Automotive Steering Wheel Market set to reach US$ 3.6 billion by 2022
February 21, 2020
Automotive Steering Wheel Market Overview:
The global automotive steering wheel market was valued at US$ 2.7 billion in 2016 and is projected to grow at a healthy CAGR of 4.7% CAGR over the next five years to reach US$ 3.6 billion in 2022. Increasing automobile production fueled by rising disposable income, the introduction of stringent safety standards, rising demand for safety equipped vehicles, and advancement in steering wheel technology are major growth drivers of the automotive steering wheel market globally.
The Diverse Stand Points:
The true picture of the market shall not emerge till the time the market is analysed from various point of views. Each vantage point give better understanding of the market. The market of Automotive Steering Wheel has been view from various perspectives such as:
- By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy-Duty Commercial Vehicle)
- By Wheel Diameter Type (Small, Medium, Large)
- By Technology Type (Normal Steering Wheel, Control Embedded Steering Wheel)
- By Material Type (Polyurethane, Leather, Wood)
- By Region (North America, Europe, Asia-Pacific, and RoW)
Each view helps us answer a prominent question, and we bring out the best market intelligence which is of interest to each and every player in the market, no matter where he lies in the value chain.
The answers to the prominent questions which are evinced out of above slicing of the market are:
- Which are the best performing segments of the market?
- Which is the most dominant region?
- Who are the movers and shakers of the market?
- What are the regional growth hotspots?
- What are the segmental growth forecasts?
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Automotive Steering Wheel Market Segment Insights:
Passenger Car: The growth engine
The global automotive steering wheel market is segmented based on vehicle type: passenger car, light commercial vehicle, and medium & heavy-duty commercial vehicle. The passenger vehicle is expected to remain the most dominant vehicle type during the forecast period of 2017 to 2022. This vehicle segment is also likely to grow at the fastest rate in the same period, driven by an organic growth in the passenger car production across the globe and increasing demand for autonomous driving with high passenger safety, especially in premium and luxury cars.
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Dominance of: Small Sized Steering
Based on steering diameter size, the global automotive steering wheel market is segmented as small, medium and large diameter. Small-sized steering occupies the largest share in the global automotive steering wheel market because of its high use in passenger cars, especially in hatchback and mid-size sedan cars. This diameter size is projected to witness the fastest growth during the studied period of 2017 to 2022, driven by Asia-Pacific and Rest of the World.
A highly/moderately/fragment consolidated Market
Autoliv Inc., Takata Corporation, ZF TRW Automotive Holdings Corp., Key Safety Systems Inc., Nihon Plast Co., Ltd., and Tokai Rika Co. are the well-known steering wheel manufacturers in the automotive industry. Advancement in technology, wide geographical presence, long-term contracts with customers are the key strategies adopted by the key players to gain a competitive edge in the market.
Regional Hegemony of Asia-Pacific
Based on region, the global automotive steering wheel market is segmented into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific is projected to remain the largest automotive steering wheel market during the forecast period of 2017 to 2022. This region is also likely to witness the fastest growth in the same period, driven by increasing automobile production mainly in China and India. Both countries (china and India) would remain act as the growth engines of the Asia-Pacific region in the coming five years. Europe and North America are also sizeable markets and are likely to experience healthy growths in the same period.
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Salient Features of the Report
The Research Report offers an in-depth view of the market, its health and growth, the factors shaping the industry, the competitive dynamics and a glimpse of the future.
The following are the key features of the report:
- Strategic segmentation
- Market analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Detailed Competitive Rivalry landscaping
- Market trend and forecast analysis
- Future Growth Boulevards
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