Market Analysis 

The automotive collapsible steering column market will develop at a healthy CAGR in the forecast period 2017- 2023, as per the new Market Research Future (MRFR) analysis. The automotive collapsible steering column, simply put, is a device that is used to improve car safety. This has been designed to collapse in the event of a collision to protect the driver from injury. 

Various factors are fuelling the global automotive collapsible steering column market. According to the recent MRFR market estimates, such factors include the increasing safety of end users for efficiency, comfort, and safety, growing concerns about the impact of collision during collision, rising number of vehicles on the road, different government regulations related to increased safety solution in the auto market, rising disposable income, and rapid urbanization in developing nations. The additional factors adding market growth include the constant advances in the automotive steering technology, development of foldable steering wheel concept to protect the driver from fatal injuries during a collision in front, and rising use of electronics in cars.  On the contrary, government regulations related to increased safety solution may impede the automotive collapsible steering column market growth over the forecast period.

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Key Players 

The prominent players profiled in the automotive collapsible steering column market report include Douglas Autotech Corporation (U.S.), Sweet Manufacturing, Inc. (U.S.), Coram Group (Italy), NSK Ltd. (Japan), JTEKT Corporation(Japan), Pailton Engineering(U.K.) , Schaeffler Technologies AG Co(Germany), Nexteer Automotive(U.S.), and Robert Bosch GmbH (Germany), among others. Mergers and acquisitions, partnerships, strategic alliances, and new product launches among others are the key strategies adopted by key players to stay at the forefront. 

COVID-19 Analysis 

The COVID-19 outbreak has already cast it shadow on almost every industry and the automotive collapsible steering column market is no different. The spread of this virus has highly impacted the auto industry. The government-imposed lockdowns worldwide have resulted in the closure of manufacturing plants and the enforcement of curfews led to a sharp decline in the production of passenger and commercial cars and also autonomous vehicles. The fall in production has drastically impacted the market growth. The halted exports of raw materials in China have impacted the auto parts production that is impeding market growth. Most companies have shifted their operations to other parts of the world from China that is likely to affect the Chinese market negatively. 

Further, there is uncertainty in the production of autonomous vehicles in the future. The usage of steering wheels in autonomous cars is still in discussion. Top brands like Ford, Volkswagen, and BMW were focused on expansion of business to cater to the changing preferences of customers prior to the pandemic. These companies however have suspended production in South Korea, India, China, and some European countries. The crisis has impacted several facets of business owing to an uncertain future, growing panic among the worldwide population, a fall in business revenues, disrupted supply chains, flight cancellations, and travel bans. 

Market Segmentation 

The MRFR report throws light on an inclusive segmental analysis of the global automotive collapsible steering column market based on drive type and type. 

By type, the global automotive collapsible steering column market is segmented into commercial vehicles passenger vehicle. Among these, the passenger vehicle segment will have the largest share in the market over the forecast period. 

By drive type, the global automotive collapsible steering column market is segmented into all wheel drive, rear wheel drive, and 4 wheel drive. 

Regional Analysis 

By region, the global automotive collapsible steering column market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), Latin America, and the Middle East and Africa. Of these, the APAC region will remain the driving force in the market over the forecast period. The necessary comfort and safety features worldwide, booming automotive sector, and high demand and high production of cars in India and China are adding to the global automotive collapsible steering column market growth in the region. 

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