Automotive Steering Wheel Market Segmented By Magnesium Steering Wheel, Aluminum Steering Wheel, Steel Steering Wheel Product in Normal, Control Embedded Technology in Passenger Cars, Commercial Vehicles, Heavy Commercial Vehicles
The most recent study from Persistence Market Research on the global market for steering wheels predicts that by the end of 2027, more than 2286 million units will have been supplied. According to the analysis, over the forecast period (2017–2027), the US$ 337,585 Mn automobile steering wheel market will grow strongly at a CAGR of 8.27%, reaching a valuation of US$ 899,559.9 Mn. Automobile parts, including steering wheels, are projected to undergo significant technological and design changes as self-driving technology steadily becomes a reality.
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The automotive steering wheel market in North America is being driven by the accessibility of cutting-edge automotive component technology and the rising demand for innovative steering wheel designs that are appropriate for contemporary car interiors. Manufacturers are concentrating on enhancing steering wheels with more functions to provide drivers more control. Manufacturers are being compelled to make their goods safer as a result of growing concern over car safety. Over the course of the forecast period, North America is anticipated to represent a considerably bigger proportion of the global market in terms of value.
During the forecast period, Asia Pacific, excluding Japan (APEJ), is anticipated to experience the fastest growth in the automobile steering wheel market. In China and India, two nations in the region that have intensified their push for road safety, sales of cutting-edge car steering wheels are constantly rising. These nations are also the top producers of car accessories, and both are still in early stages of growth. The global market for automobile steering wheels is predicted to benefit from a greater emphasis on road safety.
Key Companies-
- Hyundai Mobis Co. Ltd
- ZF Friedrichshafen Manufacturing Company
- Takata
- Momo Automotive Accessories Inc.
- Toyoda Gosei
- Tokai Rika Co., Ltd.
- Autoliv
- Key Safety Systems
- Nihon Plast Co. Ltd
- Grant Products International INC
- GSK Intek
- Moto Lita and more
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The most appealing product type segment of the market is anticipated to continue to be driver airbags. Airbags are now a crucial part of passenger safety and are available in low-mid range and high-end automobiles. In addition, automakers are implementing airbags in steering wheels quickly to meet the updated auto safety rules.
The silicone coated version of the car steering wheel is anticipated to continue to have the highest level of demand. By the end of the assessment period, it is anticipated that neoprene coated automotive steering wheels will hold a market share of more than two thirds.
Region Coverage (Regional Production, Demand & Forecast by Countries etc.):
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain etc.)
Asia-Pacific (China, India, Japan, Southeast Asia etc.)
South America (Brazil, Argentina etc.)
Middle East & Africa (Saudi Araia, South Africa etc.)
Key Stakeholders
Steering wheels Market Manufacturers
Steering wheels Market Distributors/Traders/Wholesalers
Steering wheels Market Subcomponent Manufacturers
Industry Association
Downstream Vendors
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Key Questions Answered in the Steering wheels Market Report
How is the Steering wheels Market expected to grow over the projected period?
What direction is the Steering wheels Market expected to take in terms of volume and value during the forecast period?
What is the impact of macroeconomic factors on the Steering wheels Market in future?
What are the key market drivers in the Steering wheels Market?
What are significant opportunities and improvement areas for Steering wheels Market manufacturers?
What are the key developments and trends taking over the Steering wheels Market?
Which are the emerging countries that are expected to create significant growth opportunities in the Steering wheels Market?
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