Market Research Future (MRFR) has launched a new release on the global Electrical Tapes Market. The report presents a thorough overview of the global Automobile Care Products Market on the back of a detailed analysis of the market’s historical growth trajectory and leading segments. The market’s historical growth trajectory is assessed in detail in the report in order to understand the major factors underlying the market’s growth in the study period.Market Synopsis:
The Automotive Collapsible Steering Column Sales could experience slow but consistent growth at a moderate rate during the projected period (2016 -2023), notes Market Research Future (MRFR).
Market Drivers and Top Barriers
Automotive collapsible steering column refers to a mechanism, which includes two interlocking shafts that collapse telescopically when they are compressed. This particular design structure aids the steering column in collapsing if there is a frontal impact, which helps absorb the total energy of the collision. With the surge in environmental concerns, research, and development (R&D) investments have been considerable and are successfully reducing vehicular emission. These investments also help enhance engine efficiency. Sensing the opportunity, several automotive steering column manufacturers are striving to advance their technology as well as design for better performance along with ease of compliance with the strict emission regulations.
The worldwide Automotive Collapsible Steering Column Sales gets a significant boost from speedy development of global automobile production. Increasing disposable income and rapid urbanization in developing countries also benefit the market. Moreover, rise in strict government regulations pertaining to safety in automotive industry as well as rising need to reduce front collision of automobiles leaves lucrative effect on the market. Continuous advancements in automotive steering technology stimulates growth of the collapsible steering column market.
One of the latest trends that is quickly gaining traction in the market includes the emergence of foldable steering wheel concept that is designed to shield the driver from any injury in case of a front impact on the vehicle. Mounting use of electronics in automobiles has prompted vendors to integrate safety systems as well as electronics into steering systems. These kinds of advances are projected to boost market growth in the years to come.
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Market Segmentation
The worldwide Automotive Collapsible Steering Column Sales has been segregated with respect to vehicle type, and drive type.
Depending on the vehicle type, the market has been considered for passenger vehicle and commercial vehicle. The commercial vehicles segment could develop at a faster CAGR during the review period. The segment banks on the rising adoption of commercial vehicles all over the world coupled with growing appeal of the safety features of these vehicles.
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