Global Automotive Steering Wheel Market Poised to Reach US$ 4.40 Bn by 2029, Boasting a CAGR of 4.11%

23-01-2024: Report Scope and Research Methodology:

The report features a thorough analysis of the impact of the COVID-19 lockdown on market leaders, followers, and disruptors. As lockdown measures varied across regions and countries, the report provides a nuanced understanding of the differential impact on segments. Decision-makers can leverage the report's insights to formulate short-term and long-term strategies tailored to specific regions. A complimentary sample report is available for those seeking insights into the research methodology.

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Market Drivers and Dynamics:

Market Drivers and Restraints:

The Global Automotive Steering Wheel Market anticipates substantial growth, primarily driven by the automotive industry. The steering wheel, a critical component responding to driver input for directional control, witnesses heightened demand due to technological advancements. Persistent car sales globally, coupled with a positive sales outlook and a growing economy in emerging countries, contribute to the surge in demand. The emphasis on safety-equipped vehicles, propelled by increased consumer awareness, further fuels the market. However, the complex assembly of wires poses challenges, leading to potential dysfunction and restraining global market growth.

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Segment Analysis: Powder-Free Dominance and Automotive Steering Wheel:

The conventional steering wheel and control embedded steering wheel segments of the global automobile steering wheel market are based on technology. While control embedded steering wheels are predicted to expand at a quicker rate of CAGR% in the same period, regular steering wheels are forecasted to be the most prominent technology type in the global automobile market during the projection period. The demand for car steering wheels with airbags to meet safety regulations is also being influenced by the government of many nations implementing significant measures for the New Car Assessment Programme.

The global automotive steering wheel market is divided into three segments based on the type of vehicle: passenger, light commercial, and medium & heavy duty commercial. In terms of value, the passenger car category will hold a market share of more than 75% in 2022. In terms of volume, this category is anticipated to develop at the highest CAGR of XX% throughout the course of the forecast period. Global market growth will be aided by an organic increase in the manufacturing of passenger cars worldwide and a rising demand for very safe autonomous driving, particularly in premium and luxury vehicles.

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Who are Automotive Steering Wheel Market Key Players?

1. Autoliv Inc.
2. Takata Corporation
3. ZF TRW Automotive Holdings Corp.
4. Key Safety Systems Inc.
5. Nihon Plast Co., Ltd.
6. Tokai Rika Co.
7. Delphi
8. Max Orman Toyota
9. Alps
10.Valeo
11.Panasonic
12.Leopold Kostal
13.TOYODENSO
14.Marquardt
15.Toyoda Gosei Co Ltd.
16.TRW Sun Steering Wheels Pvt. Ltd.
17.Rane TRW
18.Joyson Safety Systems
19.Neaton Auto Products Manufacturing, Inc.
20.Hyundai Mobis Co. Ltd
21.Momo Automotive Accessories Inc.
22.Grant Products International INC
23.Moto Lita
24.Isotta
25.KKR Metal Components

Table of content for the Automotive Steering Wheel Market includes:

Part 01: Executive Summary

Part 02: Scope of the Automotive Steering Wheel Market Report

Part 03: Automotive Steering Wheel Market Landscape

Part 04: Automotive Steering Wheel Market Sizing

Part 05: Automotive Steering Wheel Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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Regional Perspectives: North America and APAC Leading the Way:

North America's Dominance: In 2023, North America held a market share of over 35.2%, driven by a robust healthcare sector and increasing industrial activities. Automotive Steering Wheel have become a staple in hospitals, clinics, and households, with rising awareness among individuals about the importance of cleanliness.

APAC Growth Trajectory: The Asia-Pacific region is a significant contributor, experiencing a rising demand for Automotive Steering Wheel due to a growing population and increased healthcare needs. The region serves as a major production hub, with governments encouraging hygiene practices and driving adoption.

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