Global Steering Wheel Armature Market, Material Type (Magnesium or Magnesium Alloy, Steel or Steel Alloy, Aluminium or Aluminium Alloy, Carbon Fiber), Number of Spokes (One Spoke, Two Spokes, Three Spokes, Four Spokes, Six Spokes), Vehicle Type (Passenger Cars, Compact Cars, Mid-Size, SUV, Luxury, Light Commercial Vehicles (LCV), Heavy Commercial Vehicle (HCV), Trucks & Trailers, Buses & Coaches), Sales Channel (Original Equipment Manufacturer (OEM), Aftermarket), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights : Global Steering Wheel Armature Market
The steering wheel armature market is expected to witness market growth at a rate of 7.10% in the forecast period of 2021 to 2028, and will reach the value of 130,591.39 million by 2028. Data Bridge Market Research report on steering wheel armature market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecast period while providing their impacts on the market’s growth. The expansion of the automotive sector globally is escalating the growth of steering wheel armature market.
Steering wheel armature refers to a component of automotive vehicle that provides the structural foundation for all steering wheel mountings including airbags, and driver controls among others. Magnesium alloy and Aluminum alloy are mostly preferred for the manufacturing of steering wheel armature, owning to their cost effectiveness and durability.
The increase in concern regarding safety and comfort while driving among population acts as one of the major factor driving the growth of steering wheel armature market. The trend of remodeling whole steering system because of the inception of power steering technology, and rise in the requirement of advanced steering wheel with new and innovative design accelerate the market growth. The surge in demand for the carbon fiber armature owning to the constant efforts being taken towards reduction in the weight of the vehicle, and development of enhanced and high end automobiles and additional features incorporated in the vehicles with controls being fitted on steering wheel further influence the market. Additionally, high disposable income, urbanization, change in lifestyle, expansion of automotive sector, increase in number of vehicle sales, and growing automobile fleet positively affect the steering wheel armature market. Furthermore, the aesthetics of automobile vehicle with a new and innovative design of the steering wheel armature extend profitable opportunities to the market players in the forecast period of 2021 to 2028.
On the other hand, use of three spokes steering wheels for medium range and normal passenger cars is expected to obstruct the market growth. The decline in the automobile manufacturing sector due to COVID-19 is projected to challenge the steering wheel armature market in the forecast period of 2021-2028.
This steering wheel armature market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on steering wheel armature market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Steering Wheel Armature Market Scope and Market Size
The steering wheel armature market is segmented on the basis of material type, number of spokes, vehicle type, and sales channel. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of material type, the steering wheel armature market is segmented into magnesium or magnesium alloy, steel or steel alloy, aluminium or aluminium alloy, and carbon fiber.
- On the basis of number of spokes, the steering wheel armature market is segmented into one spoke, two spokes, three spokes, four spokes, and six spokes.
- On the basis of vehicle Type, the steering wheel armature market is segmented into passenger cars, compact cars, mid-size, SUV, luxury, Light Commercial Vehicles (LCV), Heavy Commercial vehicles (HCV), trucks & trailers, and buses & coaches.
- On the basis of sales channel, the steering wheel armature market is segmented into Original Equipment Manufacturer (OEM) and aftermarket.
Global Steering Wheel Armature Market Country Level Analysis
The steering wheel armature market is analyzed, and market size, volume information is provided by country, material type, number of spokes, vehicle type and sales channel as referenced above.
The countries covered in the global steering wheel armature market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America is expected to dominate the steering wheel armature market due to the large automotive fleet within the region. Asia-Pacific is expected to witness decent growth during the forecast period of 2021 to 2028 because of the rapid urbanization in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Steering Wheel Armature Market Share Analysis
The steering wheel armature market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to steering wheel armature market.
The major players covered in the steering wheel armature market report are GETAC., Tianjin Liuhe Magnesium Product Co., Ltd., Lunt Manufacturing, NIHON PLAST CO., LTD., GSK In Tek Co., Ltd., ROS INDUSTRIE SRL, MZW Motor, STARION CO., LTD, SUMMIT STEERING WHEEL CO.,LTD., Magpulse Technologies Pvt. Ltd., Shanghai Fangle Auto Parts Co., Ltd., and TaiHangChangQing Automobile Safety System Co., Ltd., among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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