Steering Column Systems Market Size (2023 - 2030)

The Global Steering Column Systems Market was valued at USD 36.71 Billion and is projected to reach a market size of USD 49.29 Billion by the end of 2030. Over the forecast period of 2024-2030, the market is projected to grow at a CAGR of 4.3%.

The automotive steering column of a vehicle is the rod to which the steering wheel is connected to the steering mechanism. The steering column may have universal joints that let it deviate from a straight line to get to the best position on the steering gear assembly. The steering column is a fixed, tube-like cover, which engulfs the rotatable steering shaft that is attached to the steering wheel at the top end and the steering box at the other. For safety reasons, all modern automobiles feature a steering column, which collapses in the event of a substantial frontal impact. This collapsible feature is crucial as it prevents excessive injuries to the driver caused by the steering column and shaft. Numerous avoidable deaths have occurred where non-collapsible steering columns have been driven like a spear through the driver’s body in the event of a substantial frontal impact. Nowadays, deformation members and a geometrically stable intermediate segment are included in the steering column of modern automobiles. The essential airbag mechanism that inflates to safeguard the driver in a severe frontal collision is supported by this stable segment. The multi-function switch, column wiring, column lock, column shroud(s), gauges, transmission gear selector, or other instruments as well as the electromotor and gear units found in EPAS and SbW systems, are all mounted on the steering column. The steering column also offers height and length adjustment to suit driver preference.

The steering column incorporates three significant components, a steering shaft, a shift tube, and a mast jacket. The steering shaft links the steering wheel to the steering gear unit via a universal joint. The steering shaft in certain older steering gears is assembled with an extension of the steering gear worm shaft. The steering shaft is surrounded by a shift tube with an upper end that connects to the shift selector lever and a lower end with a bell crank that connects to the shift linkages. The mast jacket encloses the shift tube and provides support to the mounting brackets, column trim, and shaft bearings. A floor plate retainer at its lower end and a break-away bracket just below the instrument panel holds the mast jacket in its place in the vehicle. In the event of a vehicle collision, suitable attachments are added to allow the steering column to move downward and prevent any upward movement, which restricts the damage to the driver.

Global Steering Column Systems Market Drivers:

The rise in consumer disposable income drives the demand for steering column systems.

As disposable income increases, consumers generally have more money to spend on discretionary purchases like automobiles. Thus, this results in an increasing demand for automobile components, such as steering column systems, which fuels the growth of the global steering column systems market.

The adoption of Electric Power Steering (EPS) systems is contributing to the growth of the global steering column systems market.

Electronic Power Steering (EPS) systems have replaced manual steering systems, which rely solely on mechanical linkages like rack and pinion. The manual steering system limits the vehicle's mobility and fuel efficiency. However, the EPS system consists of electronic and mechanical components that enhance the vehicle's potency while also assisting in driving. As a result, the EPS system is regarded worldwide. The automotive industry is seeing an increase in demand for EPS systems as a result of the increased use of such systems.

Global Steering Column Systems Market Challenges:

The global steering column systems market is encountering challenges, primarily in terms of the high cost and regulatory compliance associated with power steering systems.

Manufacturers operating in the steering column systems market face a significant challenge of balancing the costs involved in producing high-quality components with the need to remain competitive on price. This challenge often requires them to make significant investments in their manufacturing processes and supply chain management to maintain their market position.

Moreover, the steering column systems market is subject to several regulations and standards, which can vary by region and can be complex to navigate. Ensuring compliance with these regulations can be a significant challenge for manufacturers.

Global Steering Column Systems Market Opportunities:

The marketplace for global steering column systems is expanding, in part due to the heightened demand for Advanced Driver Assistance Systems (ADAS). Electric Power Steering (EPS) has become an essential component of ADAS, allowing for the incorporation of features that promote greater safety and convenience. For instance, features such as parallel parking are improving the experience for drivers, allowing them to save both time and effort as well as fuel for the vehicle owner. This uptick in ADAS is encouraging the development of more reliable and functional EPS systems.

