Automotive Steering Wheel Market Report

Market Insights

The global automotive steering wheel market is projected to grow at a healthy CAGR of >4% CAGR over the next five years to reach US$ 3.85 billion in 2025. Increasing automobile production fueled by rising disposable income, the introduction of stringent safety standards, rising demand for safety equipped vehicles, and advancement in steering wheel technology are major growth drivers of the automotive steering wheel market globally.

Segments' Analysis

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Automotive Steering Wheel Market Share by Vehicle Type

The global automotive steering wheel market is segmented based on vehicle type: passenger car, light commercial vehicle, and medium & heavy duty commercial vehicle. The passenger vehicle is expected to remain the most dominant vehicle type during the forecast period of 2020 to 2025. This vehicle segment is also likely to grow at the fastest rate in the same period, driven by an organic growth in the passenger car production across the globe and increasing demand for autonomous driving with high passenger safety, especially in premium and luxury cars.

Automotive Steering Wheel Market Share by Steering Diameter Size Type

Based on steering diameter size, the global automotive steering wheel market is segmented as small, medium and large diameter. Small-sized steering occupies the largest share in the global automotive steering wheel market because of its high use in passenger cars, especially in hatchback and mid-size sedan cars. This diameter size is projected to witness the fastest growth during the studied period of 2020 to 2025, driven by Asia-Pacific and Rest of the World.

Automotive Steering Wheel Market Share by Technology Type

Based on the technology, the global automotive steering wheel market is segmented as normal steering wheel and control embedded steering wheel. The normal steering wheel is projected to remain the most dominant technology type in the global automotive industry during the forecast period whereas control embedded steering wheel is expected to grow at a faster rate in the same period. Key initiatives, such as New Car Assessment Program taken by the government of many countries is also influencing the demand for automotive steering wheels equipped with an airbag to meet their safety standards.

Regional Insights

Based on region, the global automotive steering wheel market is segmented into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific is projected to remain the largest automotive steering wheel market during the forecast period of 2020 to 2025. This region is also likely to witness the fastest growth in the same period, driven by increasing automobile production mainly in China and India. Both countries (china and India) would remain act as the growth engines of the Asia-Pacific region in the coming five years. Europe and North America are also sizeable markets and are likely to experience healthy growths in the same period.

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Market Scope & Segmentation

The market is segmented in the following ways:

Automotive Steering Wheel Market Size, Share & Forecast by Vehicle Type:

• Passenger Car (Regional Analysis: NA, Europe, APAC, and RoW)
• Light Commercial Vehicle (Regional Analysis: NA, Europe, APAC, and RoW)
• Medium & Heavy Duty Commercial Vehicle (Regional Analysis: NA, Europe, APAC, and RoW)

Automotive Steering Wheel Market Size, Share & Forecast by Wheel Diameter:

• Small (Regional Analysis: NA, Europe, APAC, and RoW)
• Medium (Regional Analysis: NA, Europe, APAC, and RoW)
• Large (Regional Analysis: NA, Europe, APAC, and RoW)

Automotive Steering Wheel Market Size, Share & Forecast by Technology Type:

• Normal Steering Wheel (Regional Analysis: NA, Europe, APAC, and RoW)
• Control Embedded Steering Wheel (Regional Analysis: NA, Europe, APAC, and RoW)

Automotive Steering Wheel Market Size, Share & Forecast by Material Type:

• Polyurethane (Regional Analysis: NA, Europe, APAC, and RoW)
• Leather (Regional Analysis: NA, Europe, APAC, and RoW)
• Wood (Regional Analysis: NA, Europe, APAC, and RoW)

Automotive Steering Wheel Market Size, Share & Forecast by Region:

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Italy, Russia, and Rest of the Europe)
• Asia-Pacific (Country Analysis: China, Japan, South Korea, India, and Rest of Asia-Pacific)
• Rest of the world (Country Analysis: Brazil, Argentina, and Others)

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Key Players

Some of the well-known steering wheel manufacturers in the automotive industry are-

• Autoliv Inc.
• Takata Corporation
• ZF TRW Automotive Holdings Corp.
• Key Safety Systems Inc.
• Nihon Plast Co., Ltd.
• Tokai Rika Co.

Advancement in technology, wide geographical presence, long-term contracts with customers are the key strategies adopted by the key players to gain a competitive edge in the market.

Research Methodology

For calculating the market size, our analysts follow either Top-Bottom or Bottom-Top approach or both, depending upon the complexity or availability of the data points. Our reports offer high-quality insights and are the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. We leverage multitude of authenticated secondary sources, such as company annual reports, government sources, trade associations, journals, investor presentation, white papers, and articles to gather the data. More than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts are usually executed to obtain both qualitative and quantitative insights.

Report Features

This report, from Stratview Research, studies the steering wheel market in the global automotive industry over the period 2020 to 2025. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities in the market.

The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3)
• SWOT analysis of key players (up to 3)

Market Segmentation

• Current market segmentation of any one of the vehicle type by technology type 

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com