Automotive Steering wheel Market Forecast a Steady Growth at 2.3% CAGR, Projected to Hit US$ 39.5 Billion by 2027 | Persistence Market Research
Discover the automotive steering wheel market’s growth potential and key trends. Learn about leading players, technology innovations, and opportunities in this dynamic industry. Explore market segmentation, collaborations, and recommendations for steering wheel manufacturers.
New York, Jan. 19, 2024 (GLOBE NEWSWIRE) — Market Overview:
The automotive steering wheel market is a critical segment within the broader automotive industry, playing a pivotal role in vehicle control and driver comfort. Steering wheels are an essential component of any vehicle, facilitating the driver’s ability to navigate and control the direction of the vehicle. Beyond their functional aspect, steering wheels have evolved to become a significant design element, reflecting a vehicle’s aesthetics and brand identity.
The automotive steering system market was valued at USD 35.3 billion in 2022 and is expected to reach USD 39.5 billion by 2027, at a CAGR of 2.3% over the forecast period 2022-2027. The global automotive steering wheel market has witnessed steady growth in recent years, driven by several factors. The market size is influenced by the increasing production of vehicles worldwide, particularly in emerging economies. As more people own cars, the demand for steering wheels continues to rise. Additionally, the automotive industry’s shift towards electric and autonomous vehicles has created new opportunities for steering wheel manufacturers to innovate.
Moreover, the market is benefitting from a growing emphasis on safety and driver-assist technologies. Modern steering wheels often incorporate advanced features such as adaptive cruise control, lane-keeping assistance, and haptic feedback systems, which enhance driving comfort and safety. These technological advancements are propelling the steering wheel market forward.
Furthermore, the increasing preference for customizable steering wheels, with various materials, shapes, and functionalities, is contributing to market expansion. Consumers now seek steering wheels that not only provide efficient control but also align with their personal preferences and the overall vehicle design.
In terms of growth, the automotive steering wheel market is expected to continue its upward trajectory. As electric and autonomous vehicles become more prevalent, steering wheels may undergo further transformation, incorporating features related to human-machine interface (HMI) and connectivity. The integration of touchscreens, gesture controls, and voice recognition technology is likely to define the future of steering wheel design, making it a focal point of innovation in the automotive sector.
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Key Market Statistics:
| Report Coverage | Details | |
| Market Revenue 2022 | US$ 35.3 billion | |
| Projected Market Value (2027F) | US$ 39.5 billion | |
| Global Market Growth Rate (CAGR 2022 to 2027) | 2.3 % | |
| Forecast Period | 2022-2027 | |
| No. of Pages | 353 Pages | |
| Market Segmentation |
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| Regions Covered | North America; Latin America; Europe; South Asia & Pacific; East Asia; The Middle East & Africa. | |
| Key Companies Profiled |
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Technology Trends:
Several notable technology trends are shaping the automotive steering wheel market. One of the most significant trends is the integration of advanced driver-assist systems and autonomous driving capabilities into steering wheels. These systems use sensors and cameras to monitor the road and driver behavior, allowing the steering wheel to assist in steering and navigation. Additionally, haptic feedback technology is being employed to provide subtle vibrations or resistance to the steering wheel, enhancing driver awareness and safety.
Furthermore, the use of sustainable and lightweight materials in steering wheel manufacturing is gaining traction. Automakers and suppliers are exploring options like carbon fiber-reinforced composites and eco-friendly leather alternatives to reduce weight and improve fuel efficiency.
Moreover, steering wheels are becoming part of the broader vehicle connectivity ecosystem. Modern steering wheels may include touch-sensitive controls, allowing drivers to interact with infotainment systems, navigation, and communication features without taking their hands off the wheel. Voice-activated controls and advanced driver monitoring systems are also emerging as prominent technology trends, enhancing the overall driving experience and safety.
Market Drivers:
The automotive steering wheel market is influenced by several key drivers that are shaping its growth and dynamics. These drivers play a significant role in steering the industry toward new opportunities and innovations.
Global Automotive Production: The steady increase in global automotive production is a primary driver of the steering wheel market. As more vehicles are manufactured worldwide, the demand for steering wheels naturally rises. Emerging markets, particularly in Asia, have witnessed substantial growth in vehicle production, contributing to the overall expansion of the steering wheel market.
Advanced Driver-Assist Systems (ADAS) and Autonomous Driving: The integration of ADAS and autonomous driving technologies into vehicles is a pivotal driver. Steering wheels are no longer solely manual control devices but are now equipped with sensors and adaptive systems that enhance safety and driving experiences. This trend drives the demand for sophisticated steering wheel solutions with features like lane-keeping assistance and adaptive cruise control.
Customization and Aesthetics: Consumer demand for customizable steering wheels and aesthetically pleasing designs is another driving factor. Customers seek personalized options for materials, shapes, and finishes to align with their preferences and the overall vehicle design. This trend encourages manufacturers to offer a diverse range of steering wheel options.
Environmental Concerns: Environmental considerations and regulations are driving the adoption of lightweight and sustainable materials in steering wheel manufacturing. Companies are exploring eco-friendly materials like carbon fiber-reinforced composites to reduce weight, improve fuel efficiency, and minimize the environmental impact of production.
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Key Players:
Several prominent companies dominate the global automotive steering wheel market, competing fiercely to innovate and meet the demands of an evolving automotive landscape. Some of the key players in this industry include:
ZF Friedrichshafen AG: ZF is a renowned global technology company known for its automotive systems, including steering systems and steering wheels. They offer a wide range of solutions catering to various vehicle types and technologies.
Bosch Automotive Steering GmbH: Bosch is a leading player in the automotive steering wheel market, providing advanced steering solutions and incorporating technology for ADAS and autonomous driving applications.
TRW Automotive Holdings (ZF TRW): ZF TRW, part of ZF Friedrichshafen AG, is a significant contributor to the steering wheel market, offering safety systems, steering components, and advanced steering wheel solutions.
JTEKT Corporation: JTEKT is a global leader in steering systems, with a strong focus on innovation and cutting-edge technology. They provide steering solutions for a wide range of vehicles, from passenger cars to commercial vehicles.
Momo Srl: Momo is renowned for its high-performance steering wheels and automotive accessories, catering to enthusiasts and luxury vehicle segments. Their products often prioritize design and customization.
Grant Products International, Inc.: Grant is a well-known manufacturer of custom steering wheels for a variety of applications, including hot rods, classic cars, and aftermarket modifications.
Challenges:
Evolving Vehicle Technologies: The rapid evolution of vehicle technologies, particularly in the context of electric and autonomous vehicles, presents a significant challenge. Steering wheels must adapt to incorporate advanced driver-assist systems and potentially evolve to become more multifunctional, which can be technically complex and costly.
Regulatory Compliance: Stringent safety and emissions regulations demand continuous innovation and adherence to standards. Meeting these regulatory requirements while providing advanced features poses challenges to steering wheel manufacturers, as they need to balance safety, functionality, and cost-effectiveness.
Sustainability Concerns: As environmental consciousness grows, steering wheel manufacturers face pressure to adopt sustainable materials and manufacturing processes. While this presents an opportunity, it also poses challenges in terms of finding cost-effective, eco-friendly materials that meet performance requirements.
Global Supply Chain Disruptions: Recent disruptions in global supply chains, such as those caused by the COVID-19 pandemic, have highlighted the vulnerability of the automotive industry. These disruptions can lead to delays and increased production costs, affecting the steering wheel market.
Opportunities:
Advanced HMI Integration: The integration of advanced human-machine interface (HMI) technologies into steering wheels represents a significant opportunity. Touchscreens, gesture controls, and voice recognition systems can enhance the driving experience and provide opportunities for steering wheel manufacturers to differentiate their products.
Customization and Personalization: Consumer demand for customized steering wheels offers opportunities for manufacturers to provide unique, tailor-made solutions. Offering a wide range of materials, designs, and finishes allows companies to tap into the growing market for personalized automotive accessories.
Connected and Autonomous Vehicles: The growth of connected and autonomous vehicles presents opportunities for steering wheel manufacturers to develop new functionalities related to vehicle control, entertainment, and communication. Steering wheels could become central hubs for vehicle connectivity, offering opportunities for innovation and differentiation.
Global Expansion: Expanding into emerging markets with rising vehicle production, such as China and India, presents opportunities for growth. These markets offer a vast customer base for steering wheel manufacturers looking to increase their global footprint.
Global Market Comparison:
When comparing the global automotive steering wheel market, regional variations exist due to differences in vehicle preferences, regulations, and economic factors:
North America: North America, particularly the United States, has a strong market for luxury and performance vehicles. This demand drives the market for high-end, customized steering wheels. Additionally, the region is at the forefront of ADAS and autonomous vehicle development, creating opportunities for steering wheel manufacturers to integrate advanced technologies.
Europe: Europe is known for its stringent safety and emissions standards, which drive demand for innovative steering wheel designs with advanced safety features. European consumers also value customization, creating opportunities for steering wheel manufacturers to offer personalized options.
Asia-Pacific: The Asia-Pacific region, led by China, has witnessed tremendous growth in vehicle production. This presents a significant opportunity for steering wheel manufacturers to tap into the expanding market. As consumer preferences for advanced features and personalized designs grow, so do the opportunities for steering wheel manufacturers in this region.
Latin America and Middle East/Africa: These regions have a growing automotive market, with potential opportunities for steering wheel manufacturers to cater to the demand for affordable yet feature-rich steering solutions. However, economic challenges and varying regulations can pose hurdles.
Competitive Landscape:
The competitive landscape of the automotive steering wheel market is characterized by a mix of established players and innovative newcomers. Key manufacturers such as ZF Friedrichshafen AG, Bosch Automotive Steering GmbH, and JTEKT Corporation continue to dominate the market with their comprehensive portfolios of steering solutions. These companies are known for their focus on innovation, safety, and advanced driver-assist systems integration.
In addition to established players, smaller niche manufacturers like Momo Srl and Grant Products International, Inc., specialize in high-performance and customizable steering wheels, catering to specific customer preferences and aftermarket modifications.
