Global Automotive Steering Wheel Marketplace to Grow by 22.81 Million Models For the duration of 2020-2024 | Showcasing Autoliv Inc., GKN Automotive Ltd., and Hyundai Mobis Co. Ltd. among the many others | Technavio

LONDON–(Company WIRE)–Technavio estimates the world wide automotive steering wheel current market to increase by 22.81 million units, progressing at a CAGR of about 4% all through the forecast period. The report provides an up-to-date investigation relating to the latest market place scenario, the hottest tendencies and drivers, and the overall marketplace atmosphere.

The current market is driven by the expanding use of steering-mounted electronics. On the other hand, the progress of cars with no steering wheels may possibly problem advancement.

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Automotive Steering Wheel Current market: Software Landscape

Primarily based on the software, the market noticed greatest advancement in the passenger vehicles phase in 2019. The segment is driven by the increasing adoption of passenger vehicles globally. The sector progress in the phase will be considerable about the forecast period.

Automotive Steering Wheel Industry: Geography Landscape

58% of the market’s development originated from APAC in 2019. Climbing output and sales of automobiles and the enlargement of generation services by global automakers are driving the expansion of the marketplace in APAC.

China and Japan are the crucial markets for the automotive steering wheel in APAC. Current market expansion in this region will be more rapidly than the development of the marketplace in other regions.

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Big 3 Automotive Steering Wheel Market Distributors:

Autoliv Inc.

Autoliv Inc. operates its company as a result of the Passive security segment. The corporation manufactures different steering wheel technologies this sort of as electrical motor-built-in steering wheels, steering wheels with heated rims, amid others. It also offers innovative intuitive steering wheels that recognize when the driver normally takes the fingers of the wheel and mechanically switches to the autopilot driving method.

GKN Automotive Ltd.

GKN Automotive Ltd. operates its small business as a result of segments these types of as Electric powered Push Methods, All-wheel & 4-wheel travel devices, and Sideshafts & Propshafts. The enterprise gives a vast assortment of steering wheel and linked factors.

Hyundai Mobis Co. Ltd.

Hyundai Mobis Co. Ltd. operates its enterprise by way of segments this kind of as Vehicle components and Just after-gross sales products and services. The enterprise supply EPS is an electronic steering method employed to change the route of the auto as supposed by the driver. EPS secures safety by means of excellent responsiveness and steering as well as Failure Mode Consequences Evaluation. It also provides R-EPS, P-EPS, and C-EPS relying on various general performance specifications.

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Technavio indicates a few forecast eventualities (optimistic, probable, and pessimistic) thinking about the effect of COVID-19. Technavio’s in-depth exploration has direct and indirect COVID-19 impacted marketplace exploration reports.

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