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Steering column cowl is a device used to connect steering wheel with the steering system in a vehicle. It is located at the below of the steering wheel and helps to control the entire steering mechanism.It is the key part of the steering columns which is intended for connecting the steering wheel to the steering mechanism.The device consists of a column shroud, steering angle sensor, multifunction switch, power tilt and a trim cover. It helps in increasing the safety of the vehicle as it offers solid grip control. The steering cowl also absorbs crash impact energy, reduce mass and insert mould for more strength. There are two types of steering column cowl available in the market including upper steer column cowl and lower steel column cowl.
The market for steering column cowl is expected to grow at a significant CAGR during the forecast period. Increasing production of vehicle has driven the growth of steering column cowl market.
Steering column is deployed to reduce the risk of injury caused due to collision increases the market demand the growth of the steering column cowl market. Also, the expansion of automotive industry due to increased demand of vehicles is factors driving the market growth. In addition, steering column cowl help to reduce cost, enhance vehicle quality and improve efficiency. This in turn fuels the demand of steering column wheel in the market. Moreover, various newly launched vehicles such as electric and hybrid vehicles are equipped with advance safety and security features. Furthermore, government across the globe introduced various stringent regulations for controlling carbon emission and fuel economy of the vehicles. These regulations have prompted the automotive manufacturer to adopt fuel efficient steering technologies, which is further expected to propel the growth of steering column cowl market. Now a days, consumer prefers comfortable driving of the vehicle which is achieved by installation of effective steering column cowl. This in turnsis expected to contribute towards the growth of the market.However, the major restraining factor of the steering is that if they are damaged for any reason than the whole steering column has to be replaced as a unit. On the other hand, to increase the safety of the vehicle various automotive companies are investing in R&D activities and developing various impacts absorbing steering column. These developments are expected to drive the estimated growth of the market.
Throughout the forecast period passenger car segment is dominating the steering column cowl market. Electrification of vehicle reduces the fuel consumption of passenger cars and makesthe vehicle more fuel efficient. This factor fuels the demand of steering column cowl in passenger cars.
However, COVID-19 pandemic has impacted the automotive industry which in turn hampers the demand and supply chain of the steering column cowls. Also, the outbreak of pandemic changes the purchasing behaviour of the people as they are more focused on buying essential products due to economic crisis. This factor is responsible for the reduction of automobile sale. Moreover, worldwide lockdown and unavailability of labours have resulted in shutting down of production facilities of new cars which are also affecting the growth of steering column cowl market.
STEERING COLUMN COWLS MARKET SEGMENTATION:
By Sales Channel:
North America is likely to be the most profitable region during the forecast period. This is due to the presence of largest automotive market such as U.S. and Canada. Also, development in automotive infrastructure and adoption of advanced technologies for vehicles fuels the growth of steering column cowls market in this region.Europe holds the second largest share of the steering column cowl market owing to the increasing adoption of fuel-efficient vehicle with an effective steering system.
Asia Pacific steering column market is expected to grow rapidly during the forecast period. This is attributed to the factors such as growing demand of vehicles due to rising disposable income and presence of developing economy such as China, India and Japan in this region. In addition, development of cost-effective steering wheel system by OEM’s and growing adoption of these technologies is also expected to boost the growth of the market in this region. India is the largest consumer of steering column cowl in this region. At present more than 30% passenger car in India are running with steering column technology.
Moreover, Middle East & Africa is anticipated to experience low to moderate growth rate during the forecast period. However, Latin America is expected to grow at slower growth rate over the upcoming years.
FEW KEY PLAYERS IN STEERING COLUMN COWLS MARKET:
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