Automotive Steering Wheel Market

Market Insights

"The Automotive Steering Wheel Market is likely to grow at a CAGR of >4% during 2020-2025 to reach USD 3.85 billion in 2025".

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Market Dynamics

Market Drivers

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

By Vehicle Type

"The passenger vehicle is expected to remain the most dominant vehicle type during the forecast period of 2020 to 2025".

• The global automotive steering wheel market is segmented based on vehicle type: passenger car, light commercial vehicle, and medium & heavy duty commercial vehicle.
• 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.

By Steering Diameter Size Type

"Small-sized steering occupies the largest share in the global automotive steering wheel market".

• 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.

By Technology Type

"The normal steering wheel is projected to remain the most dominant technology type in the global automotive industry during the forecast period".

• 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 Analysis

"Asia-Pacific is projected to remain the largest automotive steering wheel market during the forecast period of 2020 to 2025".

• The global automotive steering wheel market is segmented into North America, Europe, Asia-Pacific and Rest of the World. 
• 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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Key Players

The following are the key players in the Automotive Steering Wheel Market (arranged alphabetically).

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

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.

Note: The above list does not necessarily include all the top players in the market.

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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.

What Deliverables Will You Get in this Report?

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.

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 [email protected]