Steering Column Control Module Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Steering Column Control Module Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Steering Column Control Module Market

The steering column control module market size was valued at USD 15.64 billion in 2020, and the market is now projected to grow from USD 16.49 billion in 2021 to USD 27.26 billion by 2028, exhibiting a CAGR of 7.5% during the forecast period of 2020-2028.

Government has put restrictions on social gatherings, events and moving out from home which make the people homesick. Numerous companies are encountering hurdles due to covid pandemic as the outbreak situation has curtailed production and supply chain which has hindered the market switched to treating covid patients as priority over the other procedures which led the steering column control module market growth. Additionally, manpower shortages affected manufacturing plants and slowed production due to movement restrictions and lockdowns in several regions. Stopped providing on-site maintenance and installations market growth sputtered amid the pandemic. Production facilities throughout the nations have been hindered by the abrupt lockdown. The pandemic has also had a negative impact on facial recognition door lock manufacturing and production facilities. The disruption in the supply chain and the decreased availability of labor, staff, and resources are the causes of this. Short-term revenue declines were caused by COVID-19, which also accelerated the use of alternative fuel vehicles and online shopping. In 2020, the lockdown brought on by the pandemic severely reduced automakers' revenue. Automakers were forced to reduce their support for R&D projects in order to prevent a cash constraint as a result of the decline in customer demand. Additionally, the income loss experienced by major manufacturers has been exacerbated by a shift to shared mobility and a reduction in manufacturing capacity. In 2020, market revenue declined as a result of several causes.

Growing car ownership in developing nations will fuel steering column control module market growth during forecast period. Due to reluctance to use public transit, the epidemic has increased demand for private automobiles. For example, research by Accenture in China found that consumers' health worries have caused a 27% rise in sales of new cars. Moreover, big automakers are providing a wider range of models in this market segment, which is helping consumers in China and India move from sedans to SUVs. Therefore, during the forecast period, a rise in vehicle ownership will directly result in higher sales of steering column control modules.

Creation of autonomous vehicles to support development during forecast period. In autonomous driving, hands-off detection is a crucial feature that necessitates communication with other systems, including column control modules, to allow for safe transitions between driver-controlled and system-controlled modes. An electronic control unit (ECU) that can detect changes in a driver's grip and improve autonomous driving capabilities was developed and put into mass production by Alps Alpine in July 2021. This will have a favorable impact on the demand for steering column control modules and the accessories that go with them.

Comprehensive Analysis of Steering Column Control Module Market

The steering column control module market and automotives industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the pharmacy benefit management industry. These segmentations are methodically segregated by Steering Type and by Vehicle Type. The types of devices include, By Steering Type segmentations include Power Steering, Manual Steering, By Vehicle Type segmentations include Passenger Cars, Commercial Vehicles.

The Asia Pacific region lead the steering column control module market by benefitting a market size of USD 8.22 billion in 2020 due to growing car ownership in developing nations and creation of autonomous vehicles.

The top players in the market play a crucial role in the automotives industry assuring industrial prospectus growth and setting market standards. These players include, 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), these market players provide a level-playing competitive landscape.

In July 2021, Hella successfully started serial manufacturing of the newest steering electronics product generation and received further significant orders. The new modules are a crucial part of automated driving and are designed to be a fail-operational system.

Segmentation Table

ATTRIBUTE DETAILS

Study Period2017-2028

Base Year2020

Estimated Year 2021

Forecast Period2021-2028

Historical Period2017-2019

UnitValue (USD Billion) & Volume (Thousand Units)

SegmentationBy Steering Type

Manual Steering

Power Steering

By Vehicle Type

Passenger Cars

Commercial Vehicles

By Geography

North America (By Steering Type, By Vehicle Type)

U.S. (By Steering Type, By Vehicle Type)

Canada (By Steering Type, By Vehicle Type)

Mexico (By Steering Type, By Vehicle Type)

Europe (By Steering Type, By Vehicle Type)

U.K. (By Steering Type, By Vehicle Type)

Germany (By Steering Type, By Vehicle Type)

France (By Steering Type, By Vehicle Type)

Rest of Europe ( By Steering Type, By Vehicle Type)

Asia Pacific (By Steering Type, By Vehicle Type)

China (By Steering Type, By Vehicle Type)

Japan (By Steering Type, By Vehicle Type)

India (By Steering Type, By Vehicle Type)

South Korea ( By Steering Type, By Vehicle Type)

Rest of Asia Pacific ( By Steering Type, By Vehicle Type)

Rest of the World (By Steering Type, By Vehicle Type)

Please Note: It will take 5-6 business days to complete the report upon order confirmation.