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.
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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 growth.
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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