Automotive Steering Wheel Market Industry Analysis and Forecast (2024 to 2030)

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐒𝐭𝐞𝐞𝐫𝐢𝐧𝐠 𝐖𝐡𝐞𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:

The global automotive steering wheel market is poised for substantial growth over the forecast period (2024-2030), driven by technological advancements, the demand for enhanced safety features, and the growing focus on electric vehicles (EVs). With a strong projected growth rate, the market is expected to expand from USD 23.71 billion in 2023 to USD 35.72 billion by 2030, at a CAGR of 6.1%.

𝐓𝐨 𝐥𝐞𝐚𝐫𝐧 𝐦𝐨𝐫𝐞, 𝐬𝐢𝐦𝐩𝐥𝐲 𝐜𝐥𝐢𝐜𝐤 𝐨𝐧 𝐭𝐡𝐞 𝐥𝐢𝐧𝐤 𝐛𝐞𝐥𝐨𝐰: https://www.maximizemarketresearch.com/request-sample/35969/

𝐊𝐞𝐲 𝐃𝐫𝐢𝐯𝐞𝐫𝐬 𝐨𝐟 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡

Technological Advancements: The integration of advanced technologies such as adaptive steering systems, airbags, and multi-function steering wheels is significantly driving demand. Additionally, the growing adoption of electric vehicles (EVs) and autonomous driving technology has enhanced the market for steering wheels that offer enhanced functionality and safety.
Increase in Vehicle Production: Rising global vehicle production and the growing adoption of modern automobiles that demand high-quality steering solutions have supported the market's expansion.
Consumer Demand for Safety Features: There is an increasing demand for steering wheels integrated with safety features like airbags and collision mitigation systems, boosting market growth.
Electric Vehicle (EV) Adoption: As the automotive industry transitions to electric vehicles, steering wheel manufacturers are focusing on developing systems that support the unique requirements of EVs, further promoting market growth.

𝐂𝐨𝐮𝐧𝐭𝐫𝐲-𝐒𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐔𝐩𝐝𝐚𝐭𝐞𝐬 𝐚𝐧𝐝 𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬

𝐕𝐢𝐞𝐭𝐧𝐚𝐦'𝐬 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐒𝐭𝐞𝐞𝐫𝐢𝐧𝐠 𝐖𝐡𝐞𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐂𝐨𝐧𝐬𝐨𝐥𝐢𝐝𝐚𝐭𝐢𝐧𝐠 𝐟𝐨𝐫 𝐆𝐫𝐨𝐰𝐭𝐡 𝐚𝐧𝐝 𝐄𝐦𝐞𝐫𝐠𝐢𝐧𝐠 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬

Vietnam's automotive sector is seeing a rise in vehicle production, prompting a demand for more advanced steering wheels. The Vietnamese government's initiatives to support the development of the domestic automotive industry have accelerated the adoption of modern automotive components. Companies in Vietnam are also exploring mergers and acquisitions to expand their manufacturing capacities in response to growing demand.

𝐓𝐡𝐚𝐢𝐥𝐚𝐧𝐝'𝐬 𝐆𝐫𝐨𝐰𝐢𝐧𝐠 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐒𝐭𝐞𝐞𝐫𝐢𝐧𝐠 𝐖𝐡𝐞𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐀 𝐓𝐫𝐞𝐧𝐝 𝐨𝐟 𝐂𝐨𝐧𝐬𝐨𝐥𝐢𝐝𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧

Thailand is known as the Detroit of Southeast Asia, and the country's automotive industry plays a crucial role in the steering wheel market. Thailand-based Siam Steels, for instance, recently acquired a local steering wheel manufacturer to strengthen its production capacity and expand its product range. The Thai automotive sector's growth, fueled by exports, continues to drive the demand for steering wheel innovations.

𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞'𝐬 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐒𝐭𝐞𝐞𝐫𝐢𝐧𝐠 𝐖𝐡𝐞𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐆𝐫𝐨𝐰𝐭𝐡 𝐏𝐫𝐨𝐬𝐩𝐞𝐜𝐭𝐬 𝐚𝐧𝐝 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐦𝐞𝐧𝐭𝐬

Singapore, with its strong focus on smart manufacturing and automotive innovation, is emerging as a hub for steering wheel technology development. Several key players have set up research and development facilities in Singapore, fostering the growth of advanced steering wheel systems. Additionally, mergers in the region aim to enhance capabilities and support the demand from both regional and international markets.

𝐉𝐚𝐩𝐚𝐧'𝐬 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐒𝐭𝐞𝐞𝐫𝐢𝐧𝐠 𝐖𝐡𝐞𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐀 𝐓𝐫𝐞𝐧𝐝 𝐓𝐨𝐰𝐚𝐫𝐝 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥 𝐂𝐨𝐧𝐬𝐨𝐥𝐢𝐝𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐆𝐫𝐨𝐰𝐭𝐡

Japan has long been a leader in the automotive industry, with major manufacturers like Toyota, Honda, and Nissan at the forefront. Japanese companies are heavily investing in the development of next-gen steering wheel systems integrated with features like steering assistance and advanced infotainment systems. The Japanese automotive steering wheel market has witnessed several acquisitions by global players seeking to leverage advanced technologies in steering wheel designs.

𝐒𝐨𝐮𝐭𝐡 𝐊𝐨𝐫𝐞𝐚'𝐬 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐒𝐭𝐞𝐞𝐫𝐢𝐧𝐠 𝐖𝐡𝐞𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐂𝐨𝐧𝐬𝐨𝐥𝐢𝐝𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐑𝐢𝐬𝐢𝐧𝐠 𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐒𝐚𝐟𝐞𝐭𝐲 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐬

South Korea is increasingly focusing on smart steering systems, particularly those designed for electric vehicles. With strong R&D investments in automotive technology, South Korean companies are positioning themselves as leaders in the development of innovative steering wheel technologies. Recently, 𝐇𝐲𝐮𝐧𝐝𝐚𝐢 𝐌𝐨𝐛𝐢𝐬, one of South Korea's leading auto parts manufacturers, announced the acquisition of a smaller steering wheel manufacturer to boost its position in the smart vehicle systems market.

𝐓𝐨 𝐥𝐞𝐚𝐫𝐧 𝐦𝐨𝐫𝐞, 𝐬𝐢𝐦𝐩𝐥𝐲 𝐜𝐥𝐢𝐜𝐤 𝐨𝐧 𝐭𝐡𝐞 𝐥𝐢𝐧𝐤 𝐛𝐞𝐥𝐨𝐰: https://www.maximizemarketresearch.com/request-sample/35969/

𝐄𝐮𝐫𝐨𝐩𝐞𝐚𝐧 𝐂𝐨𝐮𝐧𝐭𝐫𝐢𝐞𝐬

In Europe, countries like Germany, France, and Italy are leading the charge in automotive innovation, with companies focusing on sustainable steering wheel materials and ergonomic designs. The European Union's push for greener vehicles and smarter safety solutions has created a fertile ground for mergers and acquisitions among steering wheel manufacturers. For example, Bosch and Continental are engaging in strategic partnerships to advance steering wheel technology, focusing on autonomous vehicle integration and driver safety features.

𝐔𝐧𝐢𝐭𝐞𝐝 𝐒𝐭𝐚𝐭𝐞𝐬

The US automotive market continues to grow rapidly, driven by innovations in electric and autonomous vehicles. With demand for sophisticated steering wheel systems such as adaptive and steer-by-wire technologies, several American automotive suppliers have strengthened their positions through acquisitions. For example, Denso Corporation recently expanded its steering systems division by acquiring a leading steering wheel technology company to enhance its product offerings for electric vehicles.

