Steering Column Systems Market Size (2024 - 2030)

The Steering Column Systems Market attained a valuation of USD 36.71 Billion and is anticipated to reach USD 49.29 Billion by the culmination of 2030. Over the projection period spanning from 2024 to 2030, the market is forecasted to exhibit a Compound Annual Growth Rate (CAGR) of 4.3%.

STEERING COLUMN

The automotive steering column, an integral component of a vehicle, serves as the linkage between the steering wheel and the steering mechanism. It often integrates universal joints to allow flexibility and optimize positioning within the steering gear assembly. Enclosed within a fixed, tubular cover, the steering column houses the rotatable steering shaft, connected to both the steering wheel and the steering box. Incorporating collapsible features, modern steering columns mitigate the risk of severe injuries to drivers during significant frontal impacts, preventing potential fatalities associated with non-collapsible counterparts. Contemporary designs integrate deformation elements and geometrically stable intermediate segments to support essential safety mechanisms such as airbag deployment. Additionally, the steering column accommodates various instruments, including multi-function switches, transmission gear selectors, and electromotor units, while offering adjustability in height and length to accommodate driver preferences.

Comprising three key elements - a steering shaft, shift tube, and mast jacket - the steering column system ensures efficient steering functionality within vehicles. The steering shaft interfaces the steering wheel with the steering gear unit via a universal joint, while the shift tube facilitates connectivity with the shift selector lever and shift linkages. Encasing the shift tube, the mast jacket provides structural support to mounting brackets and shaft bearings, secured in place within the vehicle by floor plate retainers and break-away brackets. Safety measures are integrated to allow controlled movement in the event of a collision, preventing upward displacement and minimizing potential harm to the driver.

Global Steering Column Systems Market Drivers:

The surge in consumer disposable income stimulates demand for steering column systems.

Elevated disposable incomes empower consumers to allocate resources toward discretionary expenditures, including automotive purchases. Consequently, there is an escalating demand for automotive components such as steering column systems, thereby propelling growth in the global market.

The adoption of Electric Power Steering (EPS) systems fuels the expansion of the global steering column systems market.

The transition from manual to Electronic Power Steering (EPS) systems represents a pivotal advancement in automotive technology. Unlike conventional mechanical linkages, EPS systems integrate electronic and mechanical components, enhancing vehicle maneuverability and fuel efficiency. This transition drives the global demand for EPS systems, underpinning market growth.

Global Steering Column Systems Market Challenges:

The global steering column systems market faces challenges, chiefly attributable to the high costs and regulatory constraints associated with power steering systems.

Manufacturers encounter the significant challenge of balancing production costs with competitive pricing, necessitating substantial investments in manufacturing processes and supply chain management. Moreover, navigating complex regulatory frameworks poses a formidable challenge, requiring manufacturers to ensure compliance with diverse regional standards.

Global Steering Column Systems Market Opportunities:

The expansion of the global steering column systems market is buoyed by the growing demand for Advanced Driver Assistance Systems (ADAS). Electric Power Steering (EPS) systems, integral to ADAS, enable the integration of safety and convenience features, enhancing the driving experience. This trend underscores the opportunity for innovation and advancement in EPS systems to cater to evolving consumer preferences.

Impact of COVID-19 on the Global Steering Column Systems Market:

The COVID-19 pandemic exerted a negative impact on the global steering column systems market, disrupting manufacturing operations and supply chains worldwide. Stringent lockdown measures impeded production capacities, resulting in diminished demand for steering column systems. While the Asia Pacific region bore the brunt of the pandemic's effects, a gradual resurgence is observed as economies recover, fostering a healthy growth trajectory in the forecast period.

Global Steering Column Systems Market Recent Developments:

In September 2022, HELLA unveiled series-ready components for an all-electric steer-by-wire system, facilitating customizable steering configurations.

In May 2022, CNXMotion introduced new software functions to enhance the safety features of Brake-to-Steer (BtS) technology, catering to diverse driving automation levels.

In October 2021, Hyundai Mobis introduced foldable steering technology, enabling flexible adjustment of the steering wheel and optimizing interior space utilization.

Segmentation of the Steering Column Systems Market by Steering System:

• Manual Rack & Pinion Steering System
• Manual Recirculating Ball & Nut Steering System
• Manual Worm & Roller Steering System
• Electric Power Steering System
• Hydraulic Power Steering System

The global steering column systems market is categorized based on the steering system into manual rack & pinion steering systems, manual recirculating ball & nut steering systems, manual worm & roller steering systems, electric power steering systems, and hydraulic power steering systems. In the year 2022, the electric power steering system (EPS) segment recorded the highest market share. EPS offers numerous advantages over conventional hydraulic power steering systems, including enhanced fuel efficiency, reduced weight, lower maintenance requirements, improved handling, and responsiveness. These benefits contribute to its widespread adoption among consumers. With the increasing popularity of electric vehicles, there is a projected surge in demand for EPS systems, which will consequently drive growth within the EPS segment of the global steering column systems market.

Global Segmentation of the Steering Column Systems Market by Vehicle Type:

• Light Commercial Vehicles
• Heavy Commercial Vehicles
• Passenger Cars

The global steering column systems market is segmented by vehicle type into light commercial vehicles, heavy commercial vehicles, and passenger cars. In 2022, the passenger cars segment dominated the market share. Passenger cars typically incorporate more sophisticated steering systems compared to commercial vehicles, which necessitate less complex steering column systems. Furthermore, the rising preference for electric and hybrid passenger cars is expected to create opportunities for advanced steering column systems, thereby propelling growth within the passenger cars segment of the global steering column systems market.

Regional Segmentation of the Global Steering Column Systems Market:

• North America
• Europe
• Asia-Pacific
• The Middle East & Africa
• South America

In 2022, the Asia Pacific region emerged as the dominant force in the global steering column systems market. The escalating demand for passenger cars in populous countries like China and India has led to an increased need for steering column systems. Additionally, the region boasts several prominent automobile manufacturers, including Lexus, Toyota, TATA, Hyundai, Mahindra, among others, who prioritize advancements in steering column systems to comply with regulations and enhance driving experiences. Moreover, the automotive sector in the region benefits from a well-established supply chain, enabling manufacturers to enhance efficiency and reduce costs.

Key Players in the Global Steering Column Systems Market:

1. ThyssenKrupp AG (Germany)
2. Mando Corporation (South Korea)
3. Fuji Kiko Co. Ltd. (Japan)
4. Robert Bosch GmbH (Germany)
5. Showa Corporation (Japan)
6. Nexteer Automotive (United States)
7. Hella KGaA Hueck & Co. (Germany)
8. Pailton Engineering (United Kingdom)
9. Marimba Auto LLC (United States)
10. DENSO Corporation (Japan)