New York, NY -- (SBWIRE) -- 08/30/2017 -- In addition, surge in demand for enhanced automotive component technology will further impact growth of the global automotive steering wheel market positively. A recently compiled report by Persistence Market Research reveals that the global automotive steering wheel market will register a robust growth of 8.27% CAGR over the forecast period, 2017 – 2027.

Increasing need for secure driving experience has compelled manufacturers to integrate enhanced technology in the automotive wheels. With increasing availability of enhanced component technology in the automotive sector has led to an upsurge in demand for enhanced steering wheel design that can be integrated well in the interiors of the modern vehicles. Attributed to growing demand for advanced steering wheels, manufacturers are integrating additional features in the automotive wheels. Additionally, increasing focus on road safety is expected to rev up demand for automotive steering wheels globally.

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With the increasing demand for self-driving cars, the automotive components such as steering wheels are predicted to witness significant transformation in terms of technology and design. Such developments has led the automotive manufacturers to offer relatively safe products. These factors are expected to register a relatively high growth in the global automotive steering wheel market during the predicted period.

Driver airbags among other products is expected to represent the most attractive segment in the global market. Airbags among other automotive components are integrated increasingly in the premium, mid, and low end automotive. In order to comply with the revised regulations related to automotive safety has led manufacturers to integrate airbags in the steering wheels.

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Neoprene coated automotive steering wheel is predicted to represent a robust growth as compared to other wheels in the global market. Silicone coated steering wheels is projected to represent the second highest growth among other components in the global automotive steering wheel market by the end of 2025. This segment is projected to account for over two-thirds of the market share during the projected period.

OEM among other sales channel is expected to represent a leading distribution channel in the global market. This segment is expected to represent a revenue share of 91.7% in the global automotive steering wheel market by the end of 2025. Surge in partnership and collaborations among OEMs and manufacturers is further expected to rev up sales through various distribution channels in the global market.

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North America among other regions is predicted to account for a major revenue share in the global market. The automotive steering wheel market in APEJ is expected to represent a relatively fast market growth globally through 2025. India and China among other countries in APEJ are likely to witness a relatively fast growth in terms of sales attributed to improved road safety.

Leading market players operating in the global automotive steering wheel market include ZF Friedrichshafen Manufacturing Company, Hyundai Mobis Co. Ltd, Momo Automotive Accessories Inc., Takata, Tokai Rika Co., Ltd., Toyoda Gosei, Key Safety Systems, Autoliv, Grant Products International INC, Nihon Plast Co. Ltd, Moto Lita, GSK Intek, Isotta, Simmonds Superspoke, Nardi Personal, Neaton Auto Products, KKR Metal Components, Sabic, Sun Autoelektrik Private Limited, and Emdet Group.