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Steering Roll Connector Market Outlook – 2030
Connectors are commonly used in the automotive industry. Among numerous connectors, steering roll connectors (SRC) also known as clock spring is one of the frequently used connector in the automotive industry. Steering roll connectors are placed on the steering column just below the steering wheel of the vehicle. They are a rotatable connector which electrically connects the steering wheel-mounted electric controls with the vehicle body. A connector is a device that carries electricity or electronic signals and connects the internal controls of a machine to the I/O part of an electronic or electrical device. They form a medium of communication between different components and systems by connecting electric circuits with each other. The connector is placed under the hood of the car and must be able to withstand high temperatures and sub-zero temperatures and shocks. Therefore, reliability and durability issues are some of the functional challenges that hinder market growth. Increasing consumer attention to safety issues, coupled with safety-related initiatives by government agencies, has increased the requirements for reliable connectors in vehicle steering systems.
COVID-19 Impact analysis
The global automobile sector has faced severe challenges during the COVID-19 pandemic as the production houses got closed, inventories started overflowing, and the demand completely subsided. Services across the globe have halted due to the ban on transportation. Airlines and ships stopped operating in many countries, which made cargo transportation impossible. This is estimated to result in huge losses to manufacturers. Automobiles makers, consumer electronics, and pharmaceuticals in various countries rely on China and other developed countries for the supply of several raw materials. However, due to the pandemic, this got severely affected. The supply chain has been broken for a very long while now due to lockdown and the demand has completely subsided, which are estimated to take a very long time to revive. In the second half of 2020, some countries have started to lift restrictions and gradually start business operations in various sectors. Even if the lockdown is being lifted, it is expected to be challenging for the manufacturing sector to get back to normal working conditions.
Top Impacting Factors
The steering roll connector market trends are as follows:
Safety and Security to Witness Fast Growth
During the forecast period, the safety and security sector is expected to experience the fastest growth rate. Improving safety and security of vehicles is a growing concern among automakers and governments as a result, automakers have started installing dedicated electronic control units (ECUs) at every critical level of vehicle systems, for example, the use of ECUs such as electric power steering ECU units. The governments in the Asia Pacific region are taking numerous initiatives to improve vehicle safety and are thus compelling OEMs to gradually integrate safety features. For instance, ZF developed an advanced steering wheel concept for automated and HMI solutions. This new technology provides advanced gesture control through graphic displays and dynamic illumination and hands-on detection for level 3 automation and higher driver interaction. Traditional steering systems require the driver to continuously make minor steering corrections to compensate for irregularities. But modern electric power steering systems automatically provide assistance when the driver encounters such obstacles. Therefore, concern for safety and security of vehicle will drive the market of steering roll connector market.
Regulatory push toward efficient technologies
Manufacturing companies are regularly innovating and manufacturing techniques to enhance customer's luxury in their automobile vehicles. Moreover, the safety & security feature has been prioritized as there is an increase in the number of accidents. Thus, the company is adapting to better safety systems, which is expected to further promote the growth of the automotive steering roll connector market during the forecast period.
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