Automotive Collapsible Steering Column Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

The collapsible steering column market is estimated to be worth $ 3,364,800,000 by 2023, and is forecast to reach $ 5,504,800,000 by 2032, registering a CAGR of 5.6% from 2024 to 2032. The growth of this market is due to the rising demand for safety equipment in vehicles, especially due to the increasing regulatory standards for vehicle safety. The use of collapsible steering columns is becoming increasingly important for occupant protection during collisions, which is driving market growth. The development of vehicle technology and the growing trend towards electric and self-driving vehicles are also driving the growth of this market. The introduction of new products, such as active steering systems and the integration of collapsible steering columns with advanced driver assistance systems (ADAS), are also contributing to the growth of this market. The major companies in the industry, such as ZF Friedrichshafen AG, Thyssenkrupp AG, and JTEKT Corp., are actively involved in strategic initiatives such as investment and R & D, to enhance their product offerings and maintain their competitive advantages. Recent collaborations to develop the next-generation of steering systems are an example of this.

Regional Market Size

Regional Deep Dive

The collapsible steering column market is expected to experience significant growth in the near future, as a result of the growing safety regulations and technological advancements. In North America, stringent safety standards and the growing emphasis on vehicle safety features are expected to drive the demand for collapsible steering columns. In Europe, the growing popularity of electric vehicles is influencing the design and functionality of steering systems. Asia-Pacific is expected to be the most promising region, with its rapid growth in vehicle production and increasing investments in safety technology. The Middle East and Africa are slowly adopting new vehicle technology, while Latin America is also focusing on improving vehicle safety standards, though at a slower pace than other regions.

Europe

• The European Union's push for higher safety standards in vehicles has resulted in a growing emphasis on collapsible steering columns, with manufacturers like Volkswagen and BMW leading the charge in developing advanced safety features.
• The rise of electric vehicles in Europe is prompting automotive companies to rethink steering column designs, with companies like Renault focusing on lightweight and compact solutions that accommodate new vehicle architectures.

Asia Pacific

• Countries like China and Japan are ramping up production of vehicles equipped with advanced safety features, including collapsible steering columns, driven by increasing consumer awareness and government regulations.
• Key players such as Toyota and Honda are investing in research and development to create innovative collapsible steering column technologies that enhance safety and comfort in their vehicles.

Latin America

• Brazil's automotive industry is seeing a shift towards improved safety regulations, which is driving the demand for collapsible steering columns as manufacturers adapt to new standards.
• Companies like Fiat and Volkswagen are focusing on local production of safety features, including collapsible steering columns, to meet the increasing consumer demand for safer vehicles.

North America

• The National Highway Traffic Safety Administration (NHTSA) has implemented stricter regulations regarding vehicle safety, which has led to increased demand for collapsible steering columns that enhance occupant protection during collisions.
• Major automotive manufacturers like Ford and General Motors are investing in innovative collapsible steering column designs that integrate advanced materials and technologies to improve safety and performance.

Middle East And Africa

• The automotive market in the Middle East is gradually evolving, with governments like the UAE promoting initiatives to enhance vehicle safety, which includes the adoption of collapsible steering columns.
• Local manufacturers are beginning to collaborate with international firms to integrate advanced steering technologies, reflecting a growing interest in improving automotive safety standards in the region.

Did You Know?

“Did you know that collapsible steering columns were first introduced in the 1960s as a safety feature to reduce the risk of injury during collisions?” — Automotive Safety Research Institute

Segmental Market Size

The market for collapsible steering columns in automobiles is a significant sector of the automobile industry and is currently growing due to the increased regulatory requirements and the demand from consumers for safety features. There are also the stricter safety regulations, such as the Euro NCAP ratings, which force manufacturers to continually improve the safety of their products. The development of new materials and design technology also contributes to the production of more efficient and effective collapsible steering columns. The use of collapsible steering columns in automobiles has reached a mature stage. Major automobile manufacturers such as Ford and Toyota have already implemented these systems in their latest models. The main applications are in passenger cars, trucks and electric cars, where the focus is on safety and space efficiency. The trend towards electric mobility and the drive towards greater sustainability are also stimulating the demand for innovative steering solutions. The evolution of this market is driven by the development of advanced materials, such as lightweight composites, and by intelligent design, which enables collapsible steering columns to meet the highest safety and performance standards.

Future Outlook

The collapsible steering column market is expected to grow at a CAGR of 5.63% from 2023 to 2032. This growth is mainly due to the increasing demand for vehicle safety features, because collapsible steering columns play a key role in increasing the protection of vehicle occupants during a collision. The penetration of collapsible steering columns in new vehicle models is expected to rise significantly. Also, the introduction of smart materials and enhanced design methods will boost market growth. Also, improvements in manufacturing processes, such as the use of lightweight materials and automation, will not only increase the performance and reliability of collapsible steering columns, but will also reduce costs, making them more affordable for a wider range of vehicle manufacturers. Regulations that require collapsible steering columns to be fitted as standard in new vehicles will also continue to support the market. Also, as the market evolves, the rise of electric and driverless vehicles will have a significant impact on the design and functionality of collapsible steering columns, thereby opening up new growth and innovation opportunities.