This Heated Steering Wheel market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Heated Steering Wheel market.
One of the major trends noticeable in the automotive industry is the trickling down of innovation from the luxury car segment to the entry level variants segment. Features or amenities that were once introduced in high-end cars, such as anti-lock braking system, power windows and electronic stability system, among others are now available for lower classes of vehicles as well. Both automakers and auto ancillary suppliers leverage the novelty of a luxury car by rendering it as a testing ground for latest innovations so as to understand how consumers react to it. In a way, luxury vehicles have become a low risk prospect for manufacturers to implement new features and technologies. These features are further refined in stages, bringing down the cost, and subsequently finding their way into entry level or mass marketed vehicles. One such feature that is still in its introductory stage is the automatic heating of steering wheel. Though patents have been filed for heated steering wheels way back in the 1960s, actual implementation of such technology is gaining traction in the present market scenario. Similar to heated seats, this feature does not have any implications towards the performance of a vehicle, but is catered as an add-on comfort feature.
Market Growth Analysis
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.
From a customer point of view, heated steering wheels have been introduced in vehicles sold in colder regions to enhance comfort for consumers as it is impractical and cumbersome to engage in the steering function with gloves on. As we are all aware of the fact that drivers spend most of their time steering the vehicle, automakers have implemented controls of various sub-functions into the steering wheel to ensure the hands remain on the wheel for the entire duration of the drive. This factor further necessitates the practicality and usefulness of a heated steering wheel.
The global heated steering wheel market is likely to gain improved revenue returns in the coming years. However, it must also be noted that the market share – in terms of both value and volume – will be higher in economies where the requirement of heated steering wheels leans more towards necessity than as an add-on feature.
Heated Steering Wheels or Heating Covers?
Manufacturers of heated steering wheels are aware of the fact that the overall acceptance of heated steering wheels in vehicles by consumers has slowed down with the emergence of a slightly disruptive technology, i.e. heating covers. This simple yet versatile product is nothing but a steering wheel cover that can radiate heat to warm hands. The versatility of the product comes from the fact that it can fixed or removed whenever required and can be connected directly to the lighter plug for its operation. It is cheaper in cost as heated steering wheels require additional layers of proper alignment with the system.
Regional Market Outlook
As stated above, the market for heated steering wheels is likely to vary on a regional basis. The installment rate of heated steering wheels in vehicles is as low as 5% for entry level variants to 50% or more for luxury vehicles. These installment rates are expected to further differ for different regions with North America and Western Europe registering higher rates than Asia Pacific and others. Hence, vehicle production in different regions does not give us a clear indication of the market but when coupled with installment rate and customer feedback, clear insights of the heated steering wheel market can be identified.
Global Heated Steering Wheel Market: Key Players
Key players in the global heated steering wheels market are Autoliv Inc., Gentherm Inc., Key Safety Systems, Inc., I.G. Bauerhin GmbH, Symtec Inc., Toyoda Gosei Co., Ltd., and Takata Corporation, among others. These players are actively involved in the manufacture of automotive steering wheels and provide them as a customized product based on the specifications provided by the end user.
Opportunities for Market Participants
One of the primary reasons why manufacturers find it difficult to market heated steering wheels as a mainstream product to automakers is the slightly varying sentiments garnered from end users. Though a newer technology in comparison to others, headlining the unique selling points of a vehicle with heated steering wheel has not garnered enough consumer attention, especially in warmer regions. However, manufacturers can collaborate with automakers to tap the potential of the market by implementing heated steering wheels as a standard feature in economies where it can be viewed as a necessity. Increasing customization options for a steering wheel can also provide new avenues for the market to grow in the aftermarket segment as well.
Brief Approach to Research
FMI will follow a modelling-based approach and triangulation methodology to estimate data covered in this report. A detailed market understanding and assessment of the nature, product type and end uses of the product segments covered in the study is followed by a demand-side analysis to estimate the sales of target product segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period. The statistics and data are collected at a regional level and consolidated and synthesized at a global level to estimate the overall market sizes.
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Product Definition and Segmentation
A heated steering wheel is designed as any other steering wheel and the differentiating factor is the inclusion of tiny wires that run across the ring of wheel and function as the heating element. The following criteria are taken into consideration while segmenting the heated steering wheel market.
By Product Type:
- With Airbag System
- Without Airbag System
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Less than 14 inches
- 14-17 inches
- More than 17 inches
By Sales Channel:
- Original Equipment Manufacturers
- North America
- Latin America
- Western Europe
- Eastern Europe
- South East Asia & Pacific
- Middle East & Africa
Key Data Points Covered in the Report
Some of the key data points covered in our report include:
- An overview of the heated steering wheel market, including background and evolution
- Macroeconomic factors affecting the heated steering wheel market and its potential
- Market dynamics, such as drivers, challenges and trends
- Technology roadmap involved from inception period to present date
- Detailed value chain analysis of the heated steering wheel market
- Cost structure of the products and segments covered in the global heated steering wheel market
- In-depth pricing analysis, by key product segments, regions and by major heated steering wheel market participants
- Analysis of supply and demand, such as top producing and consuming geographies, imports/exports and overall trade scenario in the global heated steering wheel market
- Analysis of the global heated steering wheel market structure, including a tier-wise categorization of key heated steering wheel market participants
- Competitive landscape of the market, including detailed profiles of top players in the heated steering wheel market
Frequently Asked Questions
What research methodology is used to develop the Heated Steering Wheel Market report?
- FMI utilizes three branched methods to derive market measurements used to compile any report study (data derivation, triangulation and validation).
- These approaches include accumulating data from both primary and secondary sources
- Primary research involves interviews with industry operators and FMI's network of contacts spanning the world's value chain of the Heated Steering Wheel Market. This is supported by a comprehensive literature analysis of information gathered through secondary sources
- Analysis of several middle market stakeholders for country-wise data
What else does FMI offer apart from Heated Steering Wheel Market report?
In addition to up-to-date market figures and customized of the Heated Steering Wheel Market, FMI offer consulting services to help businesses within industry navigate challenges and take well-informed decisions amidst the breakneck competition.
How do you define competitors based on market structure? What aspects about a competitor are included in the company profile section?
- Most of the competitors are segregated according to their market share in 'Tier' wise statures.
- Global market participants are scrutinized and global competition metrics are included with numerous competitor profiles referring to their business background and go-to market strategies.