Automotive Steering Wheels Market

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.

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. 

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.

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.

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.

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.

• 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

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.

• 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