Steering Wheel

Steering Wheel

The steering wheel market is a segment of the automotive industry that deals with the manufacturing, distribution, and sale of steering wheels for vehicles. Steering wheels are a vital component of a vehicle's driving controls, providing the driver ability to steer the car and control its direction. The steering wheel market includes companies that produce steering wheels for a range of vehicle types, including cars, trucks, buses, and other types of vehicles. Consumers’ demand for steering wheels is a key driver of the steering wheel market. Consumers are attracted to steering wheels that offer a comfortable grip, a stylish design, and a range of features such as controls for audio, climate, and other vehicle functions.

The Steering Wheel Market is expected to grow at a strong CAGR of 8% during the forecast period owing to the increasing globalization of the automotive industry. As vehicles are produced and sold in more countries around the world, the demand for steering wheels that meet the specific requirements of different markets can increase. Moreover, Technological advancements in the automotive industry will impact the steering wheel market. For example, the development of electric and autonomous vehicles may lead to changes in the design and functionality of steering wheels. For instance,

In September 2018, ZF Friedrichshafen AG announced the expansion of its steering part portfolio, which is considered a crucial safety component. The company added an additional 60 transverse control arms for models like Range Rover, Land Rover Discovery, Jaguar XF, XJ, F and S type to its offerings.

• 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.
• On the basis of size, the market is segmented into small, medium, and large. The medium segment held a major share of the steering wheel market in 2020 because medium-sized steering wheels are the most commonly used size in vehicles, making them a popular choice among consumers. Additionally, medium-sized steering wheels offer a balance of comfort and control, providing drivers with a comfortable grip while still allowing for precise steering. Furthermore, medium-sized steering wheels are often more affordable than larger or smaller options, making them a cost-effective choice for many consumers.
• By sales channel, the market is bifurcated into OEM and aftermarket. Among these, OEM captured the majority share of the steering wheel market in 2021. The major share of the wireless steering wheel technology can be attributed to because they are the primary suppliers of steering wheels to the automotive industry. OEMs work directly with vehicle manufacturers to design and produce steering wheels that meet specific requirements and standards. As a result, OEMs have a deep understanding of the needs and preferences of vehicle manufacturers and can provide customized solutions that meet their exact specifications. Additionally, OEMs have established relationships with vehicle manufacturers, which can lead to long-term contracts and consistent business.
• For a better understanding of the market adoption of the Steering Wheel industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, UK, Netherlands, France, Norway, Switzerland, Denmark, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), Rest of World. North America dominated the steering wheel market in 2020 due to the high level of demand for advanced steering technologies and components. The region is home to many leading automotive OEMs and suppliers, who are constantly looking for ways to improve the performance and safety of their vehicles. This has led to the development of advanced steering technologies and components, such as electric power steering (EPS) and steer-by-wire systems, which are widely used in the region. The North American automotive market is known for its stringent safety regulations, which require vehicles to meet high standards for crashworthiness and occupant protection. As a result, automakers in the region are investing heavily in advanced safety technologies, which include steering systems that provide enhanced control and stability. Furthermore, North America is also characterized by a high level of consumer demand for premium and luxury vehicles.
• Some of the major players operating in the market include Momo Automotive Accessories Inc., , Key Safety Systems, GSK Intek, Moto Lita, Sabic., Toyoda Gosei, Takata, Hyundai Mobis Co. Ltd, Autoliv, and Isotta.