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐒𝐭𝐞𝐞𝐫𝐢𝐧𝐠 𝐖𝐡𝐞𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐜𝐨𝐩𝐞:

𝐛𝐲 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲

Normal Steering Wheel
Embedded Steering Wheel

The worldwide automobile steering wheel market is divided into two segments based on technology: control embedded steering wheel and regular steering wheel. While control embedded steering wheels are likely to expand at a quicker rate of CAGR% over the same time, regular steering wheels are expected to be the most prominent technology type in the global automobile market during the projection period. The demand for airbag-equipped car steering wheels to fulfill safety regulations is also being influenced by major steps being taken by the governments of several nations for the New Car Assessment Program.

𝐛𝐲 𝐖𝐡𝐞𝐞𝐥

Diameter Small
Medium
Large

The worldwide automotive steering wheel market is divided into three segments based on the type of vehicle: light commercial vehicles, medium and heavy duty commercial vehicles, and passenger vehicles. In terms of value, the passenger car category will hold a greater than 75% market share in 2023. Over the course of the forecast period, this category is anticipated to develop at the highest CAGR of xx% in terms of volume. The demand for autonomous driving with excellent passenger safety, particularly in premium and luxury automobiles, is expected to rise in tandem with an organic increase in passenger car production worldwide.

𝐛𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧

Passenger Car
Light Commercial Vehicle
Heavy and Medium Duty Vehicles
Farm Vehicle

𝐓𝐨 𝐥𝐞𝐚𝐫𝐧 𝐦𝐨𝐫𝐞, 𝐬𝐢𝐦𝐩𝐥𝐲 𝐜𝐥𝐢𝐜𝐤 𝐨𝐧 𝐭𝐡𝐞 𝐥𝐢𝐧𝐤 𝐛𝐞𝐥𝐨𝐰: https://www.maximizemarketresearch.com/request-sample/35969/

𝐊𝐞𝐲 𝐌𝐞𝐫𝐠𝐞𝐫𝐬 𝐚𝐧𝐝 𝐀𝐜𝐪𝐮𝐢𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐒𝐭𝐞𝐞𝐫𝐢𝐧𝐠 𝐖𝐡𝐞𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭

𝐒𝐨𝐮𝐭𝐡 𝐊𝐨𝐫𝐞𝐚'𝐬 𝐇𝐲𝐮𝐧𝐝𝐚𝐢 𝐌𝐨𝐛𝐢𝐬 𝐄𝐱𝐩𝐚𝐧𝐝𝐬 𝐢𝐧 𝐒𝐭𝐞𝐞𝐫𝐢𝐧𝐠 𝐖𝐡𝐞𝐞𝐥 𝐒𝐲𝐬𝐭𝐞𝐦𝐬

Hyundai Mobis, a leading global automotive parts supplier, has made significant acquisitions over the last few years to expand its steering wheel technology portfolio. Their most recent acquisition was of Harman's automotive division, which includes advanced steering wheel systems for autonomous vehicles and electric vehicles (EVs). This positions Hyundai Mobis as a key player in the growing steering-by-wire technology sector. The acquisition strengthens Hyundai's capacity to meet the needs of the electric and autonomous vehicle markets, where innovative steering systems are critical.

𝐉𝐚𝐩𝐚𝐧𝐞𝐬𝐞 𝐆𝐢𝐚𝐧𝐭 𝐓𝐨𝐲𝐨𝐭𝐚 𝐀𝐜𝐪𝐮𝐢𝐫𝐞𝐬 𝐒𝐭𝐞𝐞𝐫𝐢𝐧𝐠 𝐓𝐞𝐜𝐡 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐨𝐫

In late 2023, Toyota acquired Tatsuya Motors, a startup focused on automated steering wheel technologies. The acquisition is part of Toyota's broader push towards autonomous driving technologies and is expected to accelerate the development of steering-by-wire systems, which will be used in future models of autonomous and electric vehicles.

