Published on : Feb 26, 2018
Albany, New York, February 26, 2018: A new study, focusing on the global demand for automotive clock spring market has been broadcasted to the wide repository of Market Research Hub (MRH), with the title of “Automotive Clock Spring Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025”. According to the report, innovations in the automotive industry, will in turn fuel the demand for advanced clock springs. At present, the industry is highly fragmented with the presence of small and medium-sized manufacturers. Major players profiled in the study include ANGOTAN Auto Parts, Jinzhou Jinheng Automotive Safety System Co., Ltd, Spring Works Utah Inc., Draco Spring Mfg. Co., Sanwim Auto Parts, MHC Linkway Auto Parts Limited, Nardrun Electronic Technology Co., Ltd.
The clock spring is one of those parts that work directly with the steering wheel. The prime function of the clock spring is to maintain electric connections of the airbag unit, steering mounted controls such as radio, cruise control, horn, and other entertainment functions, which are mounted on the steering wheels. It has been analyzed that consumers around the world are willing to spend on the latest advancements which occurred in the automotive industry, which as a result propelling global automotive clock spring market. As per the research evaluations, the global automotive clock spring market, which was valued at US$2.5 bn in 2016, is expected to reach US$3.8 bn by the end of 2025, exhibiting a CAGR of 4.63% between 2017 and 2025.
To summarize, this smart evaluation offers professional and in-depth research of the world's major geographical market conditions, focusing on the main regions. In this report, the regions targeted include North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa. It also covers the impact of these drivers and limitations on demand for automotive clock spring during the forecast period.
In the next section, the research broadly categorizes the global automotive clock spring market on the basis of vehicle, and region. These segments have been analysed based on present and future trends. In terms of geography, analyst finds that Regionally, Asia Pacific emerged as a dominant region in 2016. Improving economic conditions and the rising demand for passenger vehicles will boost the automotive clock spring market in the Asia Pacific in the coming years as well.
The report further also adds that stringent regulations implemented by government around the world in light of escalating rate of road accidents will augur well for the global automotive clock spring market. In the coming years, the market will significantly gain from the rising demand for passenger vehicles and light commercial vehicles.
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