Automotive Steering Wheel Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2043
Automotive Steering Wheel Market size is anticipating noticeable growth due to growth in automotive industry as it is key element in automobiles. It responds to drivers input to move in a specific direction. New technological advancement in product has pumped demand for automotive steering wheel market.
Continued sales in global car industry has boosted automotive steering wheel market. Positive sales outlook and growing economy in developing countries has accelerated the product demand. Rising investment on cars has positively impacted the product demand.
Growing consumer expenditure on vehicle purchase has influenced automotive steering wheel market. People spends over 15% of their annual income on buying an automobile. The product is an essential vehicle component that is used with strategic movements of hand and wrist to control vehicle movement. First automobile was steered in 1890, it is one of the earliest component which was introduced in a vehicle. Being an oldest part, it has a strong position in automobile industry.
Rising demand for safety equipped vehicle has fueled the demand for automotive steering wheel market. Advanced technology in the component has added value in vehicle such as power steering. This mechanism helps driver by augmenting efforts of the wheel, it reduces physical exertions of the car driver to turn the wheels when a vehicle is stopped or moving slowly. With growing technical advancement, product demand is rising significantly.
Challenges faced by automotive steering wheel market are extremely complicated linkages, chances of overturning and inflated cost. Connection of wires in the system are complicated thus, any failure can lead to severe consequences. With advancement in technology cost of the system has increased considerably and addition of more components make vehicle heavier. Growing consumer concern towards safety and security has hindered the product growth.
Automotive steering wheel market is divided into passenger, light commercial, heavy and medium duty vehicles. Passenger vehicle will lead the segment in the forecast time. The product is available in small, medium and large sizes. Small diameter size accounts for more share in near future owing to high comfort and light weight associated with them. Technological bifurcation involves normal and control embedded steering. It is widely used in automobile industry in various applications such as trucks, bus, cars and tractors.
Asia Pacific, dominated by India and China are major contributors in automotive steering wheel market with rise in locomotive industry. Increasing population and rise in disposable income are the factors boosting demand in the region. The country hosts almost all big brands and models’ such as Audi. The product is featured by all car brand making it most required component in a vehicle.
Germany and United Kingdom are largest buyers of cars in the world. United Kingdom sold over 2 million cars and trucks in 2012, which is one of the highest figure recoded. It is home to over 6 volume car manufacturers and commercial vehicles. More than 70% of vehicle manufactured in the region is exported to various countries for consumption. Growing demand of automobiles and exports in the region is driving growth for automotive steering wheel market in Europe.
The U.S. is one of the largest car manufacturer in the world. Easy availability of credit and low unemployment rate has created lucrative opportunity for vehicle demand & sales. With increasing demand for cars in the region automotive steering wheel market will foresee significant growth.
Prominent players in automotive steering wheel market are Takata Corporation, Tokai Rika, AutoLiv, ZF TRW, Key safety systems, Nihon Plast, Vehicle Improvement Product and Neaton auto products manufacturing.
Companies are adopting various strategies to capture this growing market including, facility expansion, merger and acquisition. Tokai Rika Co is expanding their facilities of Foshan Tokairika Automobiles Parts Co. The aim of expansion is to increase plant’s capacity by 50% to strengthen their ability to satisfy growing customer needs.
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