Global Market Study on Automotive Steering Wheel: Passenger Cars Vehicle Type Segment Expected to Gain Significantly High BPS During 2017-2027
Persistence Market Research’s latest report on the global automotive steering wheel market projects that over 2286 Mn Units of the automotive steering wheels will be shipped by 2027-end. As per the report, the US$ 337,585 Mn automotive steering wheel market will ride at a strong CAGR of 8.27% over the forecast period (2017-2027) to reach a valuation of US$ 899,559.9 Mn.
As self-driving technology slowly becomes a reality, automotive components including steering wheels are expected to undergo massive transformation both in terms of design and technology.
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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%.
Driver airbag is expected to remain the most attractive product type segment of the market. Airbags have become an important passenger safety component and are being installed in low mid and premium end vehicles.
Moreover, carmakers are rapidly adopting airbags in steering wheels to comply with the revised auto safety regulations.
Manufacturers are concentrating on developing high-quality automotive steering wheels. Strengthening of the supply chain, particularly in regions, such as North America, Japan and APEJ remains a key focus area for market players.
Hyundai Mobis Co. Ltd, ZF Friedrichshafen Manufacturing Company, Takata, Momo Automotive Accessories Inc., Toyoda Gosei, Tokai Rika Co., Ltd., Autoliv, Key Safety Systems, Nihon Plast Co. Ltd, Grant Products International INC, GSK Intek, Moto Lita, Simmonds Superspoke, Isotta, Neaton Auto Products, Nardi Personal, Sabic, KKR Metal Components, Emdet Group, Sun Autoelektrik Private Limited are some of the leading companies operating in the global market for automotive steering wheel.
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