Steering Column Control Module Market Forecasts to 2028 – Global Analysis By Automobile Type (Commercial Vehicles, Heavy Duty Vehicles, Passenger Cars), Sterring Type (Manual, Power) and By Geography

Steering Column Control Module Market Forecasts to 2028 – Global Analysis By Automobile Type (Commercial Vehicles, Heavy Duty Vehicles, Passenger Cars), Sterring Type (Manual, Power) and By Geography

According to Stratistics MRC, the Global Steering Column Control Module Market is accounted for $17.12 billion in 2021 and is expected to reach $32.32 billion by 2028 growing at a CAGR of 9.5% during the forecast period. Steering Column Control Modules is a device used for the joining of the steering wheel for the rotational mechanism. These are mainly the switches that are installed around the steering wheel. The steering column control modules consist of a housing with a printed circuit board consisting of two electrical receptacles. The steering column control modules act as the main network to all the systems that are surrounding it. These modules increase the safety and ease of driving an automobile. The other controls present on the steering wheel are connected to another system through the help of steering Column control modules.

Market Dynamics:

Driver:

Rising Sales of Electric Vehicles (EVs)

With a greater focus on reducing the environmental impact of automobiles, especially in developed countries, sales of EVs have increased exponentially every year. For instance, according to the International Energy Agency (IEA), 3 million new EVs were sold in 2020 as compared to 2019, an increase of 41%. In comparison, the global automobile market witnessed a decline in growth of 16% in 2020. Greater investment in battery manufacturing and the development of widespread charging infrastructure have further propelled the demand for Electric Vehicles (EVs).

Restraint:

High Cost of Raw material

Due to the increasing costs of the raw materials which in turn have lifted the cost of manufacturing which increase their price and the trade limitations forced by the governments around the globe are a few of the factors hindering the growth of the market in the coming years. Thus, is the vital factor among others which will obstruct the market growth, and will further challenge the market in the forecast period.

Opportunity:

Government Regulations Regarding Vehicle Safety

The importance of governments on protection and progress in consciousness among customers has forced automakers to introduce safety equipment in vehicles. Thus, a rise in awareness regarding safety in vehicles is expected to grow the market. The frontal automotive market is estimated to witness huge growth, owing to the mandatory adoption of steering column modules for driver safety. Additionally, an upsurge in the safety of vehicle occupants and pedestrians is one of the prime concerns of automakers and many manufacturers are trying to develop steering column control modules so that safety and comfort features are enhanced to a much higher level.

Threat:

Growing Acceptance of Shared Mobility

Shared mobility delivers customers with economic efficiency as compared to car ownership. Moreover, traffic congestion and environmental concerns, especially in China and India are also accelerating the growth of shared mobility. These factors will lead to a decrease in vehicle ownership, which, in turn, may restrain the market growth.

Passenger Vehicle segment is expected to be the largest during the forecast period

The Steering Column Control Modules are used in the passenger vehicle to offer power assistance to the driver while turning the steering wheel. It helps in reducing the amount of effort required by the driver to turn the steering wheel and hence, provides a comfortable driving experience. Moreover, it also enhances the safety of the vehicle by providing better control over it.

The Power segment is expected to have the highest CAGR during the forecast period

The power segment held the largest share of the market. Power steering needs least effort and provides better safety and control in critical situations. These factors fuel the dominance of this segment. A power steering is a mechanical device equipped on a motor vehicle that helps drivers steer the vehicle by reducing steering effort needed to turn the steering wheel, making it easier for the vehicle to turn or maneuver at lower speeds.

Region with highest share:

The Asia Pacific is projected to hold the highest market share, owing to the increasing steering Column control modules application for controls connectivity in automobiles. And, multiplying steering Column control module uses in the growing end-use industry as well as increased demand for fuel-efficient and easy-grip vehicles, the market is expected to drive at a robust rate in the Asia-Pacific province.

Region with highest CAGR:

North America is projected to have the highest CAGR, as is a major market for steering column control modules. The U.S is the largest market in this province as it is the second-largest automotive market in the world. North America has witnessed a steady growth rate in the acceptance of hybrid and electric vehicles leading to improved sales of the automotive ECU market in the region. Furthermore, even for commuting, automobiles are used by 87% of workers in the U.S. These factors are responsible for continued growth in automobile sales in the province, which, in turn, will surge the demand for market.

Key players in the market:

Some of the key players profiled in the Steering Column Control Module Market include ZF TRW, Vishnu Vaibhav Industries Private Limited, Eaton Corporation Plc., Leopold Kostal GmbH & Co. KG, Delphi Automotive, Ididit, Nexteer Automotive, Valeo, Merit Automotive Electronics Systems, Yazaki Corp., Hella.

Key developments:

In November 2021: Nexteer Automotive received two awards at CES 2022 Innovation Awards for its Automated Steering Actuator (ASA) and its Steer-by-Wire (SbW) with Stowable Steering Column. The ASA, in particular, offers a single steering solution that solves challenges for shared, autonomous, and electric people mover vehicles.

In August 2021: ZF Friedrichshafen AG and Locomation announced a comprehensive agreement to co-develop steering units to enhance autonomous truck safety.

In July 2021: Hella announced that it secured major orders and successfully commenced series production of the latest product generation of steering electronics. Designed as a fail operational system, the new modules represent an essential key component for automated driving.

Automobile Types Covered:
• Commercial Vehicles
• Heavy Duty Vehicles
• Passenger Cars
• Off-Road Vehicles

Steering Types Covered:
• Manual
• Power

Switch Positioning’s Covered:
• On the Steering Wheel (Sound Control, Airbags, etc.)
• Around/Below the Steering Wheel (Stalk levers, i.e. Wiper control, Head light control etc.)

Sales Channels Covered:
• Original Equipment Manufacturer
• Aftermarket

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances