LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive steering wheel market to post a CAGR of over 4% during the forecast period, according to their latest market research report. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
The development of autonomous fleet of cab and parcel delivery services is one of the major trends being witnessed in the global automotive steering wheel market 2018-2022. Autonomous vehicles need to undergo multitudes of real-life scenarios to test its integrity and safety. Autonomous vehicles launched as cabs and parcel delivery services generate significant data regarding various drive patterns, traffic patterns, and road conditions.
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According to Technavio analysts, one of the key factors contributing to the growth of the global automotive steering wheel market is the increasing demand for luxury cars with advanced features:
Global automotive 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. However, the image of luxury cars depends on the advantage by the vehicle manufacturer to showcase the vehicle as premium and elevate the social status of buyers. Hence, automakers equip their luxury vehicle models with the latest technology as it represents the brand image of the company.
According to a senior analyst at Technavio for research on automotive components, “Luxury cars are equipped with advanced driver-assist systems like 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. Luxury cars offer more 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. This is expected to make luxury cars more desirable to the potential buyers.”
Global automotive steering wheel market: Segmentation analysis
The global automotive steering wheel market research report provides market segmentation by vehicle type (passenger cars and commercial vehicles) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas led the market in 2017 with a market share of nearly 39%. This region is expected to dominate the market through 2022.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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