Furthermore, partnerships and collaborations between steering wheel manufacturers and automotive OEMs are becoming increasingly common. These collaborations allow for the development of tailor-made steering solutions that align with specific vehicle models and emerging technologies.
Future Outlook:
The future outlook of the automotive steering wheel market appears promising, driven by several factors. As vehicles continue to evolve with electric and autonomous technologies, steering wheels are poised to become more multifunctional and integral to the overall driving experience. Key trends include:
Advanced HMI Integration: Steering wheels are likely to incorporate advanced human-machine interface (HMI) technologies, including touchscreens, gesture controls, and voice recognition. This integration will enhance connectivity and driver convenience.
Customization and Personalization: Consumer demand for personalized steering wheels will remain strong. Manufacturers will focus on offering a wide range of materials, designs, and finishes to meet these preferences.
Connected and Autonomous Driving: Steering wheels will play a pivotal role in connected and autonomous vehicles, offering control, communication, and monitoring functionalities. Manufacturers will strive to innovate in this space, integrating more sophisticated sensors and AI-driven features.
Sustainability: Sustainability concerns will drive the adoption of eco-friendly materials in steering wheel manufacturing, aligning with broader automotive industry trends towards environmental responsibility.
Market Segmentation:
The automotive steering wheel market can be segmented based on several factors:
Type: Segments include traditional manual steering wheels and electronically assisted steering wheels, which are equipped with advanced features like adaptive cruise control and lane-keeping assistance.
Material: Steering wheels can be categorized by the materials used, such as leather, wood, carbon fiber composites, and other synthetic materials.
Vehicle Type: The market caters to various vehicle types, including passenger cars, commercial vehicles, and off-road vehicles, each with specific steering wheel requirements.
Technology Integration: Segmentation can be based on the level of technology integration, ranging from basic steering controls to advanced steering wheels with touchscreens and advanced driver-assist features.
Region: Geographical segmentation considers market dynamics and consumer preferences in different regions, such as North America, Europe, Asia-Pacific, Latin America, and the Middle East/Africa.
Collaborations and Partnerships:
Collaborations and partnerships play a pivotal role in shaping the automotive steering wheel market. In an industry characterized by rapid technological advancements and evolving consumer preferences, these strategic alliances allow companies to leverage each other’s strengths, drive innovation, and remain competitive. Here are some noteworthy examples of collaborations and partnerships in the automotive steering wheel market:
OEM and Steering Wheel Manufacturers Collaboration: Automotive Original Equipment Manufacturers (OEMs) often collaborate closely with steering wheel manufacturers to develop steering solutions that seamlessly integrate with their vehicle models. These partnerships ensure that steering wheels meet specific design and functionality requirements, aligning with the overall vehicle concept.
Technology Integration Partnerships: As steering wheels become more technologically advanced, steering wheel manufacturers frequently partner with technology companies specializing in human-machine interface (HMI), connectivity, and autonomous driving systems. These collaborations enable the integration of touchscreens, gesture controls, and voice recognition technology into steering wheels, enhancing the driving experience.
Eco-friendly Material Suppliers: Steering wheel manufacturers are increasingly partnering with suppliers of sustainable and eco-friendly materials. These collaborations facilitate the adoption of environmentally responsible materials in steering wheel production, aligning with the automotive industry’s growing focus on sustainability.
Advanced Driver-Assist System Providers: Steering wheel manufacturers collaborate with companies specializing in advanced driver-assist systems (ADAS) and autonomous driving technologies. These partnerships result in steering wheels equipped with sensors, cameras, and adaptive features that contribute to vehicle safety and automation.
Consumer Electronics Companies: To meet the demand for connected vehicles, steering wheel manufacturers may partner with consumer electronics companies. These collaborations focus on integrating infotainment systems, smartphone connectivity, and other entertainment features into steering wheels, enhancing the overall driving experience.
Recommendations:
Embrace Technological Advancements: Steering wheel manufacturers should prioritize collaboration with technology companies to incorporate advanced HMI and connectivity features. Embracing technological advancements will keep steering wheels relevant in the era of connected and autonomous vehicles.
Customization and Personalization: Recognize the importance of customization and personalization in the market. Collaborate with OEMs and suppliers to offer a wide range of materials, designs, and finishes, allowing customers to tailor their steering wheels to their preferences.
Sustainability Initiatives: Collaborate with suppliers of sustainable materials and invest in eco-friendly manufacturing processes. Implementing sustainability initiatives can align your products with environmental regulations and consumer expectations.
Global Expansion: Explore partnerships and collaborations that enable expansion into emerging markets with growing vehicle production. Establishing a presence in regions like Asia-Pacific can provide significant growth opportunities.
Safety and Compliance: Collaborate closely with automotive OEMs to ensure that steering wheels meet safety and regulatory standards. Focus on developing steering solutions that enhance safety, aligning with the increasing importance of advanced driver-assist systems.
Consumer Education: Educate consumers about the benefits and features of advanced steering wheels. Collaborate with OEMs to create marketing campaigns and materials that highlight the advantages of technologically advanced steering solutions
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