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Automotive Steering Wheel Market Segmented By Magnesium Steering Wheel, Aluminum Steering Wheel, Steel Steering Wheel Product in Normal, Control Embedded Technology in Passenger Cars, Commercial Vehicles, Heavy Commercial Vehicles
The automotive steering wheel market has detailed segmentation in which the passenger cars segment is anticipated to account for more than 75% of the market share in terms of value and is expected to grow at a CAGR of 6.1% over the forecast period. The global automotive steering wheel market is poised to grow at a CAGR of 4.6% in terms of volume over the forecasted period. This volume growth can be attributed to the increasing demand for automotive wheels in passenger cars installed with airbags to ensure safety.
Other trends impacting the market include rising demand for high performance vehicles, rising need for enhanced services, growing demand for lightweight vehicles, increasing population growth and automobile production, upgraded software and hardware, and a growing global economy.
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The Asia Pacific region is poised to show positive growth in the coming years, to reach a 27.5% market share towards the end of 2027 from a market share of 26.1% in 2017. This reflects an increase of 140 basis points by 2027 over 2017. North America will also show consistent growth behind Europe and the Asia Pacific. The Europe automotive steering wheel market was valued in excess of US$ 84 Bn in 2016 and is estimated to exceed US$ 160 Bn by 2027 while the Asia Pacific market will reach about US$ 137 Bn by 2027 from an estimated value of close to US$ 69 Bn in 2016.
The Asia Pacific region will record a significant CAGR in terms of both value (6.6%) and volume (4.9%) in the global automotive steering wheel market during the forecasted period, whereas Europe will record a value CAGR of 6.0% and a volume CAGR of 4.4%.
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Get a Customized VersionBy vehicle type, the passenger cars segment will show positive growth to reach a basis point share of 120 and a market share of almost 80% by the end of 2027. The passenger cars segment was valued at about US$ 207 Bn In 2016 and with a higher growth rate, is expected to reach a market value of about US$ 396 Bn by 2027. A number of factors are responsible for driving the automotive steering wheel market.
An increasing demand for vehicles with advanced features, development of new technologies by automobile manufacturers, and a higher percentage of disposable income have a positive impact on the growth of the automotive steering wheel market. The PESTLE analysis shows that there are a variety of extrinsic and intrinsic factors that influence the automotive steering wheel market.
The passenger cars segment will register an absolute dollar opportunity of about US$ 166 Bn in the forecasted period. Within the passenger cars segment, compact cars show an absolute dollar opportunity of almost US$ 97 Bn; the mid-sized and premium cars segments are anticipated to record absolute dollar opportunity of almost US$ 50 Bn and US$ 12 Bn respectively.
The luxury cars sub-segment is expected to record an absolute dollar opportunity of about US$ 7 Bn. As far as regions are concerned, Europe with a higher market share will register a higher absolute dollar opportunity of around US$ 67 Bn and Asia Pacific with a significant growth rate is poised to record an absolute dollar opportunity of about US$ 60 Bn during the period of forecast.
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An extensive segmentation of the market is carried out to aid in understanding the entire market scenario.
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