What Fueled The Previous Growth In The Steering Wheel Armature Market?
The steering wheel armature market has seen considerable growth due to a variety of factors.
• The market for steering wheel armatures has experienced robust growth in the past few years. The market value is projected to rise from $83.45 billion in 2024 to $90.36 billion in 2025, reflecting a compound annual growth rate (CAGR) of 8.3%.
The significant growth during the historic period is attributable to a transition towards power steering systems, enhancements in safety features, the launch of tilt and telescopic adjustments, the integration of multimedia and control interfaces, as well as the development of anti-theft systems.
What Is The Expected Growth In The Steering Wheel Armature Market Size Evolve over the Forecast Period?
The steering wheel armature market is expected to maintain its strong growth trajectory in upcoming years.
• In the forthcoming years, the steering wheel armature market is projected to witness robust growth, reaching a size of $121.43 billion by 2029 and growing at a compound annual growth rate (CAGR) of 7.7%.
This anticipated growth during the forecast period is a result of several factors such as shifting to integrated controls, the use of advanced sensor technology, increased preference for customization, the expanding haptic feedback systems, and the rising demand for lightweight materials. Key trends to look out for during the forecast period are increased demand for customization and personalization, adherence to safety standards, increased adoption of connectivity and infotainment features, enhancements in design and ergonomics, and progression in driver assistance systems.
What Main Forces Are Fueling Expansion In The Steering Wheel Armature Market?
The escalating demand for cars is poised to stimulate the expansion of the steering wheel armature market in the foreseeable future. A car is typically a four-wheeled motor vehicle, driven by an internal combustion engine. It can also be powered by electricity or alternative energy forms. Within this vehicle, the steering wheel armature offers the essential structure for all attachments to the steering wheel, encompassing airbags and driver controls. To elucidate, the global automotive industry saw considerable growth according to data from the France-based Organisation Internationale des Constructeurs d'Automobiles (OICA). In 2023, a total of 93546599 vehicles were produced, a sharp rise from 85016728 units produced in the previous year. Consequently, the rising demand for vehicles bolsters the surge of the steering wheel armature market.
Steering Wheel Armature Market Driver: Growth in the Steering Wheel Armature Market due to the Escalating Use of Advanced Driver Assistance Systems (ADAS) Technologies
What Are The Primary Segments In The Global Steering Wheel Armature Market?
The steering wheel armature market covered in this report is segmented –
1) By Product Type: Magnesium Steering Wheel, Aluminum Steering Wheel, Steel Steering Wheel, Other Products
2) By Vehicle Type: Passenger Cars, Light Commercial Vehicles (LCV), Heavy Commercial Vehicles (HCV)
3) By Number Of Spokes: One Spoke, Two Spokes, Three Spokes, Four Spokes, Six Spokes
4) By Sales Channel: Original Equipment Manufacturer (OEM), After market
Subsegments:
1) By Magnesium Steering Wheel: Cast Magnesium Steering Wheels, Forged Magnesium Steering Wheels
2) By Aluminum Steering Wheel: Cast Aluminum Steering Wheels, Extruded Aluminum Steering Wheels
3) By Steel Steering Wheel: Stamped Steel Steering Wheels, Welded Steel Steering Wheels
4) By Other Products: Composite Steering Wheels, Carbon Fiber Steering Wheels, Customized Steering Wheels
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What Emerging Trends Are Influencing The Growth Of The Steering Wheel Armature Market?
Leading firms in the steering wheel armature market are concentrating on the creation of novel steering wheels integrating a zero-gravity seat solution. This is aimed at ameliorating driver comfort while diminishing fatigue on long journeys, thereby enriching the entire driving experience and bolstering safety. A zero-gravity seat solution is a seating concept that recreates the feeling of weightlessness encountered in a zero-gravity setting. This seating configuration is predominantly employed in sectors like aviation, space travel, and select high-performance vehicles. For example, in May 2023, Autoliv, Inc., a company based in Sweden, known for providing automotive safety systems and mobility safety solutions, released an integrated cockpit that includes a zero-gravity seat intended for autonomous driving. They also introduced the Star steering wheel that features an incorporated central screen. These progressions augment safety, increase comfort, and improve the total driving experience.
Who Are the Key Players In The Steering Wheel Armature Market?
Major companies operating in the steering wheel armature market report are:
• ZF Friedrichshafen AG
• Hyundai Mobis
• Valeo S.A.
• TRW Automotive Holdings Corp.
• Delphi Technologies
• Autoliv Inc.
• TOYODA GOSEI Co. Ltd.
• NSK Ltd.
• JOYSON SAFETY SYSTEMS
• Sensata Technologies Inc.
• Nexteer Automotive
• Takata Corp.
• Leopold Kostal GmbH & Co. KG
• Getac Technology Corporation
• Nihon Plast Co. Ltd.
• OMP Racing Spa
• TVH Parts Co.
• Neaton Auto Products Manufacturing Inc.
• Summit Racing Equipments
• Lunt Manufacturing Co. Inc.
• Sparco S.p.A.
• Grant Products International Inc.
• MZW Motor
• Flaming River Industries Inc.
• ROS INDUSTRIE SRL
What Is The Most Dominant Region In The Steering Wheel Armature Market?
North America was the largest region in the steering wheel armature market in 2024. The regions covered in the steering wheel armature market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
