Steering Wheel Safety System Market: Overview
Steering wheel is a combination of different components which includes various moving parts and fixed parts such as, steering handle, steering rim and grips. There are many different types of steering wheels such as, crab steering wheel, passive steering wheel, rear wheel steering wheel, articulated steering wheel, steer-by-wire steering wheel and watercraft steering wheel. Steering wheel safety system is very necessary for protection against any damage. Steering wheel safety system consists protection on the decorative parts, rim, on switches, spokes, heating and on frame. Steering wheel safety system provides safety by many different ways such as, collapsible steering column, airbags, and by crumple zone.
Steering Wheel Safety System Market: Dynamics
The major driving factor of steering wheel safety system is automotive industry. In the automotive industry steering wheel safety system is necessarily used in the cars, buses trucks and other heavy commercial vehicles. Another major driving factor is construction and mining industry, in the construction industry this steering wheel safety system is used in the heavy rollers and bulldozers. In mining industry, this system is used in the heavy cranes and load lifters.
There are some restraining factors of steering wheel safety system are such as, difficulty in turning the wheel, steering wheel vibration, steering wheel slips while driving, looseness of safety system, grinding noise and screeching noise. There are some opportunities of steering wheel safety system such as, illumination technology can be used for driver air bag module and for supporting the environment, and bio-based alternative materials can be used for making of steering wheel safety system, this will reduce the greenhouse gases and weight also. There are some latest trends in the steering wheel safety system such as, vibrating steering wheel safety system is trending nowadays and hands on/off steering wheel is also beneficial for the safety purposes.
Steering Wheel Safety System Market: Regional Overview
The global steering wheel safety system market is divided geographically into seven regions, namely North America, Latin America, Asia Pacific excluding Japan (APEJ), Western Europe, Eastern Europe, Japan and Middle East and Africa (MEA). Europe is major region in a steering wheel safety system market in terms of application and revenue sharing, because Germany is largest manufacturer of automobile steering wheel safety system .Followed by Europe, North America is expected to grow relatively at a higher CAGR during the forecast period since the use of steering wheel safety system in many vehicles. The global steering wheel safety system market in Japan is well established and expected to grow at average CAGR over the forecast period. MEA and Latin America are expected to expand at sluggish growth rate due to lack of technology advancement in this region.
Steering Wheel Safety System Market: Regional Segmentation
The growth of steering wheel safety system market in Asia-Pacific is very high due to many developing countries in this region. Overall, the global market for steering wheel safety system market is expected to grow significantly by the end of forecast period. Steering wheel safety system market in Asia-Pacific is rapidly growing due to developing economic conditions, huge population, big investment market and many manufacturing companies boosting this market. Steering wheel safety system market is growing in this region because application of steering wheel safety system is increased in various vehicles such as, in cars, buses, trucks and in loading vehicles. India and china are major countries which shows significant growth in steering wheel safety system market and in forecast period this countries shows very positive increment.
Steering Wheel Safety System Market Key Players: Autoliv Inc., Takata Corp., TRW Automotive Inc., Toyoda Gosei, Fiat, General Motors, Emdet Engineers Pvt.Ltd., Continental AG, Key Safety Inc., TIW Safety.