Automotive Steering Wheels Market Steers Toward Growth with Smart & Ergonomic Innovations

Automotive steering wheel is the primary user interface of a vehicle. This is used to control the direction and speed of the vehicle, and are found in cars, trucks, and buses. The modern steering wheel is typically made of plastic, leather, wood, or metal, and is designed for ergonomic comfort and ease of use. It also feature a range of features including airbags, audio controls, cruise control, and multifunction buttons. The automotive industry has witnessed significant growth in recent years, owing to the increasing demand for luxury cars and improved technology in the automotive sector. This, in turn, has led to an increase in the demand for this. This is available in both types; manual and electric. The global automotive steering wheel market has been segmented for all vehicle types including passenger cars, light commercial vehicles, heavy commercial vehicles in the report.

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Technological Advancements in Steering Wheels

Technological advancement in the automotive industry is encouraging steering wheel manufacturers to focus on advanced technologies to increase safety and to enhance the overall vehicle efficiency. For instance, in October 2021, Hyundai Mobis Automotive Parts Co. announced the development of foldable steering system technology that enables the folding and unfolding of a steering wheel and can move forward and backward up to 25cm.

This technology enhances the vehicle design and provide more space for the driver's seat. Similarly, in February 2023, Japanese steering wheels manufacturer JTEKT Corporation along with EPFL (Swiss Federal Institute of Technology Lausanne) researchers developed an autonomous vehicle control system to increase overall efficiency and safety of the vehicle. This system is based on the concept of collaborative steering that provides human drivers with steering assistance in tasks like cantering a vehicle in its lane.

Along with the increasing demand for vehicles globally, stringent government regulations are also propelling the demand for steering wheel market during the forecast period. Governments in various countries such as the International Council on Clean Transportation in Europe and National Highway Traffic and Safety Administration in the U.S., and others have introduced stringent vehicle regulations for vehicle safety and fuel efficiency. Such regulations have compelled steering wheel manufacturers to invest more on fuel-efficient steering technologies.

The increasing demand for vehicle is driving the steering wheels market significantly. To fulfil the increasing market demand, companies are expanding their geographical presence by setting-up new production facilities in attractive regions. For instance, in May 2021, Autolive Inc., announced to set-up a steering wheel manufacturing plant of 30,000 square meter in Aguascalientes, Mexico. Similarly, in November 2019, a Romanian automotive parts manufacturer Valtryp opened its new factory in Oradea, Romania to manufacture car steering wheels.

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The global automotive steering wheel market is driven by the increasing demand for vehicles with advanced safety features, such as cruise control, airbags, and advanced driver assistance systems. Furthermore, the growing demand for steering wheels with additional features, such as ergonomic design, and self-parking, are expected to drive the growth of the global automotive steering wheel market during the forecast period. However, the rise in the cost of raw materials such as aluminum, steel, leather, and others is expected to hinder the market growth during the forecast period.

By Region

North America (U.S., Canada, Mexico)
Europe (France, Germany, Italy, Spain, UK, Russia, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, Rest of Asia-Pacific)
LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, Rest of LAMEA)

Key Market Players

Valeo Group,
Takata Corporation,
JTEKT Corporation,
Autoliv Inc.,
Neaton Auto Products Manufacturing, Inc.,
Hyundai Mobis Automotive Parts Co., Ltd.,
Tokai Rika Co., Ltd.,
ZF Friedrichshafen AG,
Nexteer Automotive,
Toyoda Gosei Co., Ltd.

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