Global Automotive Steering Wheel Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

“Global Automotive Steering Wheel Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” report has been recently generated by MarketResearch.biz, and offers in-depth insights, revenue details, and other vital information regarding the global market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global automotive steering wheel market report has been segmented on the basis of vehicle type, wheel diameter, technology type, material type, and region.

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This report is based on synthesis, analysis, and interpretation of information gathered from various sources regarding the target market. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts, with the primary objective being to provide a holistic view of the target market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as current impact, in order to make informed forecasts about the scenarios in the near and distant future.

Introduction:

Automotive steering wheel is a hand wheel, which helps to move the vehicle in the required directions. It is the most essential and complicated component of any vehicle. In the past couple of decades more and more functions are shifting from console or dashboard on to the steering wheel. In addition, driving safety of consumers is also related to the steering wheel of vehicles.

Dynamics:

The global automotive steering wheel market is expected to register a significant growth over the forecast period. This is attributable to increasing demand for advanced steering wheel designs, relevant to modern vehicle interiors, and also availability of leading automotive technologies. In addition, increase in expenditure on vehicles by the consumers is one of the major factors leading to growth of automotive market, which in turn is expected to drive growth of the target market.

Inflated price and growing concern for safety and security among consumers are some of the factors which may have a negative impact on growth of global automotive steering wheel market over the forecast period.

Technologies like steer-by-wire or complete electric-assisted steering systems are expected to become predominant over the forecast period and drive growth of the global automotive steering wheel market. Many companies such as Google, Uber, Volvo are continuously doing research and testing and have also announced launch of autonomous vehicles in the near future. This is expected to create various opportunities for the prominent players present in the global automotive steering wheel market over the forecast period.

Analysis by Region:

Asia Pacific market is currently dominates the global automotive steering wheel market and is expected to register fastest growth rate over the forecast period, owing to availability of low cost raw materials, cheap labor, increasing government initiatives towards local manufacturing and free trade agreements with other countries. North America market is also expected to register prominent growth rate over the forecast period, as the US is one of the largest car manufacturing hub in the world. Moreover, some factors such as easy availability of credit and low unemployment rate are the major factors rising demand for cars in this region, leading to increasing demand for automotive steering wheels, which in turn is expected to drive growth of the global market.

In 2010, according to the annual report of China’s Pacific Century Motors, Pacific Century Motors acquired GM’s Nexteer power steering subsidiary unit for approximately $450 million. It is considered as the largest global auto parts investment made by a Chinese supplier so far. The acquisition provided Pacific Century with global exposure, US manufacturing and engineering operations, and advanced technology.

Global Automotive Steering Wheel Market Segmentation:

Segmentation by Vehicle Type:

• Passenger Car
• Light Commercial Vehicle
• Medium & Heavy Duty Commercial Vehicle

Segmentation by Wheel Diameter:

• Small
• Medium
• Large

Segmentation by Technology Type:

• Normal Steering Wheel
• Control Embedded Steering Wheel

Segmentation by Material Type:

• Polyurethane
• Leather
• Wood

Segmentation by Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa