Steering Wheel Market: Current Analysis and Forecast (2022-2030)

Report Description

The Steering Wheel Market was valued at USD 18.8 Billion in 2021 & is expected to grow at a CAGR of 8.0% from 2022-2030. Owing to the income rise in emerging economies, consumers are able to spend more on vehicles, leading to an increase in demand for steering wheels. Moreover, consumers are becoming more affluent, there is a growing demand for luxury vehicles, which typically come with premium features such as heated and ventilated steering wheels. Additionally, as more people move from rural areas to urban centres, there is a growing demand for vehicles, which is driving the demand for steering wheels. Furthermore, the development of new technologies such as electric and autonomous vehicles is driving the demand for steering wheels, as these vehicles require steering wheels for manual operation.  For instance, in May 2023, The Hyundai e-Corner system, or Hyundai’s 4-wheel steering, was launched which allows the driver to do various kinds of manoeuvres. Other than the exciting Crab Driving, the system also allows the car to do a zero turn, pivot turn and diagonal driving. All these literally eliminate any reason to not drive in urban centres.

Some of the major players operating in the market Momo Automotive Accessories Inc., Key Safety Systems, GSK Intek, Moto Lita, Sabic., Toyoda Gosei, Takata, Hyundai Mobis Co. Ltd, Autoliv, and Isotta. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst sales channels, the aftermarket segment will have a significant growth rate in the upcoming forecast period.”

By sales channel, the market is bifurcated into OEM and aftermarket. Amongst these, the aftermarket segment will have significant growth in the upcoming forecast period. This is because aftermarket steering wheels offer consumers a wider range of options in terms of design, materials, and features. This allows consumers to customize their vehicles to their specific preferences and needs. Additionally, aftermarket steering wheels are often of higher quality than OEM steering wheels, as they are designed for performance and aesthetics rather than cost-effectiveness.

“Amongst vehicle type, the commercial vehicles segment will have a significant growth rate in the upcoming forecast period.”

By vehicle type, the market is bifurcated into passenger vehicles and commercial vehicles. Among these, commercial vehicles will have a significant growth rate in the upcoming forecast period. The major share of the wireless steering wheel technology can be attributed to the increasing demand for commercial vehicles in industries such as logistics, transportation, and construction has led to a rise in the demand for steering wheels in this segment. Additionally, the growing trend of automation and digitization in the commercial vehicle industry has led to the development of advanced steering wheel technologies, such as sensors and automation features, which are driving the growth of the commercial vehicle segment in the steering wheel market.

“The Asia Pacific region has significant growth in the steering wheel.”

The Asia Pacific region has significant growth in the steering wheel market due to its large population and growing middle class, which has led to an increase in demand for passenger vehicles. This increase in demand for vehicles has also led to a rise in demand for steering wheels. Asia Pacific region is home to several major automotive manufacturers, which has led to the development of advanced steering wheel technologies and increased competition in the market. Additionally, the region has seen significant economic growth in recent years, which has led to increased purchasing power and demand for luxury vehicles, which often come equipped with advanced steering wheel technologies. Moreover, several countries in the region have implemented regulations aimed at improving vehicle safety, which has led to an increase in demand for steering wheels with advanced safety features.

Steering Wheel Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global steering wheel market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Steering Wheel Market Analysis (2022-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global steering wheel market were the three major steps undertaken to create and analyze the adoption of steering wheel in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global steering wheel market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the steering wheel market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the steering wheel market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, technology, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the steering wheel market. Further, we conducted factor analysis using dependent and independent variables such as product, technology, and end-users of the steering wheel market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the steering wheel market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global steering wheel market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the steering wheel market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global steering wheel market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global steering wheel market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the product, technology, and end-users in the global steering wheel market.

The main objective of the Global Steering Wheel Market Study

The current & future market trends of the global steering wheel market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the steering wheel market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the vehicle type, technology type, sales channel and size.
• Define and analysis of the regulatory framework for the steering wheel
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the steering wheel market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the steering wheel market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team