Westford, USA, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The steering column control module market is experiencing significant growth globally, with Asia Pacific leading the charge, followed by North America and Europe. One major factor driving this growth is the increasing popularity of autonomous vehicles, which require sophisticated steering column control modules to function effectively. In addition, as the purchasing power of individuals continues to rise, there is an increasing demand for personal vehicles. This trend is further contributing to the growth of the target market as more and more people are looking to purchase their cars. With innovations such as advanced driver assistance systems (ADAS) and electric power steering (EPS), the need for high-quality steering column control modules is greater than ever.
The electric vehicle industry is on a rapid growth trajectory, and according to SkyQuest, it is projected to reach a market value of USD 900,921.86 Million by 2028 at a CAGR of 24.53%. This remarkable growth presents ample opportunities for players operating in the steering column control module market. By investing in research and development and collaborating with automakers, steering column control module manufacturers can position themselves as key players in the rapidly growing automotive industry.
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A steering column is an essential component in a vehicle's steering system that connects the steering wheel to the steering mechanism. It is a crucial link between the driver and the wheels, allowing the driver to control the vehicle's direction. The steering column control modules play a vital role in this mechanism.
Prominent Players in Steering Column Control Module Market
- Leopold Kostal GmbH & Co. KG (Germany)
- BYD Auto (China)
- Nexteer Automotive (US)
- Hirschvogel Automotive Group (China)
- ZF Friedrichshafen AG (Germany)
- DENSO Corporation (Japan)
- Sheyang Sinopioneer Machinery & Electric Co., Ltd. (China)
- Merit Automotive Electronics Systems (Spain)
- Valeo (France)
- Texas Instruments Incorporated (US)
- IDIDIT (US)
- HELLA GmbH & Co. KGaA (Germany)
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Electric Power Steering Segment to Bring Higher Sales Growth owing to Increasing Integration of EPS Systems in Modern Cars
According to market analysis, the electric power steering segment is predicted to continue its dominance in the steering column control module market from 2022 to 2028. This segment has been identified as having the highest proportion of steering column control modules, indicating that it is a critical market component. Furthermore, the forecasted period is expected to see further electric power steering technology advancements, such as integrating advanced driver assistance systems (ADAS) and autonomous driving capabilities. These developments will only increase the demand for electric power steering systems, cementing its position as the leading steering column control modules market segment.
The Asia Pacific region is expected to play a crucial role in driving the growth of the global market for steering column control modules by 2028. Domestic original equipment manufacturers (OEMs) dominate the electric vehicle market in China, accounting for around 94% of sales. Such a growth trend is projected to continue in the coming years. In addition, the Chinese government has imposed a quota on manufacturers, requiring them to produce at least 10% of their new vehicles as either electric or hybrid. As a result of these factors, the demand for steering column control modules is predicted to remain robust in the Asia Pacific region. This is likely to create significant growth opportunities for manufacturers of these components.
Passenger Car Segment to Capture Higher Market Share Thanks to Major Demand for Technologically Advanced and Sophisticated Cars
The steering column control module market is a vital automotive industry component, witnessing steady growth due to various factors. In 2021, the passenger car segment emerged as the largest shareholder in the steering column module market. This segment's dominance can be attributed to several reasons, including low maintenance and repair costs, easy availability of spare parts, increased fuel efficiency, and high driving comfort associated with passenger cars. In addition, technological advancements have made passenger cars more fuel-efficient and environmentally friendly in recent years.
Over the past few years, the acceptance of hybrid and electric vehicles has grown remarkably in North America and Europe. This surge in popularity has significantly impacted the sales of steering column control modules in the region. The rise in demand for hybrid and electric vehicles has also increased sales of related components, such as steering column control modules. These modules are a critical component of the vehicle's steering system, and their demand has grown in line with the increased popularity of hybrid and electric vehicles.
SkyQuest has recently published a comprehensive report on the steering column control module market, an exhaustive guide for all market stakeholders. These stakeholders, including market participants, investors, and policymakers, require a deep understanding of the market to make informed decisions. By analyzing the strategies outlined in the report, stakeholders can gain valuable insights into the market's direction and evaluate its opportunities and risks.
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Key Developments in Steering Column Control Module Market
Lear Corporation, a renowned automotive technology leader specializing in Seating and E-Systems, has recently announced that it is set to acquire I.G. Bauerhin (IGB), a well-established supplier of automotive seat heating, ventilation, active cooling, steering wheel heating, seat sensors, and electronic control modules. The acquisition agreement is a significant step forward for Lear Corporation, enabling the company to expand its product portfolio and strengthen its market position in the automotive industry.
Hyundai Middle East & Africa HQ has recently introduced the new Venue, the latest addition to the Hyundai Motor Company's SUV lineup. This crossover vehicle has set a new standard for customer experiences in design, performance, space, comfort, and advanced technologies. The new Venue promises a Leatherette-wrapped Steering Wheel and Gear Knob, Paddle Shifters, Front Center Armrest with Storage, Auto Healthy Air Purifier, and Smart Electric Sunroof an unparalleled driving experience.
Honda has recently reintroduced the Jazz RS for the 2023 model year, catering to consumers looking for a sportier version of their popular small hatchback. Based on the Luxe model, the Jazz RS utilizes the same hybrid powertrain but with modifications that result in increased power output. One notable change to the interior of the Jazz RS is the reintroduction of the third spoke on the steering wheel. This addition not only adds a sporty aesthetic to the cabin but also provides better grip and control for the driver.
Key Questions Answered in Steering Column Control Module Market Report
- What specific trends and patterns drive growth or decline in particular market segments, and how are businesses adapting to these changes?
- How do regional factors such as government regulations and economic conditions impact the market, and what strategies can businesses use to maintain long-term sustainability?
- How do emerging markets and new competitors disrupt established market segments, and how can businesses prepare for and respond to these challenges effectively?
- How are changing consumer preferences and values affecting market demand, and what innovative strategies are businesses using to engage with these evolving trends?
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