Impact of COVID-19 on the Global Automotive Collapsible Steering Column Market
The automotive collapsible steering column is a device that is used to enhance car safety. It is designed to collapse in the event of a collision to safeguard the driver from injury. The key factor driving the market growth is the end-users’ increasing need for safety, comfort, and efficiency. People are becoming increasingly conscious regarding the safety features of vehicles while making purchase decisions. Besides, the increase in the sales of automobiles across the world, owing to the rise in purchasing power, is also responsible for market growth. The safety features used in passenger and commercial vehicles have been upgraded drastically, owing to the increasing vehicle movement. However, the spread of COVID-19 across the globe has adversely impacted the automotive industry. The lockdowns imposed in several countries have led to the closure of manufacturing plants, and the enforcement of curfews has caused a sharp decline in the production of commercial and passenger vehicles, as well as autonomous cars. This decrease in production is drastically hindering the growth of the market. The halted raw material exports from China have affected the production of auto parts, which is also hampering the market growth. Many companies are shifting their operations from China to other countries of the world, which is expected to impact the Chinese market negatively.
Besides, there is uncertainty around the production of autonomous cars in the near future. The use of steering wheels in autonomous vehicles is still in a discussion. Companies such as BWM, Volkswagen, and Ford, were focused on business expansion to meet the customers’ changing preferences before the COVID-19 outbreak. However, these companies have suspended production in countries such as China, India, South Korea, and a few European countries. The pandemic has affected many aspects of business due to travel bans, flight cancellations, disrupted supply chains, a fall in business revenues, growing panic among the global population, and an uncertain future.
Global Automobile Production, 2015 to 2019