High demand for automotive products in economies such as China, India, Japan, Indonesia, South Korea, and Thailand is expected to drive growth of global automotive steering wheel market over the forecast period. Moreover, establishment of production facilities in these economies by major automobile industries such as General Motors, Daimler, and Volkswagen is expected to provide strong growth prospects for automotive steering wheel market growth.
According to China Association of Automobile Manufacturers (CAAM) and Society of Indian Automobile Manufacturers (SIAM), sales of automotive in China stood at 28.03 million units in 2016 and 3.0 million units in India. The CAAM also forecasted that the automobile sales in China will increase by around 5% to reach 29.4 million units by 2017.
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An automotive steering wheel is used for controlling vehicles. Automotive steering allows the driver to control the course of vehicle travel by turning the steering wheel, which also turns the input shaft that connects steering wheel to the gear unit. The steering system transforms the rotation of the steering wheel into rotating movement of the road wheels in such a way that the steering wheel rim turns a long way to move the road wheels a short way.
Increasing demand for safety equipped vehicles and development of new technologies are key factors for the growth of the market
The number of functions in a car has increased considerably over the years. Over the last couple of decades, many functions in a car have made their way from the dashboard to an easy-to-reach position on the steering wheel. For instance, wireless connections are one of the greatest advantages of keeping drivers focused on the road and their hands on the steering wheel. Such advancements in technology will have positive impacts on growing demand for automotive steering wheel, thereby, fueling the growth of the market.
Rising need to keep a driver’s focus on the road is increasing demand for modern steering wheel. According to Vehicle Safety Act, developments in automobile design will increase safety and reduce injury and death rates. For instance, Invisa Mod Integral steering wheel aids in enhancing safety and minimizes possibility of road accidents. Therefore, advanced steering wheel will automatically increase the safety of the vehicle, which in turn will help in propelling the market growth.
Increase in failure of steering linkages and lack of proper maintenance at appropriate time are factors that restrain growth of global automotive steering wheel market.
Automotive Steering Wheel Market: Competitive Background
Key players operating in the global automotive steering wheel market include Autoliv Inc., Takata Corporation, ZF TRW Motorized Holdings Corp., Key Safety Systems Inc., Nihon Plast Co., Ltd., and Tokai Rika Co. among others. Development in technology and increasing geographic presence are the strategies adopted by the key players to retain market position. For instance, In December 2017, ZF launched a new steering wheel that provides the support to Level 3 automated functions, which directly enhance the driving functionality. The system controls the gesture via graphic displays to enhance communication between driver and vehicle, and advanced hands-on detection technology will also provide the clearest feedback to the driver. Hence, the advanced steering wheel concept will enhance safety and driver awareness.
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