Automotive Steering Wheels Market

The global Automotive Steering Wheels valued at 4.21 Billion in 2020 and is expected to reach 5.82 Billion in 2028 growing at a CAGR of 4.13%%.

The prominent players in the market are SAIC, AGS, Visteon, Methode, Takata, ZF TRW, Advanced Forming, KSS, Nyloncraft, Gibbs Die Casting, Kongsberg, Toyoda Gosei, Koyo Corporation, Neaton, Birchwood, TG Kentucky..

The market is project to grow at a CAGR of 4.13%% between 2021 and 2028.

The driving factors of the Automotive Steering Wheels include

• The increasing demand for passenger vehicles in developing economies is expected to augment the demand for automotive steering wheels market. This is owing to the increase in disposable income of the consumers and increase in demand for luxury and comfort travel. High quality products allow vehicle to run efficiently thereby decreasing fuel consumption and deliver enhanced driving experience to the consumers and hence is expected to fuel the growth of the market. Furthermore, as the consumer base is increasing, major companies in automotive industry are focusing on increasing their production of passenger vehicles which in turn is supporting the demand of the automotive steering wheels market in the years to come.
• The increasing demand for lightweight vehicles is expected to fuel the growth of the automotive steering wheels market in the years to come. This is owing to the increasing concerns for environmental sustainability, increased fuel economy and emission regulation. Most of the OEMs have increased the use of lightweight materials such as aluminum in order to reduce the weight of the components of the automobiles. The proper selection of design, material, manufacturing, and assembly will result in required light weighting. Aluminum is considered as one of the most efficient lightweight materials in the automotive industry and is used to manufacture steering wheels; this inclination of weight reduction factor is driving the automotive steering wheels market.

Asia Pacific was the leading regional segment of the Automotive Steering Wheels in 2020.