An Increase In Vehicle Production Has Propelled the Growth of the Steering Wheel Market in the APAC Region!
- Vikas Kumar
- December 22, 2023
- AUTOMOTIVE, NEWS
- Steering Wheel Market Analysis, Steering Wheel Market Forecast, Steering Wheel Market Growth, Steering Wheel Market Outlook, Steering Wheel Market Share, Steering Wheel Market Size, Steering Wheel Market Trends
- 0 Comments
An increase in vehicle production can have a positive impact on the steering wheel market. There are several ways in which this happens. As the production of vehicles increases, there are more cars, trucks, and other vehicles on the road. This increased demand for vehicles means that there is also a higher demand for the components that make up these vehicles, including steering wheels. When the production of vehicles increases, car manufacturers may introduce new models to the market. These new models often come with new steering wheel designs, which can increase the demand for steering wheels in the market. As vehicles age, their steering wheels may need to be replaced. An increase in vehicle production can lead to an increase in the number of vehicles on the road, which in turn can lead to an increase in replacement demand for steering wheels. With the increasing competition in the automotive industry, car manufacturers are constantly trying to differentiate their products from others. They may add new features to the steering wheel, such as touch screens, voice assistants, or other controls, which can attract more customers and boost the market demand for steering wheels.
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Further, the APAC Steering Wheel Market is expected to grow at a strong CAGR of 8.6% during the forecast period (2022-2030S). APAC is anticipated to emerge as the fastest-growing vehicle market primarily owing to the increasing income and population in China, India, and Japan. Meanwhile, China constitutes to be the largest market in the APAC region, accredited to rising expenditure on vehicles, while Japan is the second largest player.
Overall, an increase in vehicle production can have a positive impact on the steering wheel market, as it can lead to increased demand for steering wheels from both new car buyers and those who need to replace older ones.
FIG. 1 APAC Steering Wheel Market Revenue (2020-2030)- USD Mn
Based on technology type, the market is segmented into normal steering wheel and control embedded steering wheel. Amongst these, the normal steering wheel segment dominated the market in 2021. This is because normal steering segments are widely used in various applications, such as automobiles, commercial vehicles, and agricultural machinery, due to their ability to provide precise and responsive steering control. One of the key advantages of normal steering is its durability and reliability. They are designed to withstand the rigours of heavy-duty use and can last for many years with proper maintenance. This makes them a cost-effective option for manufacturers and end-users alike.
By vehicle type, the market is bifurcated into passenger vehicles and commercial vehicles. Among these, passenger vehicles captured the majority share of the steering wheel market in 2021. The major share of the passenger vehicles can be attributed to the world becoming urbanized and having access to personal transportation, the demand for cars and light commercial vehicles has increased, leading to a higher demand for steering components. In addition to the increasing demand for cars and light commercial vehicles, the passenger vehicle segment is also characterized by a high level of competition among manufacturers. As a result, manufacturers are constantly looking for ways to differentiate their products and improve performance, which has led to the development of advanced steering technologies and components.
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Global Steering Wheel Market Segmentation
Market Insight, by Technology Type
- Normal Steering Wheel
- Control Embedded Steering Wheel
Market Insights, by Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
Market Insights, by Sales Channel
- OEM
- Aftermarket
Market Insights, by Size
- Small
- Medium
- Large
Market Insight, by Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- Germany
- UK
- Italy
- France
- Rest of Europe
- APAC
- China
- Japan
- India
- Rest of APAC
- Rest of the World
Top Company Profiles
- Schneider Electric
- Siemens
- ABB
- Samsung
- Honeywell International
- Robert Bosch GmbH
- LG Electronics
- ASSA ABLOY
- ACUITY BRANDS, INC.
- Cisco Systems, Inc.