Impact of COVID-19 on the Global Steering Column Systems Market:

The outbreak of the COVID-19 pandemic negatively impacted the global steering column systems market. The implementation of strict lockdown restrictions across several nations hampered major companies manufacturing capacities and decreased the demand for steering column systems. The pandemic caused disruptions in supply chains and the distribution of automotive components, which resulted in manufacturing slowdowns and production shutdowns as well. The Asia Pacific region was severely affected by the COVID-19 pandemic. One of China's major automotive manufacturing facilities is in Wuhan, where the COVID-19 outbreak began. Nissan, Renault, Honda, GM, and Peugeot all have manufacturing plants in the Hubei Province, of which Wuhan is the capital. However, the global steering column systems market is rapidly returning to pre-COVID levels, and a healthy growth rate is projected throughout the forecasted period due to the economic recovery in most developing nations. 

Global Steering Column Systems Market Recent Developments:

• In September 2022, HELLA developed series-ready key components for an all-electric steer-by-wire system. The steer-by-wire system opens up new design possibilities for the vehicle's interior and enables the steering to be flexibly adjusted to the customer or circumstance's specifications.

• In May 2022, CNXMotion, a joint venture between Nexteer Automotive and Continental Automotive, added two new software functions to its Brake-to-Steer (BtS) technology. These new software functions provide backup safety layers for all Electric Power Steering (EPS) and Steer-by-Wire (SbW) system variations and for all SAE levels of driving automation (levels 1 - 5).

• In October 2021, Hyundai Mobis announced the development of technology for a foldable steering system, which makes it possible to fold and unfold a steering wheel. To make more room for the driver's seat, the system has a steering wheel that can be folded inside the dashboard and moved up to 25 centimeters back and forth. After folding the steering wheel, the system also allows the driver's seat to be turned 180 degrees to face passengers in the rear seats.

STEERING COLUMN SYSTEMS MARKET REPORT COVERAGE:

Global Steering Column Systems Market Segmentation: By Steering System

• Manual Rack & Pinion Steering System

• Manual Recirculating Ball & Nut Steering System

• Manual Worm & Roller Steering System

• Electric Power Steering System

• Hydraulic Power Steering System

Based on the steering system, the global steering column systems market is segmented into manual rack & pinion steering systems, manual recirculating ball & nut steering systems, manual worm & roller steering systems, electric power steering systems, and hydraulic power steering systems. In 2022, the electric power steering system (EPS) segment held the highest market share. The EPS system consists of several advantages over traditional hydraulic power steering systems, such as better fuel efficiency, lightweight, less maintenance, better handling, and steering response. These advantages make it popular among customers. As the popularity of electric vehicles increases, the demand for EPS systems is projected to rise, which will further drive the growth of the EPS segment in the global steering column systems market.

Global Steering Column Systems Market Segmentation: By Vehicle Type

• Light Commercial Vehicles

• Heavy Commercial Vehicles

• Passenger Cars

Based on the vehicle type, the global steering column systems market is segmented into light commercial vehicles, heavy commercial vehicles, and passenger cars. In 2022, the passenger cars segment held the highest market share. Passenger cars have more advanced and sophisticated steering systems in comparison to commercial vehicles, which require less advanced steering column systems. Moreover, the rising demand for electric and hybrid passenger cars is anticipated to generate prospects for advanced steering column systems, which will further fuel the growth of the passenger cars segment in the global steering column systems market.

Global Steering Column Systems Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• The Middle East & Africa

• South America

In 2022, the Asia Pacific region dominated the global steering column systems market. The growing demand for passenger cars in countries, such as China and India, where there is a large population, leads to an increase in demand for steering column systems. Additionally, the region consists of several leading automobile manufacturers, such as Lexus, Toyota, TATA, Hyundai, Mahindra, etc. These companies are highly focusing on the advancements in steering column systems to meet regulatory requirements and improve the driving experience. Moreover, the automotive industry in the region benefits from a well-established supply chain, allowing manufacturers to improve efficiency and reduce costs.

Global Steering Column Systems Market Key Players:

1. ThyssenKrupp AG (Germany)

2. Mando Corporation (South Korea)

3. Fuji Kiko Co. Ltd. (Japan)

4. Robert Bosch GmbH (Germany)

5. Showa Corporation (Japan)

6. Nexteer Automotive (United States)

7. Hella KGaA Hueck & Co. (Germany)

8. Pailton Engineering (United Kingdom)

9. Marimba Auto LLC (United States)

10. DENSO Corporation (Japan)