The changing dynamics in Automotive Steering Wheel Market with covid-19 impact assessment
June 09, 2020
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Automotive Steering Wheel Market.
It was estimated prior to this unanticipated outbreak that the Automotive Steering Wheel Market will grow at 4.7% CAGR. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
For a more detailed breakdown of the COVID-19 impact on the Automotive Steering Wheel Market, request a free sample of the report here: https://www.stratviewresearch.com/Request-Sample/133/automotive-steering-wheel-market.html
Automotive Steering Wheel Market Segment Analysis:
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.
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.
Based on the technology, the global automotive steering wheel market is segmented as normal steering wheel and control embedded steering wheel. The normal steering wheel is projected to remain the most dominant technology type in the global automotive industry during the forecast period whereas control embedded steering wheel is expected to grow at a faster rate in the same period. Key initiatives, such as New Car Assessment Program taken by the government of many countries is also influencing the demand for automotive steering wheels equipped with an airbag to meet their safety standards.
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.
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.
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Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
Based on the research, a proper report is crafted with the following key features:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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