Authored By: Sarah
11 Jul 2024

 Automotive Steering Wheel Market Size to grow by USD 11.20 billion between 2024-2028

According to a research report “ Automotive Steering Wheel Market” by Application (Passenger cars, Commercial vehicles) Channel (OEM, Aftermarket) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 11.20 billion, at a CAGR of about 7% during the forecast period. The automotive steering wheel market has witnessed significant growth over the last two decades, with steering wheels serving not only as a means for directional control but also as a hub for various dashboard functions. These functions include radio and music, cruise control, climate control, and hands-free calling. Traditional installation methods involve factory-installed buttons or touch panels, either as standard features or optional upgrades. Pioneer and other companies have capitalized on this trend by offering steering wheel-mounted remotes for aftermarket stereo systems, enabling drivers to maintain focus on the road while managing these functions without removing their hands or taking their eyes off the wheel.

Browse market data tables, figures, and in-depth TOC on “Automotive Steering Wheel Market” by Application (Passenger cars, Commercial vehicles) Channel (OEM, Aftermarket) Geography (APAC, North America, Europe, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample

 

By Application, the Passenger cars segment is projected to dominate the market size in 2024

The UR-Global Automotive Steering Wheel Market is projected to witness substantial growth in the OEM distribution channel from 2024 to 2028. This expansion can be attributed to several factors shaping the automotive industry, including the increasing demand for specialized and advanced steering wheels from OEMs. With automakers prioritizing innovation, electrification, and the integration of advanced driver-assistance systems, the need for electronically upgraded and multifunctional steering wheels is soaring. These steering wheels often feature touch controls, haptic feedback, and connectivity options, aligning with the trend towards smart and connected vehicles. Consequently, manufacturers are increasingly focusing on incorporating such advanced steering wheel technologies into their vehicle offerings.

By Channel, OEM  segment is expected to hold the largest market size for the year 2024

The passenger cars segment holds the largest market share in the global automotive steering wheel industry, both in terms of volume and value. This segment's significance is attributed to the strong correlation between industrial output and population demographics, making it a reliable economic development indicator. The demand for passenger cars is surging in emerging economies, particularly in Asia, due to economic growth and the expanding middle class. Notably, China, Brazil, and India are experiencing significant increases in passenger car demand. The revival of developed economies' economies is also contributing to the segment's continued dominance in the market.

APAC is forecasted to hold the largest market size by region in 2024

In the Asia Pacific (APAC) region, which is home to the fastest-growing economies such as China, India, Thailand, Indonesia, and South Korea, the economic expansion has significantly increased per-capita income and enhanced purchasing power. This development has resulted in a surging demand for both passenger cars and commercial vehicles. Governments in these countries have been investing heavily in infrastructure and industrial growth, leading to a high demand for commercial vehicles. India, in particular, is a significant contributor to the high-volume sales of both passenger cars and commercial vehicles due to its large population and price-sensitive customer base. Consequently, the mid and low-end passenger car segments are experiencing high demand in these markets.

The Automotive Steering Wheel Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • A.G Industries Pvt. Ltd.
  • AB Volvo
  • Autoliv Inc.
  • Dowlais Group plc
  • Grant Products
  • GSK InTek Co. Ltd.
  • ISOTTA
  • Joyson Safety Systems Aschaffenburg GmbH
  • KKR Metal Components
  • MOMO Srl
  • MZW Motor
  • Nexteer Automotive Group Ltd.
  • Nihon Plast Co. Ltd.
  • SAIC Motor Corp. Ltd.
  • Sun Autoelektrik Pvt. Ltd.
  • Tokai Rika Co. Ltd.
  • Toyoda Gosei Co. Ltd.
  • Valeo SA
  • ZF Friedrichshafen AG
  • Moto Lita Ltd.
.

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Research Analysis Overview

The automotive steering wheel market is witnessing significant growth due to the increasing demand for advanced safety features, electric power steering systems, and the integration of various controls such as air conditioning, cruise control, and multi-function buttons. Steering wheels are no longer just a means of direction control but also serve as a hub for various safety functions and driving conveniences. Steer-by-wire steering systems, which use sensors and electric components instead of a physical connection between the steering wheel and the wheels, are gaining popularity due to their benefits in terms of fuel consumption and driving experience. OEMs are investing heavily in developing high-quality steering wheels for both passenger vehicles and commercial vehicles, particularly in the passenger car segment and Electric Vehicles (EVs), as part of the ongoing automotive electrification trend. Safety remains a top priority in the steering wheel market, with features such as airbags and collision avoidance systems integrated into the design. Developing economies are also driving demand for steering wheels, as more consumers in these markets look to purchase passenger vehicles. The steering system market is expected to grow significantly in the coming years, driven by these trends and increasing emissions standards.

Market Research Overview

The Automotive Steering Wheel market is witnessing significant growth due to the integration of advanced safety features such as Airbags and Steering wheels with integrated controls for Air conditioning and Cruise control in passenger vehicles. The market is also driven by technological developments in Ultra-micro electric vehicles and Steer-by-Wire (SbW) technology. SbW technology uses actuators, algorithms, and electronics to provide steering assistance, improving driving experience and fuel economy. The market is influenced by factors such as the low unemployment rate, credit availability, and increasing consumer disposable income in developing economies. However, complications in wire connections and inflated costs due to the integration of multiple sensors, including multi-axis sensors, torque sensors, and tactile feedback devices, pose challenges. Major automotive companies like Nexteer Automotive Corp are investing in SbW technology to offer high-quality products and improve vehicle control in various segments, including passenger cars, light commercial vehicles, and heavy-duty vehicles such as pickups, wheeled loaders, motor graders, and articulated dump trucks. The market is also witnessing the integration of safety functions like Highway assist, Lane-keeping assist, and parallel parking. However, concerns over cyber-attacks and the need for fail-safe mechanisms and cybersecurity measures are hindering market growth. The market is expected to grow further with the increasing adoption of autonomous mobility and connected cars, reducing CO2 emissions, and meeting emissions standards. The market is also witnessing the integration of hydraulic power steering and electronic components in commercial vehicles and passenger cars, improving steering feel and fuel economy. The dual-pinion segment and luxury cars are also expected to witness significant growth in the market.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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