An adjustable steering system allows the driver to adjust the height of the steering wheel as per requirement. This advantage of the adjustable steering system enables a relatively tall individual to drive comfortably by adjusting his seat accordingly.
The market for adjustable steering system is expected to witness significant expansion, owing to an increase trend of electrification of vehicles, shift toward connected vehicles, and rise in demand for luxury systems in automobiles
Key drivers of global adjustable steering system market
There are two variants of adjustable steering system viz., manually adjustable steering system and electrically adjustable steering system. Both types hold notable advantages over the other. An electrically adjustable steering system can move and adjust itself to a pre-defined height, while in case of manually adjustable steering system, the height of steering wheel is adjusted with a help of lever on the steering column..
Technological developments in automobiles have revolutionized the concept of luxury vehicles. Introduction of various safety systems in the market has fueled a trend toward IoT gadgets and connected vehicles, which is driving the need for a steering column that can host multiple switches, sensors, and other devices. This also propels the demand for adjustable steering system, which is a part of the steering column.
Adjustable steering systems are gaining popularity owing to their safety features. The introduction of telescopic type steering column has boosted the safety of the vehicle considerably. A telescopic type steering column, as the name suggests, can retract like a telescope in case of accidents or frontal crash of vehicles. This creates a sizable gap between a driver and the steering wheel, which decreases the probability of the impact of a crash being transmitted to the steering wheel.
Rising competition between OEMs and aftermarket companies to attract more consumers has fueled the demand for integration of technologically advanced equipment in wide range of vehicles. Automakers are installing adjustable steering systems in entry level as well as mid-segment vehicles. This, in turn, is driving the global market for adjustable steering system.
Electrically adjustable steering system segment to dominate the global adjustable steering system market
The electrically adjustable steering system enables the driver to adjust the steering wheel at the desired height. Furthermore, the vehicle column can act as a host for multiple other components such as sensors, switches, and ECU. This enables automakers to save space and subsequently, offer larger vehicle cabin space in their vehicles.
Increasing rate of adoption of electrical vehicles (EVs) indicate that fully electrical vehicles are likely to dominate the market in the near future. Therefore, EV compatible electrically adjustable steering systems are popular among EV automakers.
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Europe to account for prominent share of global adjustable steering system market
The global electric vehicle count exceeded 5.1 million in 2018, registering exponential growth since 2013. Norway registered about 46.4% of electrical vehicle penetration in the country.
Most countries in Europe possess state-of-the-art research facilities and a large number of vehicle manufacturing units. Technological expertise and presence of a large number of OEM players in the region are key factors that propel the electrical vehicle market. Increase in demand for electrical vehicle further boosts the electrically adjustable steering system market in the region.
Economic development in the region has increased the disposable income of the population in the region, which further fuels the demand for luxurious vehicles
All these factors are projected to boost the adjustable steering system market in Europe
