LONDON--(BUSINESS WIRE)--The global automotive adjustable steering system market is expected to post a CAGR of over 5% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the rising adoption of adjustable steering systems in entry-level and mid-segment vehicles. Automotive steering systems are undergoing continuous improvement and are loaded with features such as adjustable steering columns. The improvement in the steering system is based on enhancing safety, comfort, and convenience. The preference for vehicle personalization increases the demand for customized vehicle components. Such options in the automotive steering system were initially experienced only in luxury segment vehicles. The increasing competition in the automotive market has compelled vehicle manufacturers to incorporate technological advances in a wider range of vehicles and resulted in the adoption of automotive adjustable steering systems in mid-segment vehicles. Thus, advances in automotive adjustable steering systems in luxury vehicles and the increasing adoption of adjustable steering system in entry-level and mid-segment vehicles will drive the global automotive adjustable steering system market during the forecast period.
As per Technavio, the growing popularity of steering column as an advanced safety system will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global automotive adjustable steering system market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive Adjustable Steering System Market: Growing Popularity of Steering Column as an Advanced Safety System
Developments and improvements in steering columns in terms of design changes will have a positive impact on the global automotive adjustable steering system market. Steering columns are increasingly becoming popular because of their advanced safety systems. A collapsible steering column is a passive safety system and is developed to protect the driver in case of a frontal collision. This re-engineered collapsible steering column allows the driver to move further inside the car during the front impact, keeping the safety quotient of the steering column intact. This design also improves the forces imposed on the driver through other passive safety system such as airbags, and seat belts, thereby protecting the driver from hitting the steering wheel. Thus, such developments in steering columns for safety enhancement are expected to positively impact the global automotive adjustable steering system market in the near future.
“Apart from the growing popularity of steering columns as an advanced safety system, the development of autonomous vehicles without steering wheels and the development of retractable steering wheel are some other major factors that are expected to boost market growth during the forecast period,” says a senior analyst at Technavio.
Global Automotive Adjustable Steering System Market: Segmentation Analysis
This market research report segments the global automotive adjustable steering system market by type (manually adjustable steering and electrically adjustable steering) and geographical regions (APAC, Europe, North America, South America, and MEA).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. However, during the forecast period, the South American region is expected to register the highest incremental growth due to favorable international trade agreements in the region.
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Five Forces Analysis
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- Vendors covered
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