Automotive
Steering Wheel Market Size and Growth rate
According to research cosmos Analysts, The Automotive
Steering Wheel market was valued at USD 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 USD 3.6
billion in 2022. The power steering uses a hydraulic pump that
allows a small amount of fluid to be under pressure. The steering mechanism
uses this pressure to steer the tires while turning the automotive steering wheel.
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The automotive steering wheel market
anticipates significant growth due to the growth of the automotive industry,
since it is a key component of the vehicle. New technological advances in the
product have driven the market demand. The continuous sales in the industry
boosted the global
market. The prospects for positive sales and economic growth in
developing countries have accelerated the demand for products. The increase in
investment in automobiles has had a positive impact on the demand for products.
The growing demand for vehicles equipped
with safety devices has boosted the market demand for steering wheels. The
advanced technology in the component has an added value in vehicles such as
power steering. This mechanism helps the driver by increasing the strength of
the wheel, reduces the physical effort to turn the wheels when the vehicle
stops or moves slowly. With the increase in technical progress, the demand for
products increases considerably.
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The challenges in the market of the automotive
steering wheel are the extremely complex links, the risks of reversion
and the exaggerated costs. Since the connection of the cables in the system is
complicated, any failure can have serious consequences. With technological
advances, the cost of the system has increased dramatically and the addition of
more components increases the weight of the vehicle.
Regional Analysis
of Automotive Steering Wheel Market
At the regional level, the automotive
steering wheel market is segmented in North America, Europe,
Asia-Pacific and the rest of the world. The Asia-Pacific region is expected to rule
the market over the forecast period from 2017 to 2022. It is also expected that
this region will experience the fastest growth in the same period, driven by
the increase in automotive production, mainly in China and India. Europe and
North America are also important markets and are expected to grow at a healthy
pace during the same period.
Some of the
promising companies leading the Automotive Steering Wheel Switch Market are:
- ZF
- Delphi
- Max Orman Toyota
- Alps
- Tokai Rika and more
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