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.
Europe is expected to account for a large market share of more than 30% in 2017 in the automotive steering wheel market and will remain a stable regional market during the assessment period
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%.
Growth in the passenger cars segment to remain at an all-time high during the forecast period 2017 – 2027
By 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 steering systems market. The PESTLE analysis shows that there are a variety of extrinsic and intrinsic factors that influence the automotive steering wheel market.
Passenger cars segment will record higher absolute dollar opportunity during 2017-2027
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.
Our comprehensive market research report titled “Automotive Steering Wheel Market: Global Industry Analysis (2012-2016) and Forecast (2017-2027)” provides all the guidelines essential to take the product from the conceptualization to the commercialization stage and offers a feel of the future by presenting thoughts on the future scenario using an effective forecasting model.
Backed with a unique research methodology, our research report on the global automotive steering wheel market is skilfully crafted, with insights based on every angle influencing the automotive steering wheel market on a global basis. The uniqueness of this report lies in the research methodology employed here at Persistence Market Research, and we deliver value of the current market scenario based on the past and also put forth a 3600 view of the market delivering the necessary value addition and a strategic layout. Secondary research, an extensive primary research, and opinions from key players and industry sources are the three pillars of this unique value adding research methodology. The secondary research gives an overview of the market scenario on the basis of which a large number of primary interviews are conducted and conversing with the key market leaders just validates the data gathered so far. This data is re-validated as primary interviews progress and each data point gets a realistic shape. With this the data triangulation is carried out to achieve maximum accuracy, eliminating the possible and obvious market deviations and errors thereby presenting a thought leader angle to the researched insights. This also enables the reader of the report to correlate the various segmentations and micro segmentations included in the report with the past, current and future market scenario.
Actionable intelligence at your disposal – unwrapping the global perspective
It becomes important to understand the pulse of the global market and mere numbers or data or conclusions would not help if not given the right contour. Every region has its own characteristic value that contributes to the global market scenario. An unbiased opinion is what matters and our report on the automotive steering wheel market offers actionable insights that can be used to unmask the trends, develop strategies, and sketch a road map for growth – eventually leading to informed decisions.
A separate section of the report discusses the key market players. The competitive dashboard highlights the strategies adopted by the top market companies, their growth patterns, mergers and acquisitions, product portfolios and new forthcoming innovations, analysis of the technological aspects, their global presence, etc. It becomes easier to track the market once the players steering the market are studied and this is as vital as analyzing the “to do” things in order to achieve growth stability. The research report gives an exquisite contour of the strengths, weaknesses, the possible threats and the “can be grasped” opportunities. The prospect analysis or end user analysis goes hand in hand with competition as the key players rely on the adoption rate of consumers. Effectively, it becomes imperative to identify potential prospects, their adoption or buying cycles, spending power, etc., in order to match toe to toe with the competitor. Identifying the “who should be served” is very essential to achieve targets and edge over other players. The support activities for the transportation market present customer insights that are in sync with the objectives of the company and help direct actions according to their set goals.
An extensive segmentation of the market is carried out to aid in understanding the entire market scenario.
By Product Type
By Technology Type
By Diameter Type
By Vehicle Type
By Spoke Count
By Sales Channel
The report on the automotive steering wheel market offers many reasons for investing in the research findings. Our report…