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Automotive Steering Wheels Market

Automotive Steering Wheels Market

Automotive Steering Wheels Market Global Industry Assessment & Forecast

# Pages:

175

Base Year:

2021

Nov - 2021

Format:

Report Code:

VMR-2021-0735

Segments Covered
  • By Technology Conventional, Control Embedded
  • By Material Type Aluminium, Magnesium, Steel, Others
  • By Vehicle Type Passenger Cars, Commercial Vehicles
  • By OEM, Aftermarket
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: 4.21 Billion
Revenue 2028Revenue 2028: 5.82 Billion
Revenue CAGRRevenue CAGR (2022 - 2028): 4.13%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst

Key Insights

The global Automotive Steering Wheels market was valued at USD 4.21 Billion in 2020 and is projected to reach USD 5.82 Billion by 2028, growing at a CAGR of 4.13%% from 2021 to 2028.

Years Parameters
Historical Data (Actual Data) 2016-2020
Base Year Data 2020
Current Year Date 2021
Projected year data 2021-2026
Annual Market Size (2028) 5.82 Billion
Annual Market Size (2021)
CAGR (2021 - 2028) 4.13%%

Definition And Overview

Steering wheels are used in most modern vehicles, including all mass-production automobiles, buses, light and heavy trucks, as well as tractors. The important components of the steering system include steering coupler, tie rod ends, power steering pump, and steering yoke which are more diverse and complex and also offer various advantages. The steering wheel is the part of the steering system that is manipulated by the driver; the rest of the steering system responds to such driver inputs. This can be through direct mechanical contact as in recirculating ball or rack and pinion steering gears, without or with the assistance of hydraulic power steering, HPS, or as in some modern production cars with the assistance of computer-controlled motors, known as electric power steering.


The global Automotive Steering Wheels market was valued at USD 4.21 Billion in 2020 and is projected to reach USD 5.82 Billion by 2028, growing at a CAGR of 4.13%% from 2021 to 2028.

The global Automotive Steering Wheels market is segmented into product, application, regions, and countries. The regional segmentation covers current and forecasts demand on the basis of North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments are analyzed on the basis of current and future trends. The report covers a complete evaluation of the market based on competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2016 to 2020 and forecast from 2021 to 2028. 

Yearly Infographics 4.21 Billion 5.82 Billion

COVID-19 Impact Analysis

Outbreak of COVID-19 led various countries impose strict lockdown measures during the initial stages of the pandemic. Numerous companies from different verticals faced challenges due to remote work environments. As a result, companies from various sectors switched to online/virtual platforms to maintain a steady flow in their daily business activities. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.


The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

o   Impact Assessment of COVID-19 Pandemic

o   Pre & Post COVID-19 Market Size

o   Qualitative analysis on the short term & long term impact of COVID-19 on the market

o   The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

Market Insights

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.

The high cost associated with the advanced steering wheel and mechanical or linkage failure of the steering wheel is anticipated to restrain the growth of the automotive steering wheels market.

Global Automotive Steering Wheels Market Report Scope

Parameter Details
Market Size Provided for Years 2016-2028
Base Year 2020
Historic Years 2016-2020
Forecast Years 2021-2028
Market Size Provided In Terms Of Revenue & Volume
Segments Covered Technology, Material Type, Vehicle Type
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Countries Covered The U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, South East Asia, Brazil, Argentina, GCC Countries, and South Africa, among others
Companies Covered SAIC, AGS, Visteon, Methode, Takata, ZF TRW, Advanced Forming, KSS, Nyloncraft, Gibbs Die Casting, Kongsberg, Toyoda Gosei, Koyo Corporation, Neaton, Birchwood, TG Kentucky.
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 Asia Pacific, company market share analysis, and COVID-19 impact analysis

Market Segmentation

Technology  Analysis: Preview

On the basis of Technology, the market is segmented into Conventional, Control Embedded. Control Embedded  held the highest share in 2020 and is expected to grow at a significant rate over the forecast period. This is attributed to the rising demand for the Control Embedded in developing countries such as China and India. Digitalization in Asia Pacific region has led to a surge in the usage of technology in various business processes over the past few years. Rising adoption of online platforms across various sectors along with analytical solutions, IoT, AI, and Blockchain technology to gain a competitive advantage is also paving the way for the Automotive Steering Wheels market growth.

Material Type Analysis: Preview

Based on Material Type, the market is segmented into Aluminium, Magnesium, Steel, Others. Aluminium  held the largest share and is projected to grow at a notable CAGR over the coming years. Rising demand for Automotive Steering Wheels  in various countries such as the U.S., Germany, China, India, and Japan, among others is likely to support the growth of the market. Numerous companies are focusing on investing heavily in this application to cater the end user requirements effectively.

Global Automotive Steering Wheels Market: Technology Segment Analysis

    • Conventional
    • Control Embedded

Global Automotive Steering Wheels Market: Material Type Segment Analysis

    • Aluminium
    • Magnesium
    • Steel
    • Others

Global Automotive Steering Wheels Market: Vehicle Type Segment Analysis

    • Passenger Cars
    • Commercial Vehicles

Global Automotive Steering Wheels Market: Segment Analysis

    • OEM
    • Aftermarket

Regional Analysis Preview

On the basis of region, the global Automotive Steering Wheels market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific region held a leading share of the global Automotive Steering Wheels market in 2020. Some of the major countries contributing to the market growth are the U.S., U.K., Germany, France, China, India, Japan, and South Korea. China is considered as the most lucrative country for market players. This is attributed to the presence of major companies operating in the region.

Market Size, 2021 (USD Billion)
North America
Europe
Asia Pacific
South America
Middle East Africa

Global Automotive Steering Wheels Market: Regional Analysis

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Rest of Latin America
  • Middle East and Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

Competitive Landscape

The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the global Automotive Steering Wheels 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 report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.

Key Highlights – Global Automotive Steering Wheels Market

  • Global Automotive Steering Wheels Market is projected to reach USD 5.82 Billion by 2028
  • Asia Pacific held the highest share of the Automotive Steering Wheels market
  • Control Embedded held the largest share of the product segment in the Automotive Steering Wheels market
  • Aluminium held the major share of the application segment in the Automotive Steering Wheels market

FAQ
Frequently Asked Question
  • 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.