Technavio estimates the global automotive steering wheel market to grow by 22.81 million units, progressing at a CAGR of about 4% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global Automotive Steering Wheel Market 2020-2024 (Graphic: Business Wire)
The market is driven by the increasing use of steering-mounted electronics. However, the development of cars without steering wheels might challenge growth.
Automotive Steering Wheel Market: Application Landscape
Based on the application, the market saw maximum growth in the passenger cars segment in 2019. The segment is driven by the increasing adoption of passenger cars worldwide. The market growth in the segment will be significant over the forecast period.
Automotive Steering Wheel Market: Geography Landscape
58% of the market’s growth originated from APAC in 2019. Rising production and sales of automobiles and the expansion of production facilities by global automakers are driving the growth of the market in APAC.
China and Japan are the key markets for the automotive steering wheel in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Major Three Automotive Steering Wheel Market Vendors:
Autoliv Inc. operates its business through the Passive safety segment. The company manufactures various steering wheel technologies such as electrical motor-integrated steering wheels, steering wheels with heated rims, among others. It also offers advanced intuitive steering wheels that recognize when the driver takes the hands of the wheel and automatically switches to the autopilot driving mode.
GKN Automotive Ltd.
GKN Automotive Ltd. operates its business through segments such as Electric Drive Systems, All-wheel & 4-wheel drive systems, and Sideshafts & Propshafts. The company offers a wide range of steering wheel and associated components.
Hyundai Mobis Co. Ltd.
Hyundai Mobis Co. Ltd. operates its business through segments such as Auto parts and After-sales services. The company offer EPS is an electronic steering system used to change the direction of the vehicle as intended by the driver. EPS secures safety through excellent responsiveness and steering as well as Failure Mode Effects Analysis. It also offers R-EPS, P-EPS, and C-EPS depending on various performance requirements.
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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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