Automotive Steering Wheels Market
Automotive Steering Wheels Market Global Industry Assessment & Forecast
#
Pages:
175
2021
Nov - 2021
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
Years:
|
2021 - 2028 |
 Historical
Years:
|
2016 - 2020 |
 Revenue
2021: |
4.21 Billion |
 Revenue 2028:
|
5.82 Billion |
 Revenue CAGR
(2021 - 2028): |
4.13% |
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
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
FAQ
Frequently Asked Question
What is the global demand for Automotive Steering Wheels in terms of revenue?
-
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%%.
Which are the prominent players in the market?
-
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..
At what CAGR is the market projected to grow within the forecast period?
-
The market is project to grow at a CAGR of 4.13%% between 2021 and 2028.
What are the driving factors fueling the growth of the market?
-
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.
Which region accounted for the largest share in the market?
-
Asia Pacific was the leading regional segment of the Automotive Steering Wheels in 2020.
