The change from traditional manual steering systems is expected to motivate the Automotive steering wheels market 2023. The semiconductor and electronics industry reports are produced by Market Research Future, which highlights market options for expansion. A 5.10% CAGR is expected to guide the income of the market to USD 25.50 billion by 2032.
The focus on vehicular safety has been rising steadily in the past few years as the number of road accidents has risen significantly. The investment in production technology is expected to transform the Automotive steering wheels system market manufacturers in the impending period. The upswing in the purchasing power of consumers is likely to motivate the Automotive steering wheels system market in the upcoming period.
The segmental insight into the Automotive steering wheels market size is segmented into steering system, vehicle type, components, end market, and regions. Based on the steering system, the Automotive steering wheels market size comprises of electrically powered, manual, electro-hydraulic powered, and hydraulic powered. On the basis of vehicle types, the Automotive steering wheels market size comprises of commercial vehicle and passenger vehicle. The components basis of segmenting the Automotive steering wheels market size comprises of steering sensor column, hydraulic pump, and electric motor. Based on the end market, the Automotive steering wheels market size comprises of OEM and aftermarket. Based on the regions, the Automotive steering wheels market size comprises of APAC, North America, Europe, and the rest of the regions.
Detailed Regional Analysis
The regional examination of the Automotive steering wheels market size consists of regions such as APAC, North America, Europe, and the rest of the regions. The European region is responsible for the principal market in Automotive steering wheels due to the increasing demand for Automotive steering wheels in this region. The automotive producer is transforming towards the novel technology for increasing lightweight components in order to amplify the fuel efficiency of the car. The key promising economies, such as Thailand, India, and China, are becoming the production hubs for automotive OEM’s. The surge in the income level and expanding disposable income levels has led to the development of the market in this region. The presently flourishing automotive industry, pooled with increasingly rising disposable income, is anticipated to add considerably in the augmentation of the Automotive steering wheels market size. The rise in the promising countries will lead to the development of the Automotive steering wheels system market in the impending period.
The inventions being discovered or attempted in the market are also considered to provide further opportunities for growth in the coming period. The effect of global currencies is expected to have a significant effect on market growth. The upsurge in exports is expected to create constructive situation for expansion in the coming period. The bearing of global trade policies by various administrations is expected to further enhance the market expansion potential in the forecast period. The inclusion of certain elements of functionality in production facilities is likely to create better supply potential for the overall market. The streamlining of the distribution channels is expected to create better supply chains and lead to a more positive effect on the global market. The momentum of change in the market is predicted to create new opportunities for growth in the forecast period. The availability of new sources of raw material is likely to induce more opportunities for growth in the market.
The imperative players in the Automotive steering wheels market size are Mitsubishi Electric Corporation (Japan), TRW Automotive Holdings (U.S.), Sona Koyo Steering System Ltd. (India), and JTEKT Corporation (Japan). Robert Bosch Automotive steering wheels Gmbh (Germany), Nexteer Automotive (U.S.), China Automotive System Inc. (China), and Thyssenkrupp Presta (U.S.) to name a few.
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