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(Transportation-News.com, February 12, 2019 )
Stratview Research announces the launch of a new research report on Global Automotive Steering Wheel Market by Vehicle Type (Passenger Car, Light Commercial Vehicle, and Medium & Heavy Duty Commercial Vehicle), by Wheel Diameter Type (Small, Medium and Large), by Technology Type (Normal Steering Wheel, and Control Embedded Steering Wheel), by Material Type (Polyurethane, Leather, and Wood), and by Region (North America, Europe, Asia-Pacific and Rest of the World), Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2017 – 2022
The Global Automotive Steering Wheel Market: Highlights
As per Stratview Research, The global automotive steering wheel market was valued at US$ 2.7 billion in 2016 and is projected to grow at a healthy CAGR of 4.7% CAGR over the next five years to reach US$ 3.6 billion in 2022. Increasing automobile production fueled by rising disposable income, the introduction of stringent safety standards, rising demand for safety equipped vehicles, and advancement in steering wheel technology are major growth drivers of the automotive steering wheel market globally.
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The global automotive steering wheel market is segmented based on vehicle type: passenger car, light commercial vehicle, and medium & heavy duty commercial vehicle. The passenger vehicle is expected to remain the most dominant vehicle type during the forecast period of 2017 to 2022. This vehicle segment is also likely to grow at the fastest rate in the same period, driven by an organic growth in the passenger car production across the globe and increasing demand for autonomous driving with high passenger safety, especially in premium and luxury cars.
Based on steering diameter size, the global automotive steering wheel market is segmented as small, medium and large diameter. Small-sized steering occupies the largest share in the global automotive steering wheel market because of its high use in passenger cars, especially in hatchback and mid-size sedan cars. This diameter size is projected to witness the fastest growth during the studied period of 2017 to 2022, driven by Asia-Pacific and Rest of the World.
Based on region, the global automotive steering wheel market is segmented into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific is projected to remain the largest automotive steering wheel market during the forecast period of 2017 to 2022.
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Source: EmailWire.Com 
Source: EmailWire.com
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