USD 16.49 billion
Report ID: SQSG25AG2001 | Region: Global | Published Date: November, 2022 | Pages: 272 | Tables: 88 | Figures: 76
Global Steering Columillion Control Module Market size was valued at USD 16.49 billion in 2021 and is poised to grow from USD 17.73 billion in 2022 to USD 33.99 billion by 2030, growing at a CAGR of 7.5% in the forecast period (2023-2030).
A steering column is a shaft that connects a vehicle's steering wheel to the steering mechanism. The connection between the steering wheel and steering column is made by steering column control modules. It controls the complete steering system and is placed at the top of the steering column.
The steering column control modules' right and left sides contain the functional switches known as the stalk lever switches. It connects the systems (such as the airbags, Bluetooth, horns, and Bluetooth hands-free calling buttons) as well as the stalk lever switches and controls that are positioned on the steering wheel. With no mechanical connection, a steering control unit offers a totally fluid interface between the pump and steering cylinder. The device consists of a feedback meter element and a manually operated directional control servo valve in a single body.
The main network for all the systems around the steering column is a steering column control module that is positioned on the steering column but situated below the steering wheel.
US Steering Column Control Module Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 16.49 billion
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Global Steering Column Control Module Market is segmented based on the system type, vehicle type, steering type, and region. Based on the system type, the global market is segmented as a hydraulic steering, electric powered hydraulic steering, and electric power steering and Others. Based On Vehicle Type, the global Steering Column Control Module Market is segmented as Passenger cars and commercial vehicles. Based on steering, the market is segmented into power steering and manual steering. Based on Region Steering Column Control Module Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Steering Column Control Module Market Analysis by System Type
Based on the System Type, Hydraulic steering, electric powered hydraulic steering, and electric power steering are the three categories under which the global market is divided. Over the forecast period from 2021 to 2028, the Electric power steering segment, which accounted for the highest proportion of steering column control modules, is expected to maintain its dominance.
Steering Column Control Module Market Analysis by Vehicle Type
The Global Steering Column Control Module Market has been segmented on the basis of Vehicle Type as Passenger cars and commercial vehicles. Among these, the passenger car segment held the largest market share, due to low maintenance and repair costs, easy availability of spare parts, increased efficiency of fuel, and high driving comfort which is associated with passenger cars. Moreover, The industry is also expected to have substantial expansion in the commercial vehicle category. The expansion of this market will be fueled by the declining total cost of ownership and multi-brand producers who are providing additional products and pricing options that are suited to certain markets.
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Asia Pacific held the largest Steering Column Control Module Market share. Asia Pacific is anticipated to favourably stimulate market growth and increase demand throughout the forecast period due to the rising use of steering column control modules for controls connection in automobiles. The Steering Column control modules market is expected to expand at a healthy rate in this region during the forecast period as a result of increasing demand for fuel-efficient and easy-grip automobiles, as well as several usages for steering Column control modules in expanding end-use industries.
The acceptability of hybrid and electric vehicles has risen significantly in North America, which has boosted the region's automotive ECU market's sales. Since the United States is the second-biggest car market in the world, it is the greatest market in this region. The market potential for steering column control modules is limited due to the absence of production facilities in the Middle East and Africa and the comparatively low vehicle production in Latin America. These reasons are responsible for the region's continuous increase in automotive sales, which will increase market demand.
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Steering Column Control Module Market Driver
Steering Column Control Module Market Restraint
A few of the issues impeding the market's expansion in the next years are the rising costs of raw materials, which have raised the cost of manufacturing and raised prices, as well as trade restrictions imposed by governments throughout the world. As a result, is one of the key factors that would hinder market expansion and present new challenges to the industry during the forecast period.
Compared to owning a car, shared mobility offers clients greater economic efficiency. Moreover, the expansion of shared mobility is being accelerated by traffic congestion and environmental concerns, particularly in China and India. These issues will cause a decline in car ownership, which could therefore limit market expansion.
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The Global Steering Column Control Module Market is relatively fragmented, with some of the key players profiled in the Steering Column Control Module Market including ZF TRW, Vishnu Vaibhav Industries Private Limited, Eaton Corporation Plc. They are consistently investing in R&D and majorly focusing on the various strategies to maintain their steering column control module market share.
Steering Column Control Module Market Top Player's Company Profiles
Steering Column Control Module Market Recent Developments
The sensor in the steering column measures the torque (steering effort) as well as the speed and position of the steering wheel. Thus, three different types of sensors—torque sensor, steering wheel speed sensor, and position sensor—are employed in such systems.
These sensors offer the signals as inputs to an ECU, which then gives the steering system the proper output so that something can happen.
In general, torque sensors are non-contact devices. The sensor gauges the driver's inputted steering force, allowing for sensitive regulation of the electric steering support.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Steering Column Control Module Market Analysis, in terms of System Types, Electric power steering segment has dominated the market Among the vehicle type, the passenger car segment held the largest market share. In the regions, Asia Pacific held the largest market share.
|Market size value in 2021||USD 16.49 billion|
|Market size value in 2030||USD 17.73 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Steering Column Control Module Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Steering Column Control Module Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG25AG2001