Europe Steering Column Control Module Market: Industry Analysis and Forecast (2024-2030)

Europe Steering Column Control Module Market Definition:

Steering Column Control Modules are devices that allow the steering wheel to be connected to the rotational mechanism. The switches that are installed around the steering wheel are known as steering column control modules.

 

Further, the Europe Steering Column Control Module market is segmented by Product, Age Group, Distribution Channel, and geography. On the basis of Steering Type, the Europe Steering Column Control Module market is segmented under Manual Steering and Power Steering. Based on the Vehicle Type, the Europe Steering Column Control Module market is segmented under Passenger Cars & Commercial Vehicles. On the basis of Steering Type, the Europe Steering Column Control Module market is segmented under On the Steering Wheel and Around/Below the Steering Wheel. Based on the Distribution Channel, the Europe Steering Column Control Module market is segmented under the Original Equipment Manufacturer and Aftermarket sellers. By geography, the market covers the following Country: Italy, France, Russia, the UK, and the Rest of Europe. For each segment, the market sizing and forecasts have been done on the basis of value (in USD Million).

 

 

To get more Insights: Request Free Sample Report

 

Europe Steering Column Control Module Market Dynamics:

Growing Technological Advancements in the Steering Column Control Module:

 

In both electric hybrid and pure electric vehicles, steering sensors are widely used. The desire for fuel-efficient automobiles, as a result of the EC and EPA's regulatory regulations, would promote the growth of electric vehicles and, as a result, the sales of steering sensors. Automobile manufacturers have been forced to equip their vehicles with driver aid systems, particularly steering assistance systems, as passenger safety concerns have grown. The use of several steering sensors in electric power steering (EPS) serves to give the driver additional safety benefits.

 

Growing preference for comfort and safety:

 

The United Kingdom is one of the most powerful countries in the region. Because of the growing need for comfort and safety, the industry is primarily driven by increased production and sales of luxury automobiles. Also, the growing electrification of vehicles and the tightening of emission regulations are likely to increase demand for electric power steering-equipped vehicles.

 

The growing popularity of autonomous driving vehicle:

 

The growing popularity of self-driving cars has increased the demand for electric power steering column control modules and ECUs all around the world. Vehicles with EPS have a lower overall weight, which improves fuel efficiency even further. In the forecasting period, all of these variables are likely to contribute to the growth of the UK market.

 

Germany is known for its engineering prowess and superb automobile industry:

 

Germany is known around the world for its engineering prowess and superb automobile industry. It is one of Europe's most important marketplaces for automobile manufacture and sales. The country's world-class R&D infrastructure, extensive industrial value chain integration, and highly qualified labor have all contributed to the development of an advanced automotive environment. The growth of the German steering column control module market has been aided by advancements in EPS sensor technology and the decreasing cost of producing these systems.

 

The region is starting to focus on introducing greener technology:

 

Private automobiles are the predominant means of mobility in Europe. As the population of cities grows, more public transportation is required, and the current transportation infrastructure is proving inadequate. OEMs around the region are increasingly concentrating their efforts on reducing region carbon emissions, which is contributing to an increase in the use of electric vehicles. As demand grows, passenger automobiles and taxis are focusing more on the introduction of greener technology. Automobile manufacturers are focusing their efforts on electrification, particularly in passenger cars.

 

Market Restraints:

 

The removal of the entire unit is needed by a single component failure:

 

The steering angle sensor, clock spring, multifunction switch, steering column power tilt, telescope switch, trim cover, and ignition switches, among other components of the steering column control module, must all be replaced as a unit if they are broken or ineffective. This is a significant hurdle for the market.

 

Europe Steering Column Control Module Market Segment Analysis:

By Vehicle Type, The key factor likely to boost the market in the forecast period is increased car production and sales in Europe. Over the last few years, demand for both passenger automobiles and commercial vehicles has been consistent. In the European Union (EU), new passenger vehicle registrations reached 9.9 million cars in 2023. With about 2.9 million new car sales in 2023, Germany remained Europe's largest new car market and outperformed the other major countries. This is because of the fact that the country is home to significant automotive firms as well as concrete automotive production facilities.

 

By Steering Type, The segment with the most market share was power steering. In crucial situations, power steering needs less effort and improves safety and control. This segment's supremacy is fuelled by several causes. Because of its lower cost, reduced complexity, and more precise operation as more steering input is required, the manual steering category is expected to develop steadily during the forecast period.

 

 

Europe Steering Column Control Module Market Regional Insights:

Europe accounted for a 17% share in the global steering column control module market. The market in Europe is forecast to grow steadily. Market growth would be aided by factors such as increased online sales penetration and lower new car prices.

 

In the regional market, the United Kingdom is one of the most powerful nations. Because of a growing preference for comfort and safety, the industry is primarily driven by increased production and sales of luxury automobiles. Also, as vehicles become more electrified and emission regulations become more stringent, demand for EPS-equipped vehicles is forecasted to increase.

 

Germany is known around the world for its great engineering and automotive industries. It is one of Europe's most important marketplaces for car manufacturing and sales. Increased expenditures on electric vehicles have created a demand for manufacturing facility development in Europe. Original equipment manufacturers (OEMs) and aftermarket sales for vehicle steering columns have increased in nations such as Germany, the United Kingdom, Russia, France, Italy, and Spain.

 

Europe Steering Column Control Module Market Key Players Insights:

The market is characterized by the existence of a number of well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the market, key players in the market, particularly in North America and Europe, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the Europe Steering Column Control Module market to the stakeholders in the industry. The report provides trends that are most dominant in the Europe Steering Column Control Module market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Europe Steering Column Control Module Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Europe Steering Column Control Module market report is to help understand which market segments, and regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Europe Steering Column Control Module market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Europe Steering Column Control Module market.

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Europe Steering Column Control Module market. The report also analyses if the Europe Steering Column Control Module market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Europe Steering Column Control Module market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Europe Steering Column Control Module market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Europe Steering Column Control Module market is aided by legal factors.

 

Europe Steering Column Control Module Market Scope:

 

Europe Steering Column Control Module Market
Market Size in 2023	USD 316.43 Mn.
Market Size in 2030	USD 419.21 Mn.
CAGR (2024-2030)	4.1%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	by Steering Type Manual Steering Power Steering
	by Vehicle Type Passenger Cars Commercial Vehicles
	by Component Position Type On the Steering Wheel Around/Below the Steering Wheel
	by Distribution Channel Original Equipment Manufacturer Aftermarket sellers
Country Scope	UK  France Germany Italy  Spain  Sweden Austria and Rest of Europe

 

 

Europe Steering Column Control Module Market Key Players: 

• Leopold Kostal GmbH & Co. KG (Ludenscheid, Germany)
• ZF Friedrichshafen AG (Friedrichshafen, Germany)
• Nexteer Automotive (Michigan, U.S.)
• Valeo (Paris, France)
• Merit Automotive Electronics Systems (Barcelona, Spain)
• HELLA GmbH & Co. KGaA (Lippstadt, Germany)