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Automotive Steering Wheels Market

Automotive Steering Wheels Market

Automotive Steering Wheels Market Global Industry Assessment & Forecast

# Pages:


Base Year:


Nov - 2021


Report Code:


Segments Covered
  • By Technology Conventional, Control Embedded
  • By Material Type Aluminium, Magnesium, Steel, Others
  • By Vehicle Type Passenger Cars, Commercial Vehicles
  • By OEM, Aftermarket
Forecast YearsForecast Years: 2021 - 2028
Historical YearsHistorical Years: 2016 - 2020
Revenue 2021Revenue 2021: 4.21 Billion
Revenue 2028Revenue 2028: 5.82 Billion
Revenue CAGRRevenue CAGR (2021 - 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

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
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.