Automotive Collapsible Steering Column Market Set To Rise in the Period from 2016-2023

Global Automotive Collapsible Steering Column Market Information Report, Vehicle Type (Passenger Vehicle and Commercial Vehicle), By Drive Type (4 wheel Drive, Rear Wheel Drive, All Wheel Drive), and by Regions - Global Forecast To 2023

Market Scenario

The Automotive Collapsible Steering Column market has witnessed transcendent change recently, owing to the rapid technological development in the automotive industry. With the advent of power steering, individuals have been exposed to a steering technology. This technology is not only superior in terms of technology as compared to traditional manual steering systems, but also more responsive and aids fuel efficiency. Electronic control over steering systems are expected to significantly impact the progress in the market owing to the increasing demand from end-users, for improving efficiency, safety and comfort. Additionally, factors such as integration of advanced driver assistance systems in vehicles, combined with improved purchasing power of consumers, across the globe, are expected to further improve the scope of the automotive collapsible steering column market for a considerable period of time. The auto industry, is in consensus that autonomous driving is the way forward, automotive steering manufacturers are expected to be under considerable limelight. With IHS Automotive predicting sales, of over 21 million autonomous vehicles by the end of 2035, there are discussions regarding automotive steering in terms of a "legacy device". As we enter the age of self-driving cars, there exists a hot debate regarding the importance of steering systems further casting lime lights on the automotive collapsible steering column market.

Regional Analysis

With the global economy changing extraordinarily, major emerging countries such as China, India, Thailand, and Indonesia, are becoming manufacturing hubs for global automotive players. As a result of increasing prosperity in the emerging economies, more and more people are able to afford owning vehicles, particularly in emerging Asian economies such as China and India. Leading global automotive players such as Volkswagen, BMW, Toyota, and Ford are entering into new emerging markets for business expansion so as to tap these rising consumer automobile preferences. As the global auto-manufacturers continue to expand into growing and emerging markets, the demand for automotive collapsible steering column will also rise.

Asia Pacific is the second largest market in the global automotive transmission market owing to factors such as growth in the production of passenger cars and LCV in the developing economies. Many OEMs are keen to open their production facilities in this region, especially, in the emerging nations such as China and India. The market for automotive collapsible steering column systems has been experiencing rapid growth in the last two years owing to the rising sales of passenger cars, emerging economies, shifting of global players and technological advancements. Rampant rise in vehicle production in the region is also expected to majorly contribute in the automotive collapsible steering column market.

South America is expected to show significant expansion of the automotive collapsible steering column market in the coming years, considering the overall growth of the automotive sector, here.

Key Players

The key players of global automotive collapsible steering column market are Robert Bosch GmbH(Germany), Nexteer Automotive(U.S.), Schaeffler Technologies AG & Co(Germany), Pailton Engineering(U.K.), JTEKT Corporation(Japan), NSK Ltd.(Japan), Coram Group (Italy), Sweet Manufacturing, Inc.(U.S.) and Douglas Autotech Corporation (U.S.).

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