LONDON--(BUSINESS WIRE)--The automotive adjustable steering system market size is expected to grow by USD 8.95 billion during 2019-2023. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, 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 has 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 systems in entry-level and mid-segment vehicles are 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 significant trends and market drivers that will influence market growth over 2019-2023.
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 allow 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.
“Factors such as the development of autonomous vehicles without steering wheels and the development of retractable steering wheels will have a significant impact on the growth of the automotive adjustable steering system market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Adjustable Steering System Market: Segmentation Analysis
This market research report segments the automotive adjustable steering system market by type (manually adjustable steering and electrically adjustable steering) and geographic landscape (APAC, Europe, North America, South America, and MEA).
The APAC region led the automotive adjustable steering system market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as 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:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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