Global Automotive Steering Wheel Market was valued USD XX Bn in 2018 and is expected to reach US$ XX Bn by 2026, at CAGR of 9.1% during forecast period of 2019 to 2026.
Global Automotive Steering Wheel Market Drivers and Restrains:
Global Automotive Steering Wheel Market anticipate significant growth owing to automotive industry. Automotive steering wheel is respond to the drivers input to move in a specific direction. New technological development in product has driven demand for automotive steering wheel market.
Constant sales of cars in global industry has enhanced automotive steering wheel market. Rising economy in emerging countries and positive sales outlook has accelerated the product demand. Growing demand for safety equipped vehicle has driven the demand for automotive steering wheel market. Advanced technology in the device has added value for vehicles, e.g. power steering. This mechanism aids driver by increasing efforts of the wheel, it reduces physical efforts of the driver. The consumer spending on vehicle purchase has influenced the market, where they spend more than XX% of their annual income on purchasing an automobile.
Assembly of wires in the system are complex thus, any failure can lead to dysfunction. Extremely complicated linkages and chances of overturning and inflated cost are restraining the market growth at global level.
Global Automotive Steering Wheel Market Segmentation Analysis:
Based on technology, the global automotive steering wheel market is classified as normal steering wheel and control embedded steering wheel. The normal steering wheel is expected to the most dominant technology type in the global automotive industry during the forecast period whereas control embedded steering wheel is anticipated to grow at a faster rate of CAGR% in the same period. The government of many countries taking key initiatives for the New Car Assessment Program is also influencing the demand for automotive steering wheels equipped with an airbag to meet their safety standards.
Based on the vehicle type, the global automotive steering wheel market is segmented into passenger vehicle, light commercial vehicle, and medium & heavy duty commercial vehicle. The passenger vehicle segment is accounted more than 75% market share in terms of value in 2018. This segment is projected to grow at the largest CAGR of XX% in terms of volume during the forecast period. An organic growth in the passenger car production across the world and increasing demand for autonomous driving with high passenger safety, especially in premium and luxury cars will boost the market growth globally.
Global Automotive Steering Wheel Market Regional Analysis:
Geographically, the automotive steering wheel market is segmented into five region such as North America, Europe, Asia-Pacific, Latin America and Middle East Africa. The Asia Pacific held the largest market share in 2018. This region is also expected to witness the fastest growth rate in terms of both value and volume in the market during the forecasted period owing to increasing automobile production more than 50% across the world. Urbanization in countries such as China and India are major contributor in the regional market. Increasing population and rise in disposable income are the key factors enhancing demand in the region. Europe and North America also show consistent markets and are likely to experience healthy growths in the same period. The U.S. is dominant in car manufacturer in the global. Easy availability of credit and low unemployment rate has created beneficial opportunity for vehicle demand & sales.
A report cover the recent development in market for automotive steering wheel market like November 2017- European Commission announced that it has penalized Tokai Rika, Takata, Autoliv, Toyoda Gosei, and Marutaka a total of EUR 34 million for breaking EU antitrust rules. The five car component suppliers had made a union and coordinated the prices or markets and exchanged sensitive information for the supply of seatbelts, airbags, and steering wheels to Japanese car manufacturers Toyota, Suzuki, and Honda in the European Economic Area (EEA).
The objective of the report is to present comprehensive analysis of global automotive steering wheel market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers the all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers. The report also helps in understanding global automotive steering wheel market dynamics, structure by analyzing the market segments, and project the global automotive steering wheel market size. Clear representation of competitive analysis of key players by vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the global automotive steering wheel market make the report investor’s guide.
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Scope of the Global Automotive Steering Wheel Market:
Global Automotive Steering Wheel Market, by Technology:
• Normal Steering Wheel
• Embedded Steering Wheel
Global Automotive Steering Wheel Market, by Wheel Diameter:
• Small
• Medium
• Large
Global Automotive Steering Wheel Market, by Applications:
• Passenger Car
• Light Commercial Vehicle
• Heavy and Medium Duty Vehicles
• Farm Vehicle
Global Automotive Steering Wheel Market, by Region:
• Asia Pacific
• North America
• Europe
• Latin America
• Middle East Africa
Global Automotive Steering Wheel Market, Major Players:
• Autoliv Inc.
• Takata Corporation
• ZF TRW Automotive Holdings Corp.
• Key Safety Systems Inc.
• Nihon Plast Co., Ltd.
• Tokai Rika Co.
• Delphi
• Max Orman Toyota
• Alps
• Valeo
• Panasonic
• Leopold Kostal
• TOYODENSO
• Marquardt
• Toyoda Gosei Co Ltd.
• TRW Sun Steering Wheels Pvt. Ltd.
• Rane TRW
• Joyson Safety Systems
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