Automotive Heated Steering Wheel Market by Heating Method (Inductive Heating, Resistive Heating), Price Range (Economy, Mid-range, Premium), Sales Channel, Vehicle Type - Global Forecast 2024-2030

Automotive Heated Steering Wheel Market by Heating Method (Inductive Heating, Resistive Heating), Price Range (Economy, Mid-range, Premium), Sales Channel, Vehicle Type - Global Forecast 2024-2030

The Automotive Heated Steering Wheel Market size was estimated at USD 3.51 billion in 2023 and expected to reach USD 3.73 billion in 2024, at a CAGR 6.42% to reach USD 5.43 billion by 2030.

A heated steering wheel is designed to heat the steering wheel in cold weather conditions, providing warmth directly to the driver's hands, thus ensuring comfort and safe vehicle control in icy or snowy conditions. The growing demand in colder regions, where the comfort and luxury features of automobiles are highly valued, plays a prominent role in driving the market for heated steering wheels. The rise in automobile safety standards and the increased preference for luxury vehicle features also contribute to market growth. However, the primary constraint is the additional cost of integrating such heating systems, making them more common in luxury or high-end vehicles and less accessible in budget models. Moreover, the increased power consumption of these heated wheels can impose more load on the vehicle's battery, potentially reducing overall vehicle efficiency. Despite these challenges, the market for automotive heated steering wheels presents considerable opportunities. Advancements in technology are making it possible to integrate these systems with reduced power consumption and to manufacture them at a lower cost. In addition, expanding the availability of heated steering wheels in mid-range vehicles could broaden the market base. Furthermore, the widespread availability of heated steering vehicles on aftermarket platforms potentially creates opportunities for market growth.

Regional Insights

In the Americas, the automotive heated steering wheel market is characterized by consumer demand for luxury vehicle features and the requisite for comfort in colder states. Numerous patents regarding innovative heating technologies focus on efficiency and quick response to temperature control. Furthermore, due to its cold climate, the Americas region appreciates the value of heated steering wheels. There is also significant interest in aftermarket solutions, allowing older models to retrofit heated steering wheels, indicating a robust market for new and upgraded installations. In the European Union, safety and comfort features in vehicles, including heated steering wheels, are highly valued. The EU's emphasis on safety standards and environmental sustainability influences ongoing research and developments in this sector. Many European car manufacturers embed heated steering features as standard in their new models, especially in Northern European countries. On the other hand, in the Middle East region's predominantly warm climate, the luxury vehicle market segment shows interest in heated steering wheels as a standard luxury feature. The demand for high-end comfort and state-of-the-art vehicle technology drives the consumer purchasing behavior here. Africa region presents a growing market with gradual interest in automotive enhancements such as heated steering wheels, primarily in its more affluent areas and countries with colder climates, including South Africa. The Asia-Pacific automotive heated steering wheel market has grown substantially, aligned with increased luxury vehicle sales and consumer demand for enhanced comfort features, particularly in colder regions. The latest patents focus on integrating smart touch controls within heated steering wheels, improving user interface capabilities. The APAC region has a notable presence of automotive manufacturers focusing on high-tech integrations. Research initiatives are often directed towards energy-efficient heating solutions that integrate with eco-friendly vehicles.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Automotive Heated Steering Wheel Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Increasing consumer expenditure toward luxurious and comfortable driving experiences
• Expanding vehicle manufacturing across cold regions

Market Restraints

• Issues associated with cost and energy consumption of heated steering wheels

Market Opportunities

• Ongoing advancements in heated steering wheels for improved efficiency
• Widespread availability of heated steering vehicles on aftermarket platforms

Market Challenges

• Safety issues and integration challenges of heated steering wheels

Market Segmentation Analysis

• Heating Method: Proliferating usage of the inductive heating method ensures consistent warmth throughout
• Sales Channel: Evolving aftermarket sales channel for automotive heated steering wheel

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Automotive Heated Steering Wheel Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Automotive Heated Steering Wheel Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Hyundai Unveils Refreshed Ioniq 5, Enhanced Comfort with Heated Features and Cutting-Edge Technology

Hyundai introduced the facelifted Ioniq 5, which offers three variants globally: the standard model, the performance-oriented N Line, and the sportier N variant. This updated model includes enhanced features such as wireless charging pads and repositioned touch-sensitive climate controls, it also houses twin 12.3-inch digital screens, heated and ventilated seating, and a heated steering wheel.

Ford's Latest MS-RT Transit Custom and Ranger Models Feature Eco-Friendly Interiors and Heated Steering Wheels

Ford has unveiled enhanced versions of the Transit Custom and Ranger under its MS-RT brand, offering upgraded interiors that include front seats with increased support and a unique MS-RT pattern incorporating eco-friendly Eco-Leather and suede, accented with blue stitching. These models also boast a heated steering wheel adorned with a blue 12 o’clock marker and an MS-RT branded inlay, enhancing aesthetics and comfort.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Automotive Heated Steering Wheel Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Automotive Heated Steering Wheel Market, highlighting leading vendors and their innovative profiles. These include Autoliv Inc., Bombardier Recreational Products Inc., Gentherm Inc., Hyundai Mobis, I.G. Bauerhin GmbH, Jaguar Land Rover Limited by TATA Motors, Kia corporation, KURABE Industrial Co., Ltd., Ningbo Joyson Electronic Corporation, SECO KOMOS, Symtec Inc., Toyoda Gosei Co., Ltd.,, Whelio, and ZF Friedrichshafen AG.

Market Segmentation & Coverage

This research report categorizes the Automotive Heated Steering Wheel Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Heating Method
• Inductive Heating
• Resistive Heating
• Price Range
• Economy
• Mid-range
• Premium
• Sales Channel
• Aftermarket
• Original Equipment Manufacturer
• Vehicle Type
• Commercial Vehicles
• Passenger Vehicles

Region

• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year