Reports - Automotive Steering Wheels Market
Automotive Steering Wheels Market Size, Share & Trends Analysis Report by Vehicle Type (Passenger Cars, Commercial Vehicles) by Technology Type (Normal Steering Wheel, Control Embedded Steering Wheel) by Wheel Type (Small Wheel Type, Medium Wheel Type, Large Wheel Type) by Sales Channel (Original Equipment Manufacturer, Aftermarket) by Region (North America, Europe, Asia Pacific, Latin America, The Middle-East and Africa) - Global Industry Assessment (2018 - 2023) & Forecast (2024 - 2032)
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2035
4.90%
Asia Pacific
Asia Pacific
2019 - 2023
2023 - 2035
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The global Automotive Steering Wheels Market is valued at USD 22.1 Billion in 2023 and is projected to reach a value of USD 37.23 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 4.90% between 2024 and 2032.
Key Highlights of Automotive Steering Wheels Market
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Automotive Steering Wheels Market: Regional Overview
In 2023, the Asia Pacific Automotive Steering Wheels market dominated globally, capturing 49.3% of the revenue share. This stronghold stems from the regions status as an automotive powerhouse, with increasing annual vehicle production. Post-COVID, theres a rising preference for personal mobility, driving up demand for automobiles and components like steering wheels. Government initiatives, electric vehicle adoption, and autonomous vehicle trends further fuel market growth. Rapid urbanization in countries like India and China escalates demand for passenger cars, consequently boosting the need for steering wheels. Factors like low-cost raw materials, cheap labour, and favourable trade agreements contribute to the regions market strength. Additionally, advancements in technology, such as electric power steering and steer-by-wire systems, continue to shape market evolution, aligning with the enhancement of autonomous driving systems.
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The global Automotive Steering Wheels market can be categorized as Vehicle Type, Technology Type, Wheel Type, Sales Channel and Region.
Automotive Steering Wheels Market: Vehicle Type Overview
In 2023, the global Automotive Steering Wheels market saw significant growth, particularly in the passenger cars segment, which held a 63.1% share. The Vehicle Type segment is segmented into Passenger Cars and Commercial Vehicles. This surge was primarily fuelled by increasing individual disposable incomes and heightened sales and production of passenger cars in developing nations. Additionally, the commercial vehicle segment also showed promising growth prospects, attributed to the early replacement cycle of heavy-loaded vehicles and robust sales of Light Commercial Vehicles (LCV) and Medium and Heavy Commercial Vehicles (MHCV). Moreover, the vehicle segment is poised for rapid expansion, driven by a surge in passenger car production worldwide and a rising demand for autonomous driving with enhanced passenger safety, particularly in premium and luxury cars. The markets growth was further propelled by escalating demand for vehicles equipped with advanced features, ongoing technological advancements by automotive manufacturers, and a higher percentage of disposable income among consumers.
Automotive Steering Wheels Market: Sales Channel Overview
In 2023, the global Automotive Steering Wheels market experienced significant growth, particularly fuelled by the Original Equipment Manufacturer (OEM) segment, which held the largest share. The Technology Type segment is categorized into Original Equipment Manufacturer (OEM), and Aftermarket. OEM car parts, being produced by the original manufacturer of a vehicles components, are virtually identical to those used in building the car itself. Many buyers prefer OEM parts when repairing damaged vehicle components because they guarantee compatibility and adhere to the same quality standards as the original parts. This preference ensures that replacement parts seamlessly integrate with the vehicle, providing reassurance to consumers and bolstering the dominance of OEM suppliers in the Automotive Steering Wheels market.
Key Trends
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The automotive steering system comprises crucial components like the steering coupler, tie rod ends, power steering pump, and steering yoke, which offer diverse functionalities and advantages. Continuous technological advancements have facilitated the integration of more features into steering wheels, enhancing their appeal to consumers. Increasing demand for passenger vehicles in developing economies, driven by rising disposable incomes and a preference for luxury and comfort, is expected to propel the Automotive Steering Wheels market. High-quality steering products contribute to vehicle efficiency, reducing fuel consumption and enhancing the driving experience. Major automotive manufacturers are expanding their production of passenger vehicles to cater to growing consumer demand, further boosting the demand for Automotive Steering Wheels. With modern vehicles incorporating an array of functions accessible from the steering wheel, such as those found in Toyotas Yaris and Proace models, drivers can operate various features conveniently and safely. However, manufacturers face challenges such as complex linkages, potential overturning risks, and increased costs due to technological advancements. Japans adoption of Electric Power Steering (EPS) technology in passenger cars is growing, driven by its cost-saving benefits and maintenance advantages, despite concerns about complexity and potential failures.
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Market Dynamics
The Automotive Steering Wheels market is witnessing a surge in demand driven by an expanding variety of vehicle models and types entering the market. Factors such as the growing middle-class population, increasing disposable incomes, and urbanization are propelling sales across all vehicle categories. Manufacturers are responding to rising consumer expectations for comfort and safety by developing advanced steering technologies like direct adaptive steering and electric power steering (EPS).
Regulatory bodies such as the National Highway Traffic and Safety Administration (NHTSA) and the International Council on Clean Transportation (ICCT) are enforcing stringent vehicle pollution and fuel economy standards, prompting manufacturers to invest in fuel-efficient steering solutions like electric power steering. However, manufacturers face challenges such as complex linkages, potential for overturning, and higher costs associated with these advancements. Despite these challenges, technological progress has led to significant improvements, albeit at an increased cost and weight for vehicles.
Competitive Landscape
The Automotive Steering Wheels market is marked by strong competition, driven by major companies with robust product portfolios and extensive distribution networks across developed and developing nations. Key players like Autoliv Inc., Takata Corporation, TOYODA GOSEI CO., LTD., ZF Friedrichshafen AG, Joyson Safety Systems, and Neaton Auto Products Manufacturing, Inc. are prioritizing the development of technologically advanced steering solutions. For example, Autoliv Inc. has introduced an intuitive steering system integrating touch technology and air gesture controls, ensuring smooth transitions between manual and automated driving. Japanese firms such as Toyoda Gosei, Takata, and TS TECH are also expanding their presence and facilities to meet escalating customer demands. This emphasis on innovation and expansion underscores the competitive landscape of the Automotive Steering Wheels market.
Recent Market Developments
Source: www.vantagemarketresearch.com
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Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis | |
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