupants.

The steering columns are in great demand throughout the world. The highest growth for steering columns is forecast in APAC region due to the projected growth in the automotive market in this region. The growth of steering columns market is closely linked to the growth of the automotive market. The high reliability of these columns will increase the demand and propel the market in the forecast period 2014-2020. The North American region is the second largest market in 2014 accounting for $4.11bn in revenue and is projected to grow at a high rate. However the lingering effect of recession in Europe is forecast to lead to slower growth in this region. APAC is the largest market accounting for $6.3 billion in 2014 led by the Chinese and Indian markets. This region is projected to grow at 2.3% CAGR to reach $7.3 billion by 2020.

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The top five companies in the global steering systems include JTEKT Corporation, Robert Bosch Automotive Steering GmbH, ZF Friedrichshafen AG, NSK, Mando and Nexteer. These companies held a combined share of 75% in the steering systems market in the fiscal year ended 2014. These companies have a dominant position in the market by doing M&A, new product launches and strategic Joint ventures.  For instance, in Nov 2014, ZF Friedrichshafen AG has acquired TRW Automotive to augment their product portfolio and also to develop innovative products by leveraging the core competencies, thereby enhancing their product portfolio. New product launches and agreements have been undertaken in order to enhance the product portfolio and strengthen core capabilities.

The steering column market has been also analyzed based on vehicle type into passenger vehicle, commercial vehicle and light commercial vehicle. The passenger vehicle market holds the highest market share with 74% in 2014 due to customer demand for low fuel and power consumption as well as compact nature of these systems due to which heavy commercial vehicle division is also forested to see an higher growth in 2020. The growth is driven by increasing economy leading to a rising sports vehicle market, particularly in APAC region.

There is a significant global demand for steering column systems with electric power steering leading the charge. The economic growth, particularly in APAC, has led to growing automotive market; thereby leading to a growing power steering market. Many vehicles come equipped with electric power steering systems to appease the demand and vehicles with power steering systems are set to grow. Thus, the future of the electric power steering market looks extremely bright and stable, and is forecast to be a good segment for future investments.

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