Steering Column Control Module Market: Current Analysis and Forecast (2022-2028)

Report Description

Global Steering Column Control is expected to grow at a significant rate of around 7% during the forecast period. The steering column module control market is a growing segment in the automotive industry, driven by the increasing demand for advanced driver assistance systems and comfort features in vehicles. The market is characterized by a high degree of competition among leading players and the increasing focus on developing cost-effective and lightweight steering column modules. The rise in popularity of electric vehicles is also expected to drive the market growth, as they require advanced steering systems to ensure efficient vehicle handling and driving stability. However, the market is expected to face challenges such as the increasing costs of raw materials and the need for high investments in research and development. For instance Bosch has developed an advanced steering column module that integrates the steering column, steering gear, and multiple electrical functions into a single compact unit. This design reduces the number of components and improves reliability and durability. Similarly, JTEKT has developed a multi-function steering column module that integrates multiple functions, including steering column adjustment, tilt adjustment, and electronic controls into a single compact unit. This design improves the ergonomics and convenience of the steering system.

Continental AG, ZF Friedrichshafen AG, Robert Bosch GmbH, Mando Corp, BorgWarner Inc, Nexteer, Automotive Corporation, VALEO, YAZAKI Corporation, DENSO Corporation, and JTEKT Corporation are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst distribution channel type, the aftermarket category to witness significant growth during the forecast period”

Based on distribution channel, the market is segmented into OEM and aftermarket. The growth of the aftermarket segment in the steering column module market can be attributed to several factors, such as the increasing number of road accidents has led to a rise in the demand for replacement parts, including steering column modules. Additionally, with vehicles ageing, the need for replacement parts, including steering column modules, is increasing, thereby driving the growth of the aftermarket segment. The development of advanced steering column modules with new features and capabilities has increased the demand for replacement parts in the aftermarket segment.

“Amongst vehicle type, the commercial vehicle to have highest CAGR in forecast period  ”

On the basis of vehicle type, the market is categorized into passenger vehicle, commercial vehicle, and heavy commercial vehicles. Among these, the commercial vehicle to have the highest CAGR market share in the upcoming forecast period. This is mainly due to the advantages commercial vehicles offer as compared to their counterparts. Additionally, the increasing demand for vehicles for transportation and logistics purposes leads to a higher demand for steering column modules in commercial vehicles.

“North America to hold a significant share in the market.”

In 2021, North America held a significant share of the global steering column control module market. This is mainly attributed to North America having the largest consumer market for vehicles, which drives the demand for steering column modules. Some of the largest and most advanced automotive manufacturers contribute to the high demand for steering column modules from this region. In addition, consumers generally have a high disposable income in this region, which allows them to purchase vehicles with advanced steering column control modules. Furthermore, governments have strict safety regulations for vehicles, which drives the demand for advanced steering column modules. Moreover, The focus on research and development in the automotive industry in North America has led to technological advancements in steering column control modules. These factors have collectively led to North America having the largest share of the steering column control module market.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global steering column control module market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Steering Column Control Module Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global steering column control module market were the three major steps undertaken to create and analyze the adoption of steering column control modules in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global steering column control module market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the steering column control module market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the steering column control module market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as vehicle type and distribution channel. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the steering column control module market. Further, we conducted factor analysis using dependent and independent variables such as vehicle type and distribution channel of the steering column control modules. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the steering column control module market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global steering column control module market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the steering column control module market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global steering column control module market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global steering column control module market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of vehicle type and distribution channel in the global steering column control module market.

The main objective of the Global Steering Column Control Module Market Study

The current & future market trends of the global steering column control module market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the steering column control module market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of vehicle type and distribution channel.
• Define and analysis of the regulatory framework for the steering column control module
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the steering column control module market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the steering column control module market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

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