Steering Wheel Armature Market is Estimated to Reach USD 207.40 billion by 2030: Cognitive Market Research

Market Overview:
What is a Steering Wheel Armature?
The steering wheel armature is a component of a vehicle's steering system that connects the steering wheel to the steering mechanism, allowing the driver to control the direction of the vehicle. It is typically a metal shaft that runs through the steering column and connects to the steering gearbox or rack and pinion.
The armature usually consists of several parts, including the upper and lower shafts, coupler, universal joint, and bearings. The upper shaft is connected to the steering wheel and rotates when the driver turns the wheel. The lower shaft is connected to the gearbox or rack and pinion and rotates to change the direction of the wheels.

Summary:
As per the study of CMR, The Global Steering Wheel Armature market is expected to grow from USD 107.10 billion in 2022 to USD 207.40 billion by 2030, at a CAGR of 7.10%

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Market Dynamics:
Rising automobile sales boost the demand for steering wheel armature market
The demand for commercial vehicles, such as trucks and buses, is on the rise due to growing economic activities and increasing trade. Steering wheel armatures are an essential component of commercial vehicles, and as such, the growing demand for these vehicles is expected to drive the growth of the steering wheel armature market. The production of passenger vehicles, such as cars and SUVs, is on the rise due to increasing consumer demand. Steering wheel armatures are an essential component of passenger vehicles, and as such, the growing production of these vehicles is expected to drive the growth of the steering wheel armature market.
Increasing adoption of electric power steering acts as restraints of the steering wheel armature market
Electric power steering systems are gaining popularity due to their better fuel efficiency, improved handling, and reduced emissions. Unlike traditional hydraulic power steering systems that use steering wheel armatures, electric power steering systems use electric motors to assist the driver's steering input. As such, the increasing adoption of electric power steering systems may limit the growth of the steering wheel armature market.

The rising adoption of technologies will drive the steering wheel armature market growth
The development of ADAS systems such as lane departure warning, automatic emergency braking, and adaptive cruise control is expected to increase the demand for advanced steering systems that incorporate these features. This presents an opportunity for steering wheel armature manufacturers to develop new products that cater to these requirements. Advancements in technology such as 3D printing, nanotechnology, and robotics are expected to revolutionize the manufacturing process for automotive components, including steering wheel armatures.

Steering Wheel Armature Market Segmentation:
Type:
• Magnesium or Magnesium Alloy
• Steel or Steel Alloy
• Aluminum or Aluminum Alloy
• Carbon fiber
• Others

Application:
• Passenger Car
• Commercial Vehicles

Competitive Analysis of Steering Wheel Armature Market:
Getac Precision Technology, TaiHang ChangQing Automobile Safety System, ROS Industrie, Tianjin Liuhe Magnesium Product, Shanghai Fangle Auto Parts, Nihon Plast, Magpulse, Summit Steering Wheel

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Asia Pacific dominates the Steering Wheel Armature Market:
Geographically, the global steering wheel armature market is divided into regions like North America, Europe, Asia Pacific, Latin America, and Middle-east Countries. Asia-Pacific region is expected to have the highest market share in the steering wheel armature market. This is primarily due to the growing production and demand for automobiles in countries like China, Japan, and India. Asia-Pacific region is expected to have the highest growth rate during the forecast period due to the rapidly growing automotive industry, increasing urbanization, and rising disposable income in the region.

News:
In July 2022
Amazon announced its Rivian-built custom electric delivery vans started delivering parcels in several major US cities, with plans to hit 100 cities by the end of this year.
The EDV sources components like the battery modules, front electric drive unit-the EDV is front-wheel-drive only-control electronics, software platform, driver instrument cluster, infotainment screen, steering wheel column and armature from the R1T pickup and R1S SUV.

Browse Here For Full TOC:
Table of Content (Revenue USD Edition), (Enquire about Volume/Consumption Edition Data)
Chapter 1 Industrial Insight and Market Scope
• 1.1 Global Steering Wheel Armature Industry Introduction
• 1.2 Objectives of the Study
• 1.3 USP of the Report
• 1.4 Who is this report for?
• 1.5 Designing of Market Scope
1.5.1 Steering Wheel Armature Market Segmentation
1.5.1 Steering Wheel Armature Market Regional Fragmentation
1.5.1 Steering Wheel Armature Market Players
• 1.6 Report Duration
• 1.7 List of Stakeholders
Chapter 2 Research MethodologyReview Complete Research Methodology
Chapter 3 Executive Summary of Steering Wheel Armature Market
• 3.1 Global Steering Wheel Armature Market Size 2018 - 2030, (USD Million)
• 3.2 Global Steering Wheel Armature Value, Absolute & Opportunity Analysis
• 3.3 Global Steering Wheel Armature Market Y-o-Y Growth Rate Projection by Region (2023 - 2030)
• 3.4 Global Steering Wheel Armature Market Statistics 2022: Snapshot
Chapter 4 Global Steering Wheel Armature Market Overview
Chapter 5 Competitive Analysis (Subject to Availability)
Chapter 6 Environmental, Social, and Governance (ESG) Analysis
Chapter 7 Qualitative Analysis
Chapter 8 Company Profiling (Subject to Availability)
Chapter 9 Global Steering Wheel Armature Market by Type Segmentation Analysis (2018-2030)
Chapter 10 Global Steering Wheel Armature Market by Application Segmentation Analysis (2018-2030)
Chapter 11 Global Steering Wheel Armature Market Regional Analysis
Chapter 12 North America Steering Wheel Armature Market Outlook (2018 - 2030)
Chapter 13 Europe Steering Wheel Armature Market Outlook (2018 - 2030)
Chapter 14 Asia Pacific Steering Wheel Armature Market Outlook (2018 - 2030)
Chapter 15 Latin America Steering Wheel Armature Market Outlook (2018 - 2030)
Chapter 16 Middle East and Africa Steering Wheel Armature Market Outlook (2018 - 2030)
Chapter 17 Research Findings
Customize the Report Edition (Is applicable, On Request, Subject to Data Available, At an Additional Cost)
To know more about The Steering Wheel Armature Market TOC click here: https://www.cognitivemarketresearch.com/steering-wheel-armature-market-report#table_of_contents

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𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬
Nicolas Shaw
Cognitive Market Research
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About Cognitive Market Research Company :
Cognitive Market Research has evolved as one leading market research and consulting firm and it provides services across multiple domains. Cognitive Market Research gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operational across the value chain. As a market research company, we follow a complete process of gathering information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and help them to build business strategies accordingly.

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