Pune, India, March 25, 2022 (GLOBE NEWSWIRE) -- Steering Column Control Module market size is anticipated to reach USD 27.26 billion by 2028 and exhibit a CAGR of 7.5% during the forecast period. The growing electric vehicle sales and developments in autonomous driving are expected to fuel the market growth. Fortune Business Insights has presented this information in its report titled, “Steering Column Control Module Market, 2021-2028”. The market size stood at USD 15.64 billion in 2020 and USD 16.49 billion in 2021.
The report provides a detailed market outline, covering each facet of definitions, classifications, applications, and industry chain frameworks. It throws light on the crucial market dynamics, together with the current trends in the market. The report covers the analysis of various sectors in its entirety that propels the growth of the market like trends & opportunities, which may affect the market in a negative/positive way in the long run.
Key Industry Development
August 2021: ZF Friedrichshafen AG and Locomation announced a comprehensive agreement to co-develop steering units to enhance autonomous truck safety.
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| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 7.5% |
| 2028 Value Projection | USD 27.26 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 15.64 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 165 |
| Segments covered | Steering Type, Vehicle Type |
| Growth Drivers | Growing Demand for Personal Vehicles to Boost Market Growth |
| High Automotive Sales to Boost Growth in Asia Pacific |
Steering Column Control Market Growth Drivers:
- The rising demand for personal vehicles, in the wake of the COVID-19 pandemic, due to reluctance in using public transportation is anticipated to be a major factor boosting the global steering column control module market growth. The exponentially growing electric vehicles sales are expected to bolster the market growth significantly. As per the IEA, an approximated 41% increase in electric vehicle sales was recorded in 2020, compared to 2019, with nearly 3 million EV sales.
- Additionally, the development of autonomous driving is fueling market growth. Steering control module safe switching between driver-controlled and system-controlled modes is vital in hands-off detection function. The advancements in autonomous driving and the development of advanced autonomous vehicles are likely to amplify the demand for steering column control modules and foster the market growth.
- However, the increasing adoption of shared mobility for economic efficiency may hinder the market growth in the coming years.
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Steering Column Control Module Market Segments Analysis
- On the basis of steering type, the market is bifurcated into power steering and manual steering.
- On the basis of vehicle type, the market is fragmented into commercial vehicles and passenger cars.
- Geographically, the market is classified into Europe, Asia Pacific, North America, and the Middle East & Africa.
Regional Insights:
- Asia Pacific is anticipated to gain the largest steering column control module market share. The lower interest rates, incentives, and subsides augment the region’s automotive sales and are likely to magnify the market growth in Asia Pacific.
- North America is projected to exhibit moderate growth in the global market. The increasing vehicle sales for commuting purposes are expected to fuel the region’s market growth.
- Europe is expected to register steady growth during the forecast period. The declining vehicle prices (excluding electric vehicles) are expected to boost the regional market growth.
- The Rest of the World is likely to exhibit considerable growth in the forthcoming years. The expanding automotive industry across Latin America and Africa is anticipated to drive the region’s market growth.
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The Report Lists the Key Companies in the Global Market
- Leopold Kostal GmbH & Co. KG (Ludenscheid, Germany)
- ZF Friedrichshafen AG (Friedrichshafen, Germany)
- Nexteer Automotive (Michigan, U.S.)
- Valeo (Paris, France)
- Merit Automotive Electronics Systems (Barcelona, Spain)
- IDIDIT (Michigan, U.S.)
- Texas Instruments Incorporated (Texas, U.S.)
- HELLA GmbH & Co. KGaA (Lippstadt, Germany)
Global Steering Column Control Module Market Segmentation:
By Steering Type :
- Power Steering
- Manual Steering
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
By Geography
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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