Automotive Steering Wheel Market Size

Automotive Steering Wheel Market Analysis

Currently, the automotive steering wheel market is worth USD 28.22 billion and is expected to be worth USD 36.83 billion over the next five years, registering a CAGR of 4.53% during the forecast period.

• The important components of the steering system, such as the steering coupler, tie rod ends, power steering pump, and steering yoke, are a few main components that are more diverse and complex and offer numerous advantages. Consistent technological advancements and the ease and safety of engaging more features in the steering wheel may foster the target market.
• Rising demand for passenger vehicles in developing economies is expected to boost the market for automotive steering wheels. This is attributed to an increase in consumer disposable income and an increase in demand for luxury and comfort travel. 
• High-quality products enable vehicles to run more efficiently, reducing fuel consumption and providing consumers with a better driving experience, which is expected to fuel market growth. Furthermore, as the consumer base grows, major automotive companies are focusing on increasing their production of passenger vehicles, which will support the demand for automotive steering wheels in the coming years.
• The number of functions in a vehicle has grown considerably over the past few years. In the last few decades, more of these modern functions have made their way from the dashboard to an easy-to-reach position on the steering wheel. For instance, vehicles from Toyota, such as Yaris and Proace, have multi-function steering wheels, which provides access to an increasing number of features, from cruise control to air conditioning controls. Thereby allowing the driver to push the appropriate button with the touch of a finger without putting themselves, passengers, and passengers in other vehicles at risk.
• Additionally, some of the other functions that are added to the steering wheels are safety functions like a few steering wheels have built-in vibrating functions and hands-on-off detection systems, which alert the driver when an issue arises.
• The manufacturers' main challenges are extremely complicated linkages, the possibility of overturning, and inflated costs. The system's wire connections are complex, and any failure can have serious consequences. Because of technological advancements, the product's price increased significantly, and more components made the vehicle heavier.
• Asia Pacific market is expected to witness considerable growth over the upcoming time period. This is attributed to the presence of countries such as China, India, Japan, and South Korea. Japan is a developed economy where the Electric Power Steering (EPS) implementation in passenger cars is overgrowing. This is due to its advantages, such as no hoses or fluids required in the steering system, thereby reducing the repair and maintenance costs. Currently, less than 60% of passenger cars are running with EPS technology.
• However, the manufacturer's main concerns are exceedingly convoluted links, the possibility of overturning, and excessive expenses. The system's cable connections are complicated, and any failure can have serious implications. Because of technological developments, the product's price climbed significantly, and more components made the car heavier.