Global Automotive Steering Wheel Market - Segmented by Material type (Aluminum, Steel, Magnesium, Others), Technology type, Vehicle type, Sales Channel, and Geography - Growth, Trends and Forecast (2022-2030)

Global automotive steering wheel market is expected to grow at a fast pace, depicting a CAGR of ~9% during the forecast period. Some of the major factor driving the growth of the market are the growing automotive industry in the Asia-Pacific region, increasing focusing towards the manufacturing of light-weight vehicles, and growing emphasis on safety solutions such as airbags.

Growing Emphasis of Safety Solutions and Multifunctional Systems
Today, the important components of the vehicles are much 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 also increase.

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.

Additionally, some of the other functions that are added to the steering wheels are safety functions. For instance, some steering wheels have built-in vibrating function and hands on-off detection systems, which alert the driver when an issue arises.

Passenger Cars – the Largest Segment
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 safety solutions such as driver’s airbag and ease of driving is expected to propel the growth of the market.

Asia-Pacific Expected to be the Automotive Steering Wheel Market Leader
As more than 50% of the vehicles are manufactured in Asia-Pacific region, the region accounts for the largest share, in terms of demand for automotive steering wheels across the globe. Additionally, with rapid urbanization in countries such as India, China, ASEAN Countries, the demand for and sales of passenger vehicles has been continually increasing, in turn boosting the demand for the steering wheel in the automotive industry.

The market study on the global automotive steering wheel is segmented into aluminum, magnesium, steel, and others based on material type; normal and control embedded based on technology type; passenger cars and commercial vehicles based on vehicle type; and OEMs and aftermarket based on sales channel.

Key Developments in the Automotive Steering Wheel Market
November 2017: European Commission announced that it has fined Tokai Rika, Takata, Autoliv, Toyoda Gosei, and Marutaka a total of EUR 34 million for breaching EU antitrust rules. The five car component suppliers had made a cartel and coordinated the prices or markets and exchanged sensitive information for the supply of seatbelts, airbags, and steering wheels to Japanese car manufacturers Toyota, Suzuki, and Honda in the European Economic Area (EEA).

Automotive Steering Wheel Market Key Industry Players: Autoliv, Takata, Toyoda Gosei, ZF TRW, Joyson Safety Systems, and Nihon Plast amongst others.

Reasons to Purchase Automotive Steering Wheel Market Report:
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Regions that are expected to witness the fastest growth during the forecast period
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