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Global Automotive Collapsible Steering Column Market
Global Automotive Collapsible Steering Column Market was valued US$ XX Mn in 2019 and is expected to grow US$ XX Mn by 2027, at a CAGR of XX% during the forecast period.
Global Automotive Collapsible Steering Column Market
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Global Automotive Collapsible Steering Column Market Overview:
The automotive collapsible steering column is a mechanism having two interlocking shafts that collapse in a telescopic manner when compressed. This mechanism plays a crucial role while experiencing a strong impact, without the collapsible mechanism, the steering column can often impale the driver. Thus, collapsible steering columns are observing rapid adoption in automotive vehicles. Because of this mechanism during the occurrence of the crash, the steering column tends to absorb the maximum part of the energy which is received at the ...
... front of the vehicle. This aids to prevent the energy of the impact of being transfer wholly to the driver. According to the National Highway Traffic Safety Administration (NHTSA), if all road vehicles apply collapsible steering columns, 1300 fatalities and 23000 non-fatal injuries could be avoided every year. So for the prominent safety of the driver, the collapsible steering column design is implemented in vehicles worldwide. Consistently the global market for the automotive collapsible steering is expected to grow at a significant pace in the future.
Electronic control over steering systems is expected to considerably impact the progress in the market, on account of the demand from end-users, for improving efficiency, safety, and comfort. Also, factors, like the integration of advanced driver assistance systems in vehicles, combined with the enhanced purchasing power of consumers, across the globe, are expected to further improve the scope of the automotive collapsible steering column market for a significant period of time.
Global Automotive Collapsible Steering Column Market Dynamics:
One of the significant drivers for the collapsible steering column market is increasing concerns about mitigation of the impact of collision in the event of a collision. The rising number of vehicles on the road is leading to the incidence of traffic congestion and leading to an increased probability of accidents in which front collisions occur more often. Therefore the driver is more vulnerable in case of accidents.
The collapsible steering column has a certain application and is quite popular among all categories of vehicles. Not only does the collapsible steering column protects the driver from the impact of the collision but it also offers comfortable arrangement for the senior citizens and physically challenged persons. When the steering column is collapsed it creates more space for the driver to get in and out of the vehicle providing convenience to the persons who need extra space.
On the other hand, continuous rising competition in the automotive industry in terms of quality, cost, performance and size of the product will be the challenge for the manufacturers to produce their product most prominently. Increasing cost pressure on automotive OEMs will also be a challenge to be tackled.
Global Automotive Collapsible Steering Column Market Segmentation:
According to the vehicle type, passenger vehicles held largest market share of the global market. Though, the commercial vehicles segment is expected to witness a faster growth rate during the forecast period, thanks to the rising adoption of these vehicles across the globe and increasing focus on the safety features of these vehicles.
Global Automotive Collapsible Steering Column Market1
Region-wise, Asia Pacific is expected to hold the largest market share of XX% of the automotive collapsible steering column market throughout the forecast period. With the global economy changing extraordinarily, major developing countries, like China, India, Thailand, and Indonesia, are becoming manufacturing hubs for global automotive players. Thus, increasing prosperity in the developing economies, progressively people are able to afford to own vehicles, mainly in developing Asian economies such as China and India. Leading global automotive players, for example, Volkswagen, BMW, Toyota, and Ford are entering into new developing markets for business growth so as to tap these rising consumer automobile preferences. As the global auto-manufacturers continue to expand into growing and developing markets, the demand for the automotive collapsible steering column will also rise.
The objective of the report is to present a comprehensive analysis of the Global Automotive Collapsible Steering Column Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Automotive Collapsible Steering Column Market dynamics, structure by analyzing the market segments and project the Global Automotive Collapsible Steering Column Market size. Clear representation of competitive analysis of key players by application, price, financial position, product portfolio, growth strategies, and regional presence in the Global Automotive Collapsible Steering Column Market make the report investor’s guide.
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Global Automotive Collapsible Steering Column Market, By Vehicle type
• Commercial vehicle
• Passenger vehicle
Global Automotive Collapsible Steering Column Market, By Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Global Automotive Collapsible Steering Column Market
• Bosch GmbH
• JTEKT Corporation
• Nexteer Automotive
• NSK Ltd.
• Pailton Engineering
• Coram Group
• Schaeffler Technologies AG & Co. KG
• Sweet Manufacturing, Inc.
• Douglas Autotech Corporation
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