Automotive Steering Wheel Market is likely to be US$ 3.6 Billion opportunity in 2022

Stratview Research announces the launch of a new research report on Global Automotive Steering Wheel Market by Vehicle Type (Passenger Car, Light Commercial Vehicle, and Medium & Heavy Duty Commercial Vehicle), by Wheel Diameter Type (Small, Medium and Large), by Technology Type (Normal Steering Wheel, and Control Embedded Steering Wheel), by Material Type (Polyurethane, Leather, and Wood), and by Region (North America, Europe, Asia-Pacific and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2017 – 2022

This report, from Stratview Research, studies the steering wheel market in the global automotive industry over the period 2017 to 2022. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities in the market.

The Global Automotive Steering Wheel Market: Highlights
As per Stratview Research, 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.

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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.

Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
• Market structure: Overview, industry life cycle analysis, supply chain analysis
• 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, Application portfolio, Application launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends of the carbon brakes market
• Strategic growth opportunities for the existing and new players
• Key success factors

This report studies automotive steering wheel market and has segmented the market in five ways, keeping in mind the interest of all the stakeholders across the value chain. Following are the five ways in which the market is segmented:

Global Automotive Steering Wheel Market by Vehicle Type:
• Passenger Car (Regional Analysis: NA, Europe, APAC, and RoW)
• Light Commercial Vehicle (Regional Analysis: NA, Europe, APAC, and RoW)
• Medium & Heavy Duty Commercial Vehicle (Regional Analysis: NA, Europe, APAC, and RoW)

Global Automotive Steering Wheel Market by Wheel Diameter:
• Small (Regional Analysis: NA, Europe, APAC, and RoW)
• Medium (Regional Analysis: NA, Europe, APAC, and RoW)
• Large (Regional Analysis: NA, Europe, APAC, and RoW)

Global Automotive Steering Wheel Market by Technology Type:
• Normal Steering Wheel (Regional Analysis: NA, Europe, APAC, and RoW)
• Control Embedded Steering Wheel (Regional Analysis: NA, Europe, APAC, and RoW)

Global Automotive Steering Wheel Market by Material Type:
• Polyurethane (Regional Analysis: NA, Europe, APAC, and RoW)
• Leather (Regional Analysis: NA, Europe, APAC, and RoW)
• Wood (Regional Analysis: NA, Europe, APAC, and RoW)

Global Automotive Steering Wheel Market by Region:
• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Italy, Russia, and Rest of the Europe)
• Asia-Pacific (Country Analysis: China, Japan, South Korea, India, and Rest of Asia-Pacific)
• Rest of the world (Country Analysis: Brazil, Argentina, and Others)

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This release was published on openPR.