Steering Column Cowl Market

Steering Column Cowl Market Highlights

The global steering column cowl market is expected to cross a value of USD 54.23 billion by the end of 2032. The market was valued at USD 38.50 billion in 2023 and is expected to expand at a CAGR of 4.9% between 2024-2032.

• Over the mid-term, the expanding automotive industry is the primary factor anticipated to drive the global steering column cowl market.
• The fluctuating price of raw materials is a major factor to challenge the market growth.
• The Asia Pacific steering column cowl market is projected to dominate the global market.

Steering Column Cowl Market Outlook

The protective cover that is placed surrounding the steering column assembly in a vehicle is known as steering column cowl. Also known as steering column cover or shroud, the primary function of this cover is to protect the internal components of the steering column, which include the steering shaft, wiring harnesses, and other electronic components.

One of the primary factors associated with the growth of the steering column cowl market, according to our experts at KD Market Insights, is the expanding automotive industry globally. Over the years, vehicle production around the globe has been witnessing a steady growth. According to the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), the production of vehicles in the year 2023 touched 93,546,599 units from 58,374,162 units in the year 2000. As the production of vehicles increases, the demand for steering column cowls would increase, which in turn, is expected to drive the market growth in the coming years. ThyssenKrupp AG, Mando Corporation, and Fuji Kiko Co. Ltd. are some of the significant parties in the global market for steering column cowl.

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Steering Column Cowl Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global steering column cowl market are:

• Increasing Focus of Automakers on Improving Vehicle Safety: The World Health Organization (WHO) reported that non-fatal injuries caused due to road traffic crash was between 20 and 50 million people. Backed by the stringent safety regulations and standards imposed by regulatory bodies globally, the manufacturers of automobiles are increasingly focusing upon using accessories that enhances vehicle safety. By using steering column cowl, automakers can ensure proper airbag deployment which significantly mitigates injury risks.
• Growing Preference for Vehicle Aesthetics: Consumers around the globe are rapidly preferring for vehicles that have great aesthetic features. On the other hand, automakers are working upon improving vehicle aesthetics that also contribute to the vehicles safety. Moreover, the growing preferences for interior designed vehicles that are visually appealing is also on the rise, which is also resulting in automakers incorporating steering column cowls as a design element. Automakers are also rapidly using different color options, textures, and finishes to enhance the overall aesthetics and interior ambiance of the vehicle.

Which Probable Factors Could Hamper the Growing Steering Column Cowl Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of steering column cowl are:

• Growing Technological Complexity of Steering Column Assembly: Automakers around the globe are increasingly working upon developing steering columns that are more advanced and complex. Frequent changes in the design of steering column assembly raises the overall production costs, which is expected to affect the market growth negatively.
• Fluctuating Price of Raw Materials: The price of raw materials used for the production of steering column cowls often fluctuates, and thus raises the overall production costs for manufacturing steering column components. This is therefore expected to limit the market growth.

How is the Global Steering Column Cowl Market Segmented?

Our experts at KD Market Insights have segmented the global steering column cowl market as:

What are the Probable Factors Influencing the Asia Pacific Steering Column Cowl Market Forecast?

The Asia Pacific steering column cowl market is majorly driven by the skyrocketing demand for electric vehicles as well as other types of vehicles, which is also raising the production of vehicles in the region. According to the statistics by OICA, China, Japan and India alone in the Asia Pacific region recorded vehicle production worth 30,160,966 units, 8,997,440 units, and 5,851,507 units respectively. Additionally, our researchers predict that the production of electric vehicles in the region would touch nearly 400 million units by 2032, registering a CAGR of about 30% during the forecast period. EV manufacturers are looking forward for vehicle components that are light in weight and are aerodynamically more optimized. Such a factor, hence, raises the opportunity for the demand for steering column cowl in the Asia Pacific.

As per our analysts at KD Market Insights, the following five players lead the Asia Pacific steering column cowl market growth:

• Toyoda Gosei Co., Ltd.
• Minda Corporation Limited
• Samvardhana Motherson Group
• NHK Spring Co., Ltd.
• Mitsuba Corporation

Which Key Players Top the Global Steering Column Cowl Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global steering column cowl market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with steering column cowl market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global steering column cowl market share:

• ThyssenKrupp AG
• Mando Corporation
• Fuji Kiko Co. Ltd.
• Robert Bosch GmbH
• Showa Corporation
• Nexteer Automotive
• Hella KGaA Hueck & Co.
• Pailton Engineering
• Marimba Auto LLC
• DENSO Corporation

What are the Recent Developments Observed in the steering column cowl market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global steering column cowl market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, NHK Spring Co., Ltd. stated that it has partnered with a leading automotive manufacturer for developing a lightweight steering column cowl.

Further, Mitsuba Corporation shared that it launched its latest steering column cowl that is equipped with integrated connectivity features.