The global steering columns system market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). The growing demand for such systems in automobiles is a key factor driving the steering columns system market growth. It is widely used to connect all the way and transmit around the driver’s response with a steering wheel. The steering column system consists of a transferable housing that holds the rotating shaft rotating. The steering column system is connected to the shaft of the steering gear with a flexible point, which allows the position and movement of the driver to be reduced due to road shock. The positive growth in the automotive industry is a major factor that will improve the market for the steering column system. In addition, rising consumer purchasing power also drives the column system market. As car production increases in all regions across the globe, it also contributes to the market demand for steering columns is driving the market growth during the forecast period.
In addition, governing bodies such as the National Highway Traffic and Safety Administration in the US, the International Council on Clean Transportation in Europe, and other organizations have enacted shipping laws. The laws have forced OEM vehicles to develop fuel-efficient steering technology such as power steering. Electric-powered steering systems are lightweight and less heavy in structure compared to conventional water steering systems. In addition, since no fuel is involved, it is also easy for car owners to maintain them. According to the US Department of Energy under ideal conditions, EPS systems can increase fuel efficiency by 2.0% to 4.0%, reduce fuel consumption by up to 6.0%, and reduce CO2 emissions by 8g /km. Estimates show that EPS systems have helped save about 3 billion gallons of gas since 1999. Thesystems use energy only when the wheels are turning, unlike electric systems that pump water every time the engine is running.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape– Bosch, Nexteer, NSK, Mando, and TRW Auto Motives, among others.
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Global Steering Columns SystemMarket Report by Segment
By Type
- Non-Adjustable Steering Columns
- Manually Adjustable Steering Columns
- Electrically Adjustable Steering Columns
By Application
- Agricultural Vehicles
- Passenger Cars
- Engineering Vehicles
- Other
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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