Steering Column Module Market | An Emerging Hint of Opportunity | Key Player - Leopold Kostal GmbH & Co. KG, Delphi Automotive, Ididit, Nexteer Automotive, Valeo, Merit Automotive Electronics Systems

Steering Column Module Market Outlook – 2027

Steering column is a shaft that connects a steering wheel with a steering system in a vehicle. Steering column control modules are the interface between steering wheel and steering column. It is located at the top of the steering column and helps to control the entire steering mechanism. A steering column control module consists of a steering column shroud, steering angle sensor, clockspring, ignition switch, multifunction switch, steering column power tilt, telescope switch, and trims cover. Steering angle sensors are electronic units that measure a vehicle’s steering angle. The steering column control module includes a microcontroller. The microcontroller provides power to multifunctional switches, steering column power tilt, telescope switch, and majority of electronics carried by steering wheels. A microcontroller is a gateway for control area network (CAN) data bus. A microcontroller includes hands-free communication switches, remote radio switches, speed control switches, horn switches, and electronic vehicle information center (EVIC) control switches. In response to those inputs, the microcontroller transmits electronic messages, as well as steering angle sensor data to other electronic components the CAN bus network, which will grow further in the forecast period..

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COVID-19 scenario analysis:

• The COVID-19 can affect the global economy in three main ways: by directly affecting production and demand, by creating supply chain and market disruption, and by its financial impact on firms and financial markets.
• The outbreak of COVID-19 has brought effects on many aspects, such as flight cancellations, travel bans and quarantines, massive slowing of the supply chain, stock market volatility, falling business confidence, growing panic among the population, and uncertainty about the future.
• The pandemic can be considered as a new opportunity for the car equipment market as more people are willing to install safety kits in their vehicles at regular intervals, which is expected to boost the market.
• Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
• Government regulations regarding vehicle safety and rise in demand for safer and more efficient driving experiences are expected to increase the demand during the forecast period. However, rise in development of active safety systems is anticipated to hamper growth of the market. Furthermore, the growth in demand for electric vehicles and rise in demand for pedestrian protection steering column modules are expected to offer lucrative opportunities for the market.

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Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

Government regulations regarding vehicle safety

The frontal automotive steering column module market is estimated to witness a huge growth, owing the mandatory adoption of steering column modules for driver safety. In addition, rise in safety of vehicle occupants and pedestrians is one of the prime concerns of automakers and many manufacturers are trying to develop steering column control modules so that safety and comfort features are enhanced to a much higher level. Moreover, emphasis of governments on safety and growth in awareness among customers has forced automakers to introduce safety equipment in vehicles. Thus, rise in awareness regarding safety in vehicles is expected to grow the steering column module market during the forecast period.

Rise in demand for safer and more efficient driving experience

Demand for efficient driving is on the rise as buying power of customers is increasing across the globe. With increase in adoption of premium vehicles, manufacturers are continuously improving quality of their safety products. In addition, improvement of thermal properties of steering system inflates significantly higher volume of air to offer superior protection during an event of crash. Rise in demand for premium vehicles is expected to boost the steering column module market during the forecast period.

Government regulations regarding vehicle safety

The frontal automotive steering column module market is estimated to witness a huge growth, owing the mandatory adoption of steering column modules for driver safety. In addition, rise in safety of vehicle occupants and pedestrians is one of the prime concerns of automakers and many manufacturers are trying to develop steering column control modules so that safety and comfort features are enhanced to a much higher level. Moreover, emphasis of governments on safety and growth in awareness among customers has forced automakers to introduce safety equipment in vehicles. Thus, rise in awareness regarding safety in vehicles is expected to grow the steering column module market during the forecast period.

Rise in demand for safer and more efficient driving experience

Demand for efficient driving is on the rise as buying power of customers is increasing across the globe. With increase in adoption of premium vehicles, manufacturers are continuously improving quality of their safety products. In addition, improvement of thermal properties of steering system inflates significantly higher volume of air to offer superior protection during an event of crash. Rise in demand for premium vehicles is expected to boost the steering column module market during the forecast period.

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Key benefits of the report:

• This study presents the analytical depiction of the steering column module market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the steering column module market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the steering column module market scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed steering column module market analysis based on competitive intensity and how the competition will take shape in the coming years.

Questions answered in the steering column module market research report:

• Which are the leading market players active in the steering column module market?
• What would be the detailed impact of COVID-19 on the market?
• What current trends would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the steering column module market?
• What are the projections for the future that would help in taking further strategic steps?

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