The Automotive Steering Wheel Market is anticipated to register a CAGR of over 7% during the forecast period (2020 - 2025).
- The important components of the steering system such as steering coupler, tie rod ends, power steering pump, and steering yoke are few main components which are more diverse and complex, and offers numerous advantages. With the consistent technological advancements, the ease and safety of engaging of more features in the steering wheel, the growth of the market increases.
- The number of functions in a vehicle has grown considerably over the past few years. In the last few decades, more of these modern functions have made their way from the dashboard to an easy-to-reach position on the steering wheel. For instance, vehicles from Toyota such as Yaris and Proace that has multi-function steering wheels, which provides an access to an increasing number of features from cruise control to air conditioning controls. Thereby, allowing the driver to push the appropriate button with the touch of a finger without putting themselves, passengers, and passengers in other vehicles at risk.
- Additionally, some of the other functions that are added to the steering wheels are safety functions likefew steering wheels have built-in vibrating function and hands on-off detection systems, which alert the driver when an issue arises.
Key Market Trends
Control Embedded Steering Wheels to Increase in Passenger Vehicles
Passenger cars account for the largest market share in the automotive steering wheel market. With the growing demand for light-weight vehicles, increasing disposable income, especially in the emerging economies, the demand for passenger cars has been continually increasing. Additionally, with the rising focus of the consumers towards enhancing the interiors of the vehicles and growing emphasis on the installation of control embedded steering wheels and safety solutions such as driver’s airbag and ease of driving is expected to propel the growth of the market.
Moreover, rising demand for premium and luxury cars, due to rising per capita income of consumers, is propelling the OEM segment of the market. Consumers are preferring their vehicles to be equipped with advanced convenience features, which includes control embedded wheels rather than conventional wheels.
The number of functions in a vehicle has grown considerably over the past few years. In the last few decades, more of these modern functions have made their way from the dashboard to an easy-to-reach position on the steering wheel. For instance, various new vehicles from Toyota that are sold today have multi-function steering wheels, which provides an access to an increasing number of features from cruise control to air conditioning controls. Thereby, allowing the driver to push the appropriate button with the touch of a finger without putting themselves, passengers, and passengers in other vehicles at risk.
Several auto manufacturers are focusing on the multi-functional wheels to provide in-vehicle comfort to the consumers. Rising demand for advanced technology such as power steering which reduces the physical exertions of the driver to turn the wheels and provides comfort to the driver, in order to growing technical advancement, the product demand is rising significantly.
Asia-Pacific to Witness a Significant Share
The Asia Pacific dominated the automotive steering wheel market across the globe, followed by Europe and North America. Additionally, with rapid urbanization in countries such as India, China, ASEAN Countries, the demand for passenger cars has been rapidly increasing, in turn boosting the demand for the steering wheel in the automotive industry.
Asia-Pacific region also accounts for the largest share as their owing to the availability of low-cost raw materials, cheap labor, increasing government initiatives towards local manufacturing, and free trade agreements with other countries. Moreover, some factors such as easy availability of credit and low unemployment rate are the major factors rising demand for cars in this region, leading to increasing demand for automotive steering wheels, which in turn is expected to drive the growth of the global market.
Also, expansion of road infrastructure across the region is likely to offer significant opportunities to the advanced convenience features, which includes control embedded steering wheels and safety features. India and China regions accounted for the highest share in the automotive steering wheel market from Asia-Pacific. Increasing population and urbanization and the rise in disposable income are the factors boosting demand in the region.
The Automotive Steering Wheel Market is dominated by several players such as Autoliv Inc., Takata Corporation, TOYODA GOSEI CO., LTD., ZF Friedrichshafen AG, Joyson Safety Systems, and Neaton Auto Products Manufacturing, Inc. These Companies are expanding their business by new innovative products, so that they can have edge over their competitors.
- In November 2018, Toyoda Gosei has announced the development of steering wheels with Human-machine interface (HMI) functions, which warn the driver of inattention or drowsiness. The company has sold these products to TG Logistics Co., Ltd.
- In September 2018, ZF Friedrichshafen AG announced the expansion of portfolio of steering parts as they are safety-relevant parts. They have expanded by including an additional 60 transverse control arms for models like Range Rover, Land Rover Discovery, Jaguar XF, XJ, F and S type. Additionally, they have included that steering wheel parts experiences high demand from ZF Aftermarket.
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