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The automotive heated steering wheel market size is estimated to grow at a CAGR of 4.51% between 2022 and 2027. The automotive heated steering wheel market size is forecast to increase by 8,494.78 thousand units. The growth of the market depends on several factors, including an increase in comfort while driving, an increase in demand for luxury cars, and a rise in auto sales in colder regions.
This automotive heated steering wheel market report extensively covers market segmentation by application (passenger cars and commercial vehicles), end-user (OEMs and aftermarket), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rise in auto sales in colder regions is notably driving the market growth, although factors such as the high cost of steering system production may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rise in auto sales in colder regions is notably driving the market growth. Using thermoelectric technology, the heated steering wheel warms the driver during cold weather conditions. In essence, it improves the comfort of those who travel long distances by car. However, other factors besides comfort are also contributing to the market's expansion. The market growth is being fueled by the rise in automobile sales in colder regions.
It should be noted that sales of lightweight vehicles are growing more quickly in colder regions like Europe. The adoption of heated steering wheels will be ideal in these areas. Iceland, for example, has a year-round average temperature of 68 degrees Fahrenheit. As a result, heated steering wheels are a perfect fit in this area throughout the year. Similarly, heated steering wheels have already been adopted in nations like the US, where the average temperature is 57.2 degrees F. According to estimates, heated steering wheels are installed in more than 50% of the cars in these areas. Thus, the increasing sales of lightweight vehicles in colder regions are expected to be a driving force behind the higher adoption of heated steering wheels during the forecast period.
Aluminum extrusion technology advancements in heated steering wheels is an emerging trend in the market growth. In many internal and external vehicle components, aluminum has already taken the place of stainless steel. The main advantage of aluminum over stainless steel is its lightweight, which makes it perfect for reducing system weight. Weight reduction has become more popular recently as a way to improve vehicle efficiency. For instance, the use of aluminum in steering wheel design enabled a reduction in overall weight, making them perfect for vehicles with electric drivetrains.
The trend toward using aluminum in heating systems rather than copper is good for automobiles. Aluminum has a high strength-to-weight ratio and is light and durable compared to copper materials, which are used in conventional heated steering wheels but are much heavier than copper conductors. The heated steering wheel performs better and lasts longer because aluminum and polymers adhere to each other very well. As a result, heated steering wheels made of aluminum have many advantages over those made of traditional heated steering wheels. These factors will have a positive influence on the global market during the forecast period.
The high cost of steering system production is a major challenge impeding the market growth. The price of steering systems has gone up in line with the price of creating, maintaining, and designing steering system technologies. In addition, recent price increases have been seen in plastic, steel, and electronic components used in steering system production. Technologically advanced steering systems, like electric power steering (EPS) and electro-hydraulic power steering (EHPS), which combine electronic and mechanical components, have had to be put on hold by manufacturers as a result of price increases.
For instance, the majority of the costs of EPS systems are incurred by the alternators, electrical systems, and computer-controlled systems that they rely on. Depending on the design, model, and use, these systems can cost anywhere from USD 600 to USD 1,500 or even more. Additionally, OEMs could experience annual losses of over USD 80 million as a result of mesh load issues. Furthermore, the costs include those related to manufacturing, such as the price of raw materials, labor costs, scrap, and rework, as well as those related to customers, such as warranties, lost vehicle sales, and low levels of customer satisfaction. Such factors will restrict the growth of the global market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Automotive Heated Steering Wheel Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Autoliv Inc. - The company offers airbags, seatbelt products, and components. The key offerings of the company include automotive heated steering wheels with a leather cover.
The report also includes detailed analyses of the competitive landscape of the market and information about 11 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the passenger cars segment will be significant during the forecast period. In terms of volume and value, the passenger car segment leads the global market for heated steering wheels in automobiles. Due to the close relationship between industrial output and population demographics, the demand for passenger cars is frequently used as a gauge of a nation's economic progress. Due to the rising demand for passenger cars in emerging markets and the recovery of developed economies, the segment is anticipated to dominate the market. A major market for passenger cars is anticipated to emerge in Asia due to the economic expansion of the middle-class population.
