The global automotive steering wheel market size is expected to grow by 22.81 million units during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Automotive Steering Wheel Market 2020-2024 (Graphic: Business Wire)
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The increasing use of steering-mounted electronics to make wheels more intuitive is one of the key factors that will drive the automotive steering wheel market growth. Steering wheels and steering systems have constantly evolved to keep up with technological advances in the automotive industry. Steering wheels have been increasingly used to control various dashboard-based functionalities including cruise control, climate control, radio and music, and others. However, steering-assisted technologies such as ASR and DSR are increasingly being used, which modify the steering feel according to the vehicle speed and driving conditions by reducing vehicle yaw and lateral motions. Moreover, suppliers such as Continental have been working closely with OEMs to develop low-cost systems for medium-sized and compact cars to attain economies of scale and reduce the cost of electronic systems.
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As per Technavio, the rising automotive production will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Steering Wheel Market: Rising Automotive Production
The demand for passenger cars is rising in emerging economies such as Brazil, China, and India due to the growing purchasing power of people and significant economic growth. The growth of emerging markets, which is in tandem with rapid industrialization, and the rising volume of global trade, especially in Brazil, Russia, India, and China (BRIC), will increase the demand for automobiles. China's massive fiscal stimulus packages in recent years made it the leader in emerging markets. China has maintained its position as the largest automotive market over the last few years. In 2018, the total number of passenger cars registered and sold in China amounted to nearly 25 million units. The automotive market in India is dynamic in nature and is growing rapidly. Hence, many automotive OEMs are entering the country to partner with domestic manufacturers and gain access to these markets. For instance, Ford Motor Company has partnered with Changan in China, and BMW sells its cars in China through Brilliance Auto Group. Thus, the growth in the automotive industry is expected to drive the growth of the market in focus.
"Factors such as the growing adoption of electronic and assisted steering systems, and the increasing number of electric and hybrid powertrain-based vehicles will have a significant impact on the growth of the automotive steering wheel market value during the forecast period," says a senior analyst at Technavio.
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Automotive Steering Wheel Market: Segmentation Analysis
This market research report segments the automotive steering wheel market by application (passenger cars and commercial vehicles) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the automotive steering wheel market share in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the rapid economic growth of the region and the increase in per-capita income.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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