Techno World Automotive-Steering-Wheel-Market | Page 2

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.
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Automotive Steering Wheel Market: Regional Insights
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.
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.