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The passenger cars segment was valued at 21,929.88 thousand units in 2017 and continued to grow till 2021. The global market for heated steering wheels for automobiles is dominated by passenger cars. The demand for passenger cars is constantly rising due to the rising demand for light vehicles and rising disposable income, particularly in emerging economies like India, China, and Brazil. Additionally, the market's expansion is anticipated to be aided by rising consumer interest in improving the interior of vehicles and a focus on installing steering-wheel-mounted controls and safety features like driver airbags. Furthermore, rising consumer per capita income is driving up demand for high-end and luxury vehicles, which is boosting sales of heated steering wheels for cars. All these factors are anticipated to accelerate the market segment growth during the forecast period.
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APAC is estimated to contribute 76% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Due to the emergence of regional vendors who offer inexpensive, high-quality products, the automotive heated steering wheel market in APAC will expand steadily over the course of the forecast period. The demand for heated steering wheels for automobiles is probably going to increase, especially in nations like China, Australia, Japan, India, and South Korea. It is anticipated that more low-cost manufacturers will enter the market in APAC, particularly in China, as a result of the decline in component prices and the availability of more reliable and sophisticated systems.
Some of the major factors influencing the rising adoption of automotive heated steering wheels in the automotive industry in APAC include government initiatives to promote automotive manufacturing plants and the rising demand for vehicles made in the area. Numerous multinational corporations decided to establish their manufacturing facilities in APAC as a result of the region's growing demand for automobiles, as well as the accessibility of inexpensive labor and automotive parts. Other elements that support the demand for heated steering wheels in cars include rising living standards, the presence of a robust industrial base, and the rising demand for cars made in the area. Such factors will boost the regional market growth during the forecast period.
During the forecast period, it is anticipated that the majority of new car buyers in the region will continue to be price-sensitive. As a result, offering an adaptive heated steering wheel in the mass market segment will be difficult for OEMs. However, the market for luxury cars is highly concentrated despite the presence of price-sensitive consumers in this region. In order to warn drivers in case of an emergency, luxury car manufacturers have standardized many cutting-edge electronic systems in their cars, including heated steering wheels. Many consumers in the area are starting to base their decisions on vehicles with cutting-edge safety and convenience features. Therefore, automotive OEMs are emphasizing equipping their vehicles with these features, which is driving market growth in the region.
COVID-19 negatively impacted the sales of automotive heated steering wheels in 2020. However, easing COVID-19-related lockdown restrictions, the resumption of operations in the automotive industry, and the initiation of mass COVID-19 vaccination drives helped the regional market recover in 2021. Moreover, automotive manufacturers in countries like India are investing heavily to increase their production during the forecast period. Additionally, electric vehicle production in the region is also growing significantly, which is expected to drive the demand for new advanced technologies, such as heated steering wheels, during the forecast period. Such factors are expected to drive the market in APAC during the forecast period.
The automotive heated steering wheel market report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the global automotive heated steering wheel market as a part of the global automotive components and accessories market within the global auto components market. The global automotive components and accessories market covers companies engaged in the production of parts and accessories for automobiles like passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Automotive Heated Steering Wheel Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.51% |
Market growth 2023-2027 |
8,494.78 thousand units |
Market structure |
Concentrated |
YoY growth 2022-2023(%) |
4.01 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 76% |
Key countries |
US, China, Japan, India, and South Korea |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Autoliv Inc., Bombardier Recreational Products Inc., Gentherm Inc., Hammacher Schlemmer and Co. Inc., I.G. Bauerhin GmbH, Joyson Safety Systems Aschaffenburg GmbH, Seco Komos, Soucy Holding Inc., Symtec Inc., Toyoda Gosei Co. Ltd., ZF Friedrichshafen AG, and Polaris Inc. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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