𝐙𝐅 𝐅𝐫𝐢𝐞𝐝𝐫𝐢𝐜𝐡𝐬𝐡𝐚𝐟𝐞𝐧'𝐬 𝐀𝐜𝐪𝐮𝐢𝐬𝐢𝐭𝐢𝐨𝐧 𝐨𝐟 𝐓𝐑𝐖

ZF Friedrichshafen, one of the largest suppliers of steering wheel and safety systems, has recently finalized the acquisition of TRW, a company specializing in vehicle safety technologies including steering mechanisms. This strategic acquisition is expected to enhance ZF's global presence, especially in Asia-Pacific and North America, while further improving its safety steering technologies and advanced driver-assistance systems (ADAS).

𝐓𝐚𝐤𝐚𝐭𝐚'𝐬 𝐏𝐨𝐬𝐭-𝐁𝐚𝐧𝐤𝐫𝐮𝐩𝐭𝐜𝐲 𝐑𝐞𝐬𝐮𝐫𝐠𝐞𝐧𝐜𝐞

After emerging from bankruptcy, Takata Corporation has been actively pursuing new mergers with smaller players specializing in safety systems for steering wheels. Takata's recent agreement with Toyoda Gosei for the supply of steering wheel airbag systems showcases its continued commitment to the market, particularly in Europe and North America, where regulatory safety standards are stringent.

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

𝐅𝐨𝐫 𝐚 𝐝𝐞𝐞𝐩𝐞𝐫 𝐮𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠, 𝐜𝐥𝐢𝐜𝐤 𝐨𝐧 𝐭𝐡𝐞 𝐥𝐢𝐧𝐤: https://www.maximizemarketresearch.com/market-report/global-automotive-steering-wheel-market/35969/

𝐌𝐞𝐫𝐠𝐞𝐫𝐬 𝐚𝐧𝐝 𝐀𝐜𝐪𝐮𝐢𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐒𝐭𝐞𝐞𝐫𝐢𝐧𝐠 𝐖𝐡𝐞𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭

The automotive steering wheel market is increasingly becoming competitive, with mergers and acquisitions (M&A) playing a pivotal role in consolidating the capabilities of key players and strengthening their market positions. Here are some of the noteworthy M&As and acquisitions:

𝐇𝐲𝐮𝐧𝐝𝐚𝐢 𝐌𝐨𝐛𝐢𝐬 acquired a small steering wheel supplier in South Korea, improving its production capacity and expanding its portfolio of advanced safety technologies.
𝐁𝐨𝐬𝐜𝐡 and 𝐂𝐨𝐧𝐭𝐢𝐧𝐞𝐧𝐭𝐚𝐥 signed a strategic partnership to enhance the development of autonomous steering wheel systems integrated with driver assistance features.
𝐃𝐞𝐧𝐬𝐨 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧 expanded its footprint in the 𝐬𝐦𝐚𝐫𝐭 𝐬𝐭𝐞𝐞𝐫𝐢𝐧𝐠 𝐬𝐲𝐬𝐭𝐞𝐦𝐬 market with the acquisition of a leading steering wheel manufacturer focused on electric vehicle applications.
These strategic moves are designed to help companies stay ahead of technological trends and capitalize on the growing demand for electric vehicles and autonomous driving systems.

𝐀𝐮𝐭𝐨𝐦𝐨𝐭𝐢𝐯𝐞 𝐒𝐭𝐞𝐞𝐫𝐢𝐧𝐠 𝐖𝐡𝐞𝐞𝐥 𝐌𝐚𝐫𝐤𝐞𝐭 𝐂𝐨𝐧𝐬𝐨𝐥𝐢𝐝𝐚𝐭𝐢𝐨𝐧 𝐓𝐫𝐞𝐧𝐝𝐬

As the automotive industry shifts toward electric vehicles and autonomous driving technologies, companies are increasingly focused on market consolidation. Mergers, acquisitions, and strategic partnerships are being used as key strategies to consolidate market share and strengthen the development of next-gen steering systems. The market is expected to witness continued consolidation as companies seek to pool their resources for advanced R&D and high-tech manufacturing capabilities.

𝐊𝐞𝐲 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬:

Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation - A detailed analysis by segment with their sub-segments and Region
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of Business by Region
Lucrative business opportunities with SWOT analysis
Recommendations

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