LONDON--(BUSINESS WIRE)--The global automotive adjustable steering system market is expected to post a CAGR of around 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Growing competition in the automotive industry is prompting vehicle manufacturers to introduce adjustable steering systems in both entry-level and mid-segment vehicles. This has created a demand for advanced adjustable steering systems in luxury vehicles, which led to the development of memory sensing adjustable steering columns. Memory sensing adjustable steering columns enable the driver to adjust the steering column position with the touch of a button. Such technological advancements coupled with the increasing adoption of adjustable steering system in entry-level and mid-segment vehicles is expected to drive the growth of the market during the forecast period.
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As per Technavio, the increasing 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 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive Adjustable Steering System Market: Increasing Popularity of Steering Column as an Advanced Safety System
Steering columns are increasingly becoming popular due to the safety offered by them during collision. Vehicle manufacturers are introducing telescopic type steering columns that collapse during a frontal collision and allows the driver to move further inside the car. This improves the forces imposed on the driver through other safety systems such as airbags and seatbelts and protects the driver from hitting the steering wheel. Such developments in steering columns are expected to positively influence the growth of the global automotive adjustable steering system during the forecast period.
“Apart from the increasing popularity of steering column as an advanced safety system, development of autonomous vehicles without steering wheels and the development of retractable steering wheel are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Automotive Adjustable Steering System Market: Segmentation Analysis
This market report segments the global automotive adjustable steering system market by type (manually adjustable steering and electrically adjustable steering) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the increasing purchasing power of consumers and growing competition in the automotive industry.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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