Automotive Steering Wheel market size is estimated to be valued over US$ 23 Billion in 2018. The industry will register 7.7% CAGR to scale industry revenue during the forecast period.
Sales of automotive steering wheel is dependent on the net sales of automotive vehicles. Over 90 million four wheeler vehicles were sold in 2017. Sales of four wheeler is expected to further rise with emergence of electric vehicles. The gradual shift towards electric vehicles is expected to push the allied sectors.
Global Automotive Steering Wheel Market Dynamics: Drivers, Restraints and Trends
Sales of steering wheel is expected to register substantial growth owing to rise in automotive vehicles. Also, the companies are focusing on product innovation in order to scale the sales in aftermarket. Few companies are also relying on pricing based strategy in order to boost their revenue.
There exists a wide range of opportunity for players owing to integration of IoT and increased sales of electric vehicles. Product innovation is expected to be at center of strategic decision making for companies.
Global Automotive Steering Wheel Market Analysis, Sales by vehicle Type
Sales of steering wheels will be high in passenger vehicles. Over 76 million vehicles were sold in 2017. This represents 87% of total sales. This has the direct impact on steering wheels manufacturers. Sales of passenger cars is expected to further increase with rising demand for electric vehicles and increase in per capita income of millennial population.
Global Automotive Steering Wheel Market Share Analysis, Sales by Distribution Network
The industry largely runs on contract manufacturing and partnership with major automobile manufactuers to supply the products on timely basis. As such, market presence is determined by long term partnerships and subsidiaries across continents.
Global Automotive Steering Wheel Market Size and Forecast: Regional Analysis
Globally, Asia Pacific is expected to dominate the global sales owing to higher sales of passenger vehicles. In 2017, China accounted for over 27 million passenger vehicle sales. The number is expected to further rise with government pushing for replacement of conventional vehicles with electric based mobilties. The trend could also be seen in heavy duty vehicles. On an average, over 77 thousand electric buses are getting sold in China. The trend is likely to catch momentum in other regions of Asia Pacific including India and Japan- thereby creating higher revenue opportunity for players.
Global Automotive Steering Wheel Market Size and Forecast: Competition Landscape
Some key players are:
- Toyoda Gosei
- ZF TRW
- Joyson Safety Systems
- Nihon Plast
By Vehicle Type:
- Commercial Vehicles
- Passenger Vehicles
- Light Weight
- Sports Utility
What Will You Discover in the Report?
- An in-depth analysis of the Automotive Steering Wheel market across regions – North America, Latin America, Western Europe, Central and Eastern Europe, Asia Pacific, Middle East, and Africa.
- How the Automotive Steering Wheel market sales is expected to grow throughout the forecast period.
- How geopolitical policies and technological changes will affect the Automotive Steering Wheel market in near future
- Where the stakeholders should invest to generate higher profit margins
- How consumers (end-users) will reflect to the Automotive Steering Wheel industry during the forecast period
- Who are the Automotive Steering Wheel industry leaders and what are the key initiatives taken by them for long term growth
Who will benefit from the Report?
- Automotive Steering Wheel Industry Suppliers
- Automotive Steering Wheel Industry Manufacturers
- Consultants and Analysts
- Industry Specialists
Analyst access with Bekryl Market Analysts
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