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
Research Methodology: Automotive Steering Wheels Market - Global Market Assessment, 2021 - 2028
The global Automotive Steering Wheelsmarket research study is based on a comprehensive research methodology that is used to arrive at the market estimations and forecasts. This methodology aid analysts and to learn and understanding market facts and insights from the innermost levels of the market. The whole research process involves 3 major activities: Secondary Research, Primary Research, and Data Triangulation. Secondary resources are utilized to gain insights on the market and later primary research is conducted to revalidate the information and conclusion derived from the secondary research. Out of the total primary respondents, 24% were from North America, 29% were from Europe, 31% were from the Asia Pacific, and the rest of the respondents were from Latin America and MEA.
Secondary Research
Primary Research:
The information gained/procured from the secondary data sources is validated through extensive primary interviews with industry experts across the Automotive Steering Wheels supply chain. The primary research is also conducted to identify key players in the market and to gather and validate already procured information pertaining to their market-specific financial information. Moreover, primary research is used to gain/validate information about:
- Automotive Steering Wheels market size at regional and country level
- Understanding market developments, future growth prospects, and upcoming challenges
- Overview of the Automotive Steering Wheels supply chain and overall ecosystem
Data Triangulation and Market Size Estimations
The information procured from the secondary and primary resources is undergone through data triangulation methods to attain more accurate results on quantitative and qualitative analysis for specific market research studies. This helps to study any minutest details of the market along with building a clearer market-specific view for revenue estimations, industry trends, within each end-use industry, and estimate future trends within the market. After arriving at the global market numbers, top-down and bottom-up approaches are used to estimate, validate and finalize the market size of the Automotive Steering Wheels market.
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.
