Pune, India, Feb. 01, 2022 (GLOBE NEWSWIRE) -- According to the report, the global Steering Wheel market size to grow from USD 19.3 billion in 2021 to USD 32.9 billion in 2028 at a CAGR of 7.87% in the projected period. According to our researchers, the progression of novel technologies and growing demand for protection equipped automobiles will refine the market growth.
COVID-19 Impact:
Deterioration in New Automotive Sales amid COVID-19 to Obstruct Market Growth
The global outbreak of COVID-19 had an adverse influence on the general automotive industry, particularly both market value and supply chain players have been greatly disrupted, owing to the prompt spread of COVID-19 in the world. Beginning in China, manufacturers and distributors across the world either were in quarantine or closed down the production processes entirely.
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Segments:
Technology Type, Size, Vehicle Type, and Region are studied for the Market
On the basis of technology type, the market is divided into normal and embedded control. The embedded control holds the largest market share globally, and is anticipated to lead during the forecast period. In terms of size, it is classified into small, medium, and large. Based on vehicle type, it is categorized into passenger vehicle and commercial vehicle. Region-wise, it is studied across North America, Europe, Asia Pacific, and the rest of the world.
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Increase In Vehicle Production and Sales to Augment Market Growth
Automotive steering wheels are necessary for all kinds of automobiles. Furthermore, with an upsurge in the quantity of models and novel types of vehicles inflowing toward the market, the demand for steering wheel is projected to rise substantially. However, extending middle-class population, growing flexible incomes, and increasing urbanization will result in increase in sales of all vehicle types, thereby boosting the market growth in the coming years.
Regional Insights:
Asia Pacific to dominate the market
Asia Pacific stood at USD 9.3 billion in 2020 and is anticipated to reach USD 17.2 billion by 2028, at a CAGR of 8.2% over the forecast period. The region is expected to lead the global market as it is an automotive hub, with rising vehicle production per year.
Europe holds the second-largest steering wheel market share, owing to the existence of vital players in this region.
North America is estimated to witness the steering wheel market growth during the forecast period. Increasing strict government guidelines for vehicle emission, fast adoption rate of novel technology, and huge expenditure in product invention are estimated to propel the market in North America.
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Acquisitions Instigated by Crucial Companies to Endorse Market Growth
The dominating players in the market constantly adopt fundamental strategies to bolster their brand value as well as promote the global market growth. One such operative tactic is procuring competitive companies and further safeguarding a monetary benefit for both the companies.
List of the Companies Operating in the Market:
- Autoliv Inc (Sweden)
- ZF Friedrichshafen AG (Germany)
- JTEKT Corporation (Japan)
- Toyoda Gosei Co. Ltd (Japan)
- Ningbo Joyson Electronics Co. Ltd (China)
- Nexteer Corporation (U.S.)
- Hyundai Mobis Co. Ltd (South Korea)
- GKN Automotive (U.K.)
- Nihon Plast Co. Ltd (Japan)
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Global Steering Wheel Market Segmentation:
By Technology Type:
- Normal
- Embedded Control
By Size:
- Small
- Medium,
- Large
By Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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Table Of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2. Porter’s Five Forces Analysis
4.3. SWOT Analysis
4.4. Technological Developments
4.5. Value Chain Analysis
4.6. Impact of COVID-19 on Steering Wheel Market
5. Global Steering Wheel Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
Continued…
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