Automotive collapsible steering column is a mechanism that contains two interlocking shafts which collapse in a telescopic manner when compressed. This design structure helps the steering column to collapse in case of a frontal impact, thereby absorbing the energy of of the collision or impact. Rising environmental concerns is resulting in increased R&D investments for reducing vehicular emission and improving engine efficiency and the automotive steering column manufacturers are continuously evolving their technology and design for improved performance and ease of compliance with the latest emission regulations.
The global automotive collapsible steering column market is being primarily driven by the speedy growth of the global automobile production and this can be attributed to rising disposable income and rapid urbanization in the developing nations. Further, stringent government regulations pertaining to increased safety solutions in the automotive industry coupled with rising concern for reducing front collision of automobiles and continuous advances in the automotive steering technology is fueling the growth of the collapsible steering column market globally.
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One of the key trends, gaining traction in the global market is the development of foldable steering wheel concept, designed to protect the driver from any fatal injury in case of a collision in front. Increasing use of electronics in automobiles is also encouraging manufacturing to integrate safety systems and electronics with steering systems and such advances are expected to further boost the growth of the global market in the coming years.
The global automotive collapsible steering column market can be classified by vehicle type and by geography. The global market can be segmented on the basis of vehicle type into passenger vehicles and commercial vehicles. Passenger vehicles held larger share of the global market in 2016. However, the commercial vehicles segment is expected to witness faster growth rate during the forecast period owing to growing adoption of these vehicles across the globe and increasing focus on safety features of these vehicles.
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The global automotive collapsible steering column market can be further classified geographically into North America, Europe, Asia Pacific, South America and Middle East and Africa. Asia Pacific is expected to account for significant growth of the automotive collapsible steering column market during the forecast period. In the APAC region, countries such as China, Japan and India have been witnessing substantial demand and production of both vehicles and commercial vehicles, which is in turn set to increase the application of collapsible steering columns in these vehicles in the aforementioned countries.
North America and Europe might reach a bit of saturation but these regions would record stable growth from 2017-2025. Other regions such as Middle East and Africa and South America are anticipated to show significant expansion of the automotive collapsible steering column market in the coming years, considering the overall growth of the automotive sector in these regions.
Some of the major players operating in the global automotive collapsible steering column market include Robert Bosch GmbH, JTEKT Corporation, Nexteer Automotive, NSK Ltd., Pailton Engineering, Coram Group and Schaeffler Technologies AG & Co. KG among others.