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

North America Steering Column Control Module Market Definition:

The Steering Column Control Module (SCCM) connects the steering wheel and the steering column, allowing the driver's input rotation to be transferred. Clock springs, pedal position controls, steering angle sensors, power tilt/telescope column controls,  and various basic and complicated switches are all integrated into this system.

 

The North America Steering Column Control Module market is segmented by Steering Type, Vehicle Type, distribution channel, and geography. On the basis of steering type, the North America Steering Column Control Module market is segmented under manual steering and power steering. Based on the distribution channel, the market is segmented under the channels of passenger cars and commercial vehicles. By geography, the market covers the major countries in North America, i.e., the US, Canada, and Mexico. For each segment, the market sizing and forecasts have been done on the basis of value (in USD Million/Billion).

 

 

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North America Steering Column Control Module Market Dynamics:

Increasing Electric Vehicle (EV) Sales to Supplement Growth:

 

Sales of electric vehicles have expanded dramatically every year as a result of a greater focus on decreasing the environmental impact of automobiles, particularly in industrialized countries. For example, the International Energy Agency (IEA) estimates that 3 million new electric vehicles will be marketed in 2020, up 41% from 2019. In comparison, the vehicle market is expected to rise by only 16% in 2020. The demand for electric vehicles has been fuelled by increased investment in battery manufacturing and the creation of broad charging infrastructure (EVs).

 

Due to rising gasoline prices, the adoption of electric vehicles has gained pace in a number of areas in North American countries. Electric automobiles that are powered by lithium-ion batteries with hybrid charging capabilities serve as a substitute for gasoline and diesel vehicles. These automobiles are environmentally friendly and do not pollute the environment. While in operation, they do not emit damaging greenhouse gases. Electricity is far less expensive than fossil fuels. When compared to other petrol and diesel vehicles, this lowers the cost of operating electric vehicles. As a result, rising crude oil costs and the depletion of fuel reserves are likely to boost demand for electric vehicles.

 

Major expenditures in autonomous and connected vehicle research are being made on emerging technologies:

 

OEMs like Ford and GM, as well as tech titans like Google, Uber, and Nvidia, are investing heavily in autonomous and connected vehicle research due to the region's competence in developing technology. These advances, which are designed to meet the growing demand for automotive steering systems, will propel the market forward over the forecast period.

 

Mexico's role in the North American automotive industry is growing:

 

Mexico has become a popular destination for investment from a variety of firms, particularly automobiles and their suppliers, in recent years. While wages for automotive assembly workers in Mexico are roughly 80% lower than in the United States, low wages aren't the only element that makes Mexico a desirable investment destination. Mexico has a variety of workforce development and training initiatives, as well as economic development incentives.

 

Mexico is implementing a number of coordinated policies at the federal level in order to support and grow a strong manufacturing base, with many of these initiatives aimed at addressing present flaws in the country's value proposition for manufacturing industries. Strengthening the educational system, enhancing the judicial system, investing in public infrastructure, and combating crime and violence are only a few of the initiatives.

 

 North America Steering Column Control Module Market Segment Analysis:

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. Due to 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.

 

 

By Vehicle Type, The passenger car sector led the market in 2023, which can be ascribed to reduced maintenance and repair costs, spare parts availability, improved fuel efficiency, and increased driving comfort. In addition, the commercial vehicle segment is forecast to rise strongly in the market. The growth of this segment will be fuelled by decreasing the total cost of ownership and multi-brand manufacturers offering more market-tailored Steering Types and pricing methods.

 

North America Steering Column Control Module Market Regional Insights:

 

The market for steering column control modules is very much centered in North America, accounting for 26% of the market share. The United States, which is the world's second-biggest automotive market, is the region's largest market. In this region, the United States, Canada, and Mexico are important marketplaces. North America is expected to increase significantly in the forecasting period. The majority of the population in the United States resides in the outskirts, which provides inadequate alternatives to private automobiles. In addition, almost 80% of workers in the United States commute by car. These factors are to blame for the region's steady growth in vehicle sales, which will boost demand for steering column control modules over the forecast period.

 

Over the next few years, North America is likely to remain a very attractive market for vehicle steering Column Control modules Market. The growth of this market can be attributable to the United States' high per capita automobile ownership, as well as it's high per capita income. Commercial vehicles, such as big trucks, as well as construction and agricultural machinery, are all popular in North America. The majority of the automobiles in this area have electro-hydraulic power steering.

 

Every new vehicle sold in Canada comes with power steering. Automobile manufacturers in the country are progressively offering vehicles with electric powertrains, as well as hybrid vehicles that combine electric and hydraulic powertrains. Canadian automakers are pioneering the development of game-changing automobile innovations.

 

North America 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 North America Steering Column Control Module market to the stakeholders in the industry. The report provides trends that are most dominant in the North America 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 North America 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 North America 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 North America 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 North America 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 North America Steering Column Control Module market. The report also analyses if the North America 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, and 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 North America Steering Column Control Module market. Economic variables aid in the analysis of economic performance drivers that have an impact on the North America Steering Column Control Module market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the North America Steering Column Control Module market is aided by legal factors.

 

North America Steering Column Control Module Market Scope:

North America Steering Column Control Module Market
Market Size in 2023	USD 527.01 Mn.
Market Size in 2030	USD 851.82 Mn.
CAGR (2024-2030)	7.1%
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 Distribution Channel Original Equipment Manufacturer Aftermarket sellers
Country Scope	United States Canada Mexico

 

North America Steering Column Control Module Market Key Players: 

• BorgWarner Inc (US)
• IDIDIT, LLC (US)
• NEXTEER AUTOMOTIVE GROUP LTD (US)
• General Motors (US)
• Ford (US)
• Chevrolet (US)
• Buick (US)
• Dodge (US