Steering Column Control Module Market: Global Industry Analysis and Forecast (2023-2029) Trends, Statistics, Dynamics, Segmentation by Steering Type, Vehicle Type, Distribution Channel, and Region

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. The steering column control modules are made up of a casing and a printed circuit board with two electrical outlets. The steering column control modules serve as the hub for all of the systems that surround it. These modules improve the safety and convenience of driving a car. With the use of steering Column control modules, the other controls on the steering wheel are connected to another system.

 

Further, the Steering Column Control Module market is segmented by Steering Type, Vehicle Type, Distribution Channel, and geography. On the basis of Steering Type, the Steering Column Control Module market is segmented under Steering Type, Vehicle Type, and Distribution Channel, Based on the Steering Type, the Steering Column Control Module market is segmented under Manual Steering and Power Steering. Based on the Vehicle Type, the Steering Column Control Module market is segmented under Passenger Cars and Commercial Vehicles. By geography, the market covers the following regions: North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done on the basis of value (in USD Billion/Million).

 

 

 

Steering Column Control Module Market Dynamics:

 

Market Drivers:

 

Heavily dependence of automotive manufacturers on the provider of the steering system: Because of their technological competence, vehicle manufacturers are significantly reliant on steering system vendors. The market for steering column control modules is always evolving as providers come up with new ideas and innovations.

 

Increased safety for car occupants and pedestrians is one of the automakers' top priorities, and many companies are working on steering column control modules to improve safety and comfort. In today's world, steering column control modules have become an essential component of automobiles.

 

Vehicle safety laws, enforced by the government: Due to the mandated use of steering column modules for driver safety, the frontal automotive steering column module market is forecasted to rise significantly. Also, one of the primary concerns of automakers is the increased safety of vehicle occupants and pedestrians, and many manufacturers are working to develop steering column control modules to improve safety and comfort features to a much higher degree. Also, governments' emphasis on safety and rising customer awareness have compelled automakers to include safety features in vehicles.

 

Demand for a safer and more efficient driving experience is increasing: As customers' purchasing power grows around the world, demand for efficient driving is increasing. Manufacturers are constantly enhancing the quality of their safety equipment as the usage of premium automobiles grows. Also, improvements to the steering system's thermal qualities inflate a substantially larger amount of air, providing improved protection in the case of a crash. During the forecast period, an increase in demand for premium vehicles is likely to enhance the steering column module market.

 

Market Restraints:

 

Market Growth Will Be Restricted by Growing Adoption of Shared Mobility: Customers benefit from shared mobility since it is more cost-effective than owning a car. Users can save up to USD 300 per month compared to buying a car, according to SOCAR, a Malaysia-based car-sharing service provider. Also, traffic congestion and environmental concerns, particularly in China and India, are hastening the adoption of shared mobility. As a result of these reasons, vehicle ownership will decline, thus limiting the global steering column control module market's growth.

 

Market Opportunity:

 

Raising the level of cabin comfort: The rising standard of cabin comfort has prompted a surge in demand for requirement-specific or custom-made steering column control modules, which is forecast to result in a major increase in the near future. Component providers, integrators, and original equipment manufacturers are likely to benefit greatly from the market for steering column control modules.

 

Market Challenges:

 

One component damage results in removing the complete unit: The steering column control module's components, such as the steering angle sensor, clock spring, multifunction switch, steering column power tilt, telescope switch, trim cover, and ignition switches, must all be replaced as a unit if they are broken or ineffective. This factor is also a great challenge for the market.

 

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 2022, 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.

 

 

Steering Column Control Module Market Regional Insights:

 

During the forecast period, Asia-Pacific accounted for 43% of the market share in 2022. The Asia-Pacific region is expected to witness significant growth at a CAGR of 4.53% through the forecast period. The primary markets for steering column control modules in Asia-Pacific are China, Japan, and South Korea. This is because of the increased use of customer-friendly measures such as subsidies, cheaper lending rates, and other incentives in China and India, which have resulted in increased auto sales.

 

North America is also forecast to see significant market growth. In the United States, the majority of the population lives in the suburbs, which provide inferior alternatives to private autos. Also, around 80% of workers in the United States utilize autos for commuting. These factors are to blame for the region's continuous development in automotive sales, which will drive up demand for steering column control modules over the forecast period.

 

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 Steering Type portfolio, and have a global 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 global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the global 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 Global Steering Column Control Module market to the stakeholders in the industry. The report provides trends that are most dominant in the Global 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 Global 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 Global 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 Global Steering Column Control Module market. The report studies factors such as company size, market share, market growth, revenue, Steering Type ion volume, and profits of the key players in the Global 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 Steering Type quality is in the Global Steering Column Control Module market. The report also analyses if the Global 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 Global Steering Column Control Module market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Global Steering Column Control Module market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Global Steering Column Control Module market is aided by legal factors.

 

Steering Column Control Module Market Scope:

 

Steering Column Control Module Market Scope
Market Size in 2022	USD 19.2 Bn.
Market Size in 2029	USD 33.25 Bn.
CAGR (2023-2029)	8.1 %
Historic Data	2017-2021
Base Year	2022
Forecast Period	2023-2029
Segment Scope	By Steering Type Manual Steering Power Steering
	By Vehicle Type Passenger Cars Commercial Vehicles
	By Distribution Channel Original Equipment Manufacturer Aftermarket sellers
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

Steering Column Control Module Market Key Players: 

 

• Valeo
• Ididit
• ZF TRW
• Delphi Automotive LLP
• Leopold Kostal Gmbh & Co. KG
• Nexteer Automotive
• BorgWarner Inc.
• DENSO Corp.
• Eaton Corp. Plc
• HELLA GmbH and Co. KGaA
• Hyundai Motor Group
• Merit Automotive Electronics Systems 
• Texas Instruments Incorporated