Commercial Vehicle Steering Column Market: Introduction
According to the report, the global commercial vehicle steering column market is projected to surpass US$ 1 Bn by 2032, expanding at a CAGR of 4.5% during the forecast period. The high demand for automotive is a key factor driving the global commercial vehicle steering column market since an automobile cannot be manufactured without a steering column. Technological advancements have led to the development of more efficient steering column systems. These improve the overall driving experience and ensure greater safety than before. The demand for these steering column systems has increased significantly among users due to multi functionality and increased safety. The demand for high mileage is also a key factor boosting the global commercial vehicle steering column market.
The collapsible steering column is currently the latest trend in the market. In the case of an accident, the steering column collapses to the automotive floor, preventing the driver from getting hurt in case of a front on vehicle collision.
Expansion of Commercial Vehicle Steering Column Market
OEMs have increasingly moved from hydraulic to electric power steering systems in the past few years, owing to reduced cost and complexity, and increased efficiency, which use electric motors rather than a hydraulic pump to provide steering assistance. Electronic sensors calculate the amount of steering force being applied by the driver and use of electric motors (that may be placed on the steering rack or the steering column) so that force is amplified to make steering easier. Most EPS systems are speed-sensitive, providing more assistance at lower speeds for easier maneuverability, and scaled-back assistance at higher speeds for better stability. This, in turn, is boosting the commercial vehicle steering column market across the globe.
Additionally, electric power assist systems is fully compatible with driving modes that are increasingly being offered by OEMs across all vehicle segments. For instance, EPS systems can provide gentler steering response in comfort mode and sharper, more aggressive response in sports mode, something that would be difficult to achieve with older hydraulic-based systems. In terms of column type, the adjustable steering columns segment accounted for a notable share of the global commercial vehicle steering column market. Manufacturers of commercial vehicles, such as Freightliner, Volvo, Peterbilt, and ISUZU are incorporating adjustable steering systems in their vehicles. For instance, the FM series of Volvo features an electrically adjustable steering that uses electric motors to adjust the position of the steering as preferred by the driver. The rise in preference for power as well as tilt adjustable steering systems is driving the adjustable steering columns segment of the commercial vehicle steering column market across the globe.
In terms of vehicle type, the Class 8 (GVWR - above 33,000 pounds) segment dominated the global commercial vehicle steering column market, in terms of value, in 2020. The expansion of the Class 8 (GVWR - above 33,000 pounds) vehicles segment can be attributed to the increase in construction activities and expansion of energy and logistics warehouses sectors. These sectors have driven the demand for commercial vehicles, owing to their higher load carrying capacities. Thus, Class 8 is a leading segment of the global commercial vehicle steering column market.
Volatility in trade, which can be ascribed to the increase in import duties and taxes, has hampered the purchasing power of commercial vehicle fleet owners, which, in turn, is restraining the demand for heavy vehicles from large fleet operators. The trade war between the U.S. and China has hampered trade between the two countries. Brexit caused changes in trade rules between the U.K. and other countries in the European Union, which hampered the trade activities and resulted in a decline of demand for commercial vehicles. These on-going political confrontations among various countries are hindering the commercial vehicle steering column market.
Regional Analysis of Commercial Vehicle Steering Column Market
Based on region, the global commercial vehicle steering column market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific accounted for a major share of the global commercial vehicle steering column market. Countries in Asia Pacific such as China, India, Japan, and South Korea are major hubs of automakers. These countries account for a significant share of the global commercial vehicle production, which, in turn, fuels the demand for commercial vehicle steering columns. Adjustable and energy absorbing steering systems also hold a significant share of the commercial vehicle steering column market in Asia Pacific. Most of the commercial vehicles sold in Asia Pacific, ranging from the lower end models such as TATA 710 LPT to the high-end trucks of MAN and Volvo FM series, feature adjustable steering systems.
Commercial Vehicle Steering Column Market Players
Prominent players operating in the global commercial vehicle steering column market include Bosch Germany, Continental AG, Denso Corporation, C.O.B.O International, Italy, HELLA GmbH & Co. KGaA, Delphi Automotive PLC, NSK, Knorr-Bremse AG, JTEKET Corporation, ThyssenKrupp, and TRW Automotive.
Global Commercial Vehicle Steering Column Market: Segmentation
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