Automotive Steering Wheel Market .pdf
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Automotive Steering Wheel Market – Global
Industry Analysis Report, Share, Growth, Price
Trends and Forecast, 2024: Global Market Insights
Automotive Steering Wheel Market covering latest market report size, industry share
numbers, regional outlook, competitive landscape with data about leading
companies is now available in the latest report by Global Market Insights, Inc. It
responds to drivers input to move in a specific direction. New technological
advancement in product has pumped demand for automotive steering wheel market.
Growing consumer expenditure on vehicle purchase has influenced automotive
steering wheel market. People spends over 15% of their annual income on buying an
automobile. The product is an essential vehicle component that is used with strategic
movements of hand and wrist to control vehicle movement.
Rising demand for safety equipped vehicle has fueled the demand for automotive
steering wheel market. Advanced technology in the component has added value in
vehicle such as power steering. This mechanism helps driver by augmenting efforts
of the wheel, it reduces physical exertions of the car driver to turn the wheels when a
vehicle is stopped or moving slowly.
Connection of wires in the system are complicated thus, any failure can lead to
severe consequences. With advancement in technology cost of the system has
increased considerably and addition of more components make vehicle heavier.
Growing consumer concern towards safety and security has hindered the product
Automotive steering wheel market is divided into passenger, light commercial, heavy
and medium duty vehicles. Passenger vehicle will lead the segment in the forecast
time. The product is available in small, medium and large sizes. Small diameter size
accounts for more share in near future owing to high comfort and light weight
associated with them. Technological bifurcation involves normal and control
embedded steering. It is widely used in automobile industry in various applications
such as trucks, bus, cars and tractors.
Germany and United Kingdom are largest buyers of cars in the world. United
Kingdom sold over 2 million cars and trucks in 2012, which is one of the highest
figure recoded. It is home to over 6 volume car manufacturers and commercial
vehicles. More than 70% of vehicle manufactured in the region is exported to various
countries for consumption. Growing demand of automobiles and exports in the
region is driving growth for automotive steering wheel market in Europe.
Prominent players in automotive steering wheel market are Takata Corporation,
Tokai Rika, AutoLiv, ZF TRW, Key safety systems, Nihon Plast, Vehicle
Improvement Product and Neaton auto products manufacturing.
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