Steering Wheel Market Size & Share (2022-2030) | UnivDatos

The APAC Steering Wheel Market is projected to expand at a robust CAGR of 8.6% throughout the forecast period (2022–2030). APAC is expected to be the fastest-growing regional market, driven by rising disposable incomes and population growth across China, India, and Japan. Among these, China represents the largest contributor due to increased vehicle spending, followed by Japan as the second-largest market.

An upward trend in vehicle manufacturing directly benefits the Steering Wheel Market in multiple ways. As automotive production rises, the number of cars, trucks, and other vehicles on the road also increases. This surge in vehicle output fuels greater demand for essential components, including steering wheels. Moreover, with higher production volumes, automakers frequently launch new vehicle models, often incorporating innovative steering wheel designs, thereby driving additional demand. Over time, as vehicles age, replacement needs for steering wheels also grow. Thus, a rise in vehicle production not only supports demand from new vehicle buyers but also boosts replacement demand within the aftermarket segment.

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In addition, heightened competition in the automotive industry pushes manufacturers to distinguish their offerings. Steering wheels are increasingly being integrated with advanced features such as multifunctional buttons, touch interfaces, and voice-control systems. These enhancements not only improve user convenience but also stimulate stronger demand for advanced steering wheel solutions.

In conclusion, growing vehicle production has a significant positive impact on the global steering wheel market, as it amplifies demand from both new vehicle sales and the replacement sector.

Based on technology type, the market is classified into normal steering wheels and control-embedded steering wheels. Of these, the normal steering wheel segment held the largest share in 2021. Their dominance stems from widespread use across passenger cars, commercial vehicles, and agricultural machinery, owing to their precise steering response and strong durability. These wheels are engineered to endure heavy-duty operations and provide long-term reliability, making them a cost-efficient choice for both OEMs and end-users.

By vehicle type, the market is divided into passenger vehicles and commercial vehicles. Passenger vehicles commanded the largest market share in 2021. This can be attributed to increasing urbanization and rising ownership of personal transport, fueling the demand for cars and light commercial vehicles. Additionally, intense competition in the passenger vehicle sector drives manufacturers to enhance product offerings through innovation in steering technologies and design, further boosting the market.

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Global Steering Wheel Market Segmentation

Market Insight, by Technology Type

• Normal Steering Wheel
• Control Embedded Steering Wheel

Market Insights, by Vehicle Type

• Passenger Vehicles
• Commercial Vehicles

Market Insights, by Sales Channel

• OEM
• Aftermarket

Market Insights, by Size

• Small
• Medium
• Large

Market Insight, by Region

North America

• U.S.
• Canada
• Rest of North America

Europe

• Germany
• UK
• Italy
• France
• Rest of Europe

APAC

• China
• Japan
• India
• Rest of APAC

Rest of the World

Top Company Profiles

• Schneider Electric
• Siemens
• ABB
• Samsung
• Honeywell International
• Robert Bosch GmbH
• LG Electronics
• ASSA ABLOY
• ACUITY BRANDS, INC.
• Cisco Systems, Inc.

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