Automotive Steering Wheel Market Outlook, Capacity and Capital Expenditure Forecast by 2028

 

Automotive Steering Wheel

The Automotive Steering Wheel is becoming increasingly popular around the world for passenger cars, especially in emerging nations for commercial vehicles. This invention is common in high-end vehicles, when fuel economy is less of a priority. The demand for the global Automotive Steering Wheel Market is boosted by the increase in automation adoption, rising use of the automatic steering wheel for road safety as the switch reduces the possibility of driver distraction and develops a programmable control on the steering wheel, and rising consumer purchasing power for high-end vehicles. Accelerated technical advancements in the automobile sector are fueling the Automotive Steering Wheel Market expansion even further.

The country's automotive industry is currently being driven by two factors: the rising middle-class population's disposable income and manufacturers' increasing investments in cars. The government's "Make in India" campaign initiatives have promoted the growth of the automotive industry. The market is positioned for a steady future given the direct impact that India's expanding automotive industry has had on the demand for automobile steering wheels.

Over time, cars have become much more complex in terms of their features. Many automotive functions have moved from the dashboard to the easy-to-reach area of the steering wheel over the past few decades. One of the best benefits of wireless connections, for instance, is that it keeps drivers' hands on the wheel and eyes on the road. Such technological developments would positively affect the rising demand for car steering wheels, driving the Automotive Steering Wheel Market expansion.

The need for new steering wheels is rising as drivers are required to maintain their attention on the road. The Vehicle Safety Act states that improvements in automotive design will improve safety and lower the number of accidents and fatalities. For instance, the Invisa Mod Integral steering wheel improves safety and reduces the likelihood of traffic accidents. Because of this, an upgraded steering wheel will inevitably increase vehicle safety, which will fuel market expansion. The global market for automobile steering wheels is being held back by issues like an increase in steering linkage failure and improper maintenance performed at the wrong time.

Vehicle Type-

·       Passenger Car

·       Light Commercial Vehicle

·       Medium & Heavy Duty Commercial Vehicle

Product Type-

·       Aluminium Steering Wheel

·       Magnesium Steering Wheel

·       Steel Steering Wheel

·       Other

Wheel Type-

·       Small Wheel Type

·       Medium Wheel Type

·       Large Wheel Type

Technology Type-

·       Normal Steering Wheel

·       Control Embedded Steering Wheel

Sales Channel-

·       OEM (Original Equipment Market)

·       Aftermarket

Top Manufacturers are- Autoliv Inc., Takata Corporation, ZF TRW Motorized Holdings Corp., Key Safety Systems Inc., Nihon Plast Co., Ltd., and Tokai Rika Co

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