LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automated steering wheel market to grow at a CAGR of close to 42% during the period 2018-2022, according to their latest report.
The development of an autonomous fleet of cab and parcel delivery services is a key trend which is expected to impact the market. Autonomous vehicles need to undergo multitudes of real-life scenarios to test their integrity and safety. Hence, major autonomous vehicle makers have been focusing on developing autonomous cars for cab and delivery services since they generate significant data regarding various drive patterns, traffic patterns, and road conditions.
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In this report, Technavio analysts highlight the increasing demand for luxury cars with advanced features as a key factor contributing to the growth of the global automated steering wheel market:
Increasing demand for luxury cars with advanced features
Luxury cars are equipped with modern technology and feature updates to differentiate from the fully equipped variants of commuter cars. Hence, automakers equip their luxury vehicle models with the latest technology as they represent the brand image of the company. Luxury cars are equipped with advanced driver-assist systems such as intelligent all-wheel drive systems and safety systems such as electronic stability control and automatic lane-keeping systems that assist the driver in driving across different terrains.
According to a senior analyst at Techavio for automotive components research, “Luxury cars offer more comfort, safety, and security to the vehicle occupants. The increasing number of road accidents is expected to further highlight the importance of having additional safety features in luxury vehicles, which augurs well for the growth of the automated steering wheel market.”
The maximum share of the purchases of luxury cars is expected to come from Asia by 2022. Strong economic growth in APAC is driving the growth of the number of high net worth individuals in this region which in turn has a positive impact on the sale of luxury sales.
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Global automated steering wheel market segmentation
This market research report segments the global automated steering wheel market by vehicle type (passenger cars and commercial vehicles) and key regions (the Americas, APAC, and EMEA).
The Americas was the leading region for the global automated steering wheel market in 2017, accounting for a market share of 39%, followed by EMEA and APAC. These figures are expected to change by 2022, with the market share of EMEA declining and that of APAC and the Americas increasing.
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