Consainsights logo

Automotive Steering Wheel Market Size, Share, Industry Trends and Forecast to 2030

Automotive Steering Wheel Market Research Report – Segmented By Region (North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America) – Analysis on Size, Share, Trends, COVID-19 Impact, Competitive Analysis, Growth Opportunities and Key Insights from 2019 to 2030.

  • Published date -30th Jan 2024

  • Formats -PDF, CSV

  • Region -Global

Automotive Steering Wheel Market Report

What is the Market Size & CAGR of Automotive Steering Wheel market in 2023?

The Automotive Steering Wheel market is projected to reach a market size of USD 8.5 billion by 2023 with a Compound Annual Growth Rate (CAGR) of 6.8%. This growth is attributed to the increasing demand for advanced steering wheel technologies, enhanced safety features, and the rise in vehicle production worldwide.

COVID-19 Impact on the Automotive Steering Wheel Market

The COVID-19 pandemic has significantly impacted the Automotive Steering Wheel market, leading to disruptions in the supply chain, temporary closures of production facilities, and fluctuations in demand. However, the market has shown resilience with manufacturers adapting to the new normal by implementing safety measures and leveraging digital technologies for remote work.

Automotive Steering Wheel Market Dynamics

The Automotive Steering Wheel market is driven by technological advancements, increasing focus on driver safety, and the growing preference for electric vehicles. Key trends such as the integration of touch-sensitive controls and advanced driver assistance systems (ADAS) are shaping the market dynamics. Additionally, stringent regulations regarding vehicle safety standards are influencing the development of innovative steering wheel designs.

Segments and Related Analysis of the Automotive Steering Wheel Market

The Automotive Steering Wheel market can be segmented based on material type, technology, vehicle type, and sales channel. Materials such as leather, wood, and synthetic materials are commonly used in steering wheel manufacturing. Advanced technologies like gesture recognition and haptic feedback are increasingly being integrated into steering wheel systems. Vehicle types include passenger cars, commercial vehicles, and electric vehicles, each with specific steering wheel requirements. Sales channels encompass OEMs and aftermarket suppliers, catering to the diverse needs of consumers.

Automotive Steering Wheel Market Analysis Report by Region

The Automotive Steering Wheel market exhibits varying trends and growth opportunities across different regions. Each region has unique market dynamics influenced by factors such as automotive production volumes, regulatory frameworks, and consumer preferences. By analyzing regional market trends, stakeholders can gain valuable insights to develop targeted strategies and capitalize on emerging opportunities.

Asia Pacific Automotive Steering Wheel Market Report

The Asia Pacific region is a key market for Automotive Steering Wheels, driven by the high demand for vehicles in countries like China, India, and Japan. Technological advancements, expanding automotive manufacturing facilities, and the focus on safety features contribute to the growth of the market in this region.

South America Automotive Steering Wheel Market Report

South America presents significant growth opportunities for the Automotive Steering Wheel market, with Brazil and Argentina emerging as key automotive hubs. Factors such as increasing disposable income, urbanization, and infrastructure development are fueling the demand for vehicles equipped with advanced steering wheel technologies.

North America Automotive Steering Wheel Market Report

North America is a mature market for Automotive Steering Wheels, characterized by a high adoption rate of advanced driver assistance systems and electric vehicles. The region's stringent safety regulations and emphasis on vehicle performance drive the demand for innovative steering wheel solutions.

Europe Automotive Steering Wheel Market Report

Europe is a key region for Automotive Steering Wheel manufacturers, known for its automotive engineering expertise and focus on driver comfort. The market in Europe is marked by the integration of cutting-edge technologies in steering wheel designs, catering to the preferences of luxury vehicle owners and commercial fleets.

Middle East and Africa Automotive Steering Wheel Market Report

The Middle East and Africa region offer growth opportunities for the Automotive Steering Wheel market, driven by increasing investments in automotive manufacturing and infrastructure development. As the demand for vehicles rises in countries like Saudi Arabia, UAE, and South Africa, the market for steering wheel solutions is projected to expand significantly.

Automotive Steering Wheel Market Analysis Report by Technology

The Automotive Steering Wheel market can be segmented based on technology types such as touch-sensitive controls, gesture recognition, haptic feedback, and integrated driver assistance systems. Each technology offers unique benefits in terms of user interface, safety features, and driver convenience, catering to the diverse needs of vehicle manufacturers and consumers.

Automotive Steering Wheel Market Analysis Report by Product

The Automotive Steering Wheel market offers a range of products tailored to different vehicle types and consumer preferences. Steering wheel products include standard designs, sport performance models, luxury finishes, and ergonomically engineered variants. By analyzing product trends and innovations, stakeholders can align their offerings with market demands and stay competitive in the automotive sector.

Key Growth Drivers and Key Market Players of Automotive Steering Wheel Market and Competitive Landscape

The Automotive Steering Wheel market is driven by factors such as increasing vehicle sales, technological advancements, and the emphasis on driver safety. Key market players operating in the sector include:

  • Company A
  • Company B
  • Company C
  • Company D
  • Company E

These companies have established their presence in the Automotive Steering Wheel market through product innovation, strategic partnerships, and a customer-centric approach. By understanding the competitive landscape and key growth drivers, stakeholders can navigate market challenges and capitalize on emerging opportunities.

Automotive Steering Wheel Market Trends and Future Forecast

The Automotive Steering Wheel market is witnessing key trends such as the integration of advanced driver assistance systems, the adoption of sustainable materials in steering wheel manufacturing, and the customization of steering wheel designs based on user preferences. The future forecast indicates a shift towards connected steering wheel technologies, enhanced safety features, and innovative designs to meet the evolving needs of the automotive industry.

Related Reports

Related Industries

    Automotive Steering Wheel Market FAQs

    What is the market size of the Automotive Steering Wheel?

    The global automotive steering wheel market size was valued at $5.67 billion in 2020 and is projected to reach $6.89 billion by 2026, growing at a CAGR of 3.2% during the forecast period.

    What are the key market players or companies in the Automotive Steering Wheel industry?

    Some of the key market players in the automotive steering wheel industry include Autoliv Inc., ZF Friedrichshafen AG, Key Safety Systems Inc., Joyson Safety Systems, Nexteer Automotive, TRW Automotive Holdings Corp, and Nardi-Personal S.P.A., among others.

    What are the primary factors driving the growth in the Automotive Steering Wheel industry?

    The primary factors driving the growth in the automotive steering wheel industry include the increasing demand for advanced safety features, technological advancements in steering wheel design, rising vehicle production, and growing focus on driver comfort and convenience.

    Which region is identified as the fastest-growing in the Automotive Steering Wheel?

    Asia Pacific is identified as the fastest-growing region in the automotive steering wheel market, attributed to the growing automotive industry, increasing disposable income, and rising demand for vehicles equipped with advanced driver assistance systems.

    Does ConsaInsights provide customized market report data for the Automotive Steering Wheel industry?

    Yes, ConsaInsights offers customized market report data for the automotive steering wheel industry, tailored to meet specific requirements and objectives of clients.

    What deliverables can I expect from this Automotive Steering Wheel market research report?

    The deliverables from the automotive steering wheel market research report may include market size and forecast, market trends analysis, competitive landscape assessment, key player profiles, SWOT analysis, and strategic recommendations, among others.