Adjustable steering system market: Introduction
- An adjustable steering system allows the driver to adjust the height of the steering wheel as per requirement. This advantage of the adjustable steering system enables a relatively tall individual to drive comfortably by adjusting his seat accordingly.
- The market for adjustable steering system is expected to witness significant expansion, owing to an increase trend of electrification of vehicles, shift toward connected vehicles, and rise in demand for luxury systems in automobiles
Key drivers of global adjustable steering system market
There are two variants of adjustable steering system viz., manually adjustable steering system and electrically adjustable steering system. Both types hold notable advantages over the other. An electrically adjustable steering system can move and adjust itself to a pre-defined height, while in case of manually adjustable steering system, the height of steering wheel is adjusted with a help of lever on the steering column.
- Technological developments in automobiles have revolutionized the concept of luxury vehicles. Introduction of various safety systems in the market has fueled a trend toward IoT gadgets and connected vehicles, which is driving the need for a steering column that can host multiple switches, sensors, and other devices. This also propels the demand for adjustable steering system, which is a part of the steering column.
- Adjustable steering systems are gaining popularity owing to their safety features. The introduction of telescopic type steering column has boosted the safety of the vehicle considerably. A telescopic type steering column, as the name suggests, can retract like a telescope in case of accidents or frontal crash of vehicles. This creates a sizable gap between a driver and the steering wheel, which decreases the probability of the impact of a crash being transmitted to the steering wheel.
- Rising competition between OEMs and aftermarket companies to attract more consumers has fueled the demand for integration of technologically advanced equipment in wide range of vehicles. Automakers are installing adjustable steering systems in entry level as well as mid-segment vehicles. This, in turn, is driving the global market for adjustable steering system.
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Electrically adjustable steering system segment to dominate the global adjustable steering system market
- The electrically adjustable steering system enables the driver to adjust the steering wheel at the desired height. Furthermore, the vehicle column can act as a host for multiple other components such as sensors, switches, and ECU. This enables automakers to save space and subsequently, offer larger vehicle cabin space in their vehicles.
- Increasing rate of adoption of electrical vehicles (EVs) indicate that fully electrical vehicles are likely to dominate the market in the near future. Therefore, EV compatible electrically adjustable steering systems are popular among EV automakers.
Europe to account for prominent share of global adjustable steering system market
- The global electric vehicle count exceeded 5.1 million in 2018, registering exponential growth since 2013. Norway registered about 46.4% of electrical vehicle penetration in the country.
- Most countries in Europe possess state-of-the-art research facilities and a large number of vehicle manufacturing units. Technological expertise and presence of a large number of OEM players in the region are key factors that propel the electrical vehicle market. Increase in demand for electrical vehicle further boosts the electrically adjustable steering system market in the region.
- Economic development in the region has increased the disposable income of the population in the region, which further fuels the demand for luxurious vehicles
- All these factors are projected to boost the adjustable steering system market in Europe
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Key players operating in global adjustable steering system market
The global adjustable steering system market is highly concentrated with top manufacturers. A few key players operating in the global adjustable steering system market are:
- Robert Bosch GmbH
- Hitachi Automotive Systems Americas, Inc.
- Denso Corporation
- NSK Ltd.
- PAILTON ENGINEERING LTD.
- JTEKT Corporation
- Nexteer Automotive
- Delphi Corporation
- ZF Friedrichshafen AG
- ATS Automation Tooling Systems Inc.
- NSK AMERICAS
Global Adjustable steering system market: Research Scope
Global Adjustable Steering System Market, by Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
Global Adjustable Steering System Market, by Product Type
Manually Adjustable Steering System
- Electrically Adjustable Steering System
Global Adjustable Steering System Market, by Component
- ECU (Electronic Control Unit)
- Sensors (Steering Angle Sensor, Torque Sensors, etc.)
- Other (Shaft, DC Motor, etc.)
Global Adjustable Steering System Market, by Sales Channel
Global Adjustable Steering System Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.