This site uses cookies, including third-party cookies, that help us to provide and improve our services.

Privacy Policy
- Global Locations -
Headquarters
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive, Suite 401, Newark, Delaware - 19713, United States
T: +1-845-579-5705
MEA
Market Access DMCC
1602-6 Jumeirah Bay X2 Tower, Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
Americas
Future Market Insights
616 Corporate Way, Suite 2-9018,
Valley Cottage, NY 10989,
United States
T: +1-347-918-3531
Europe
Future Market Insights
3rd Floor, 207 Regent Street,
London W1B 3HH
United Kingdom
T: + 44 (0) 20 8123 9659
D: +44 (0) 20 3287 4268
APAC
Future Market Insights
Office No. 401-A, 4th Floor,
VANTAGE 9, S.No. 36/1/1,
Baner, Pune 411045 India

Steering Wheel Armature Market

Market Insights on Steering Wheel Armature covering sales outlook, demand forecast & up-to-date key trends

Steering Wheel Armature Market by Material Type, Number of Spokes, Vehicle, Sales Channel & Region - Forecast 2022 - 2032

Steering Wheel Armature Market Outlook

The steering wheel armature market is expected to record a CAGR of 7.2% during the forecast period 2022-2032, up from US$ 3.5 Billion in the year 2022 to reach a valuation of US$ 7.52 Billion by 2032.

Report Attributes

Details

CAGR

7.10%

Value (2022)

US$ 65.47 Billion

Value (2032)

US$ 130.591 Billion

The steering wheel armature market is anticipated to show promising growth prospects in the forecasted period 2022-2032.

Customize this Report

Let us know your requirement to get
100% FREE customization

What are the Key Drivers to the Steering Wheel Armature Market Share

Rising concern for safety and comfort while driving are pivotal points which are likely to accelerate the demand for steering wheel armature. Since the introduction of power steering, the entire steering system has undergone significant remodeling, thereby contributing to the sales of steering wheel armatures.

Recent development of enhanced and hig- end automobiles and additional features included in vehicles with controls being fitted on the steering wheel has also raised the requirement for advanced steering wheels with new and innovative design. 

For instance, McLaren P1 GTR has six spokes on its steering wheel armature. Manufacturers are also trying to attract customers by increasing the aesthetics of their automobile vehicles by trying to come up with a new and innovative design of the steering wheel armature.

This factor will boost the demand for steering wheel armature. With constant efforts towards reduction in the weight of the vehicle, the carbon fiber armature has also anticipated to record promising growth over the period of forecast.

Many automotive manufacturers are using three spoke steering wheels for medium range and normal passenger cars which will hinder the market growth to a certain extent. The recent decline in the automobile manufacturing sector and probable recession is expected to hit most of the automobile manufacturers which is projected to slash the sales of the steering wheel armature market over the projected years.

Which Region holds the Highest Growth Potential in the Steering Wheel Armature Market

Robust PARC vehicle fleet in the region of North America is estimated to gain substantial traction in the aftermarket segment, whereas, declining manufacturing of automobiles is anticipated to see slow market growth. The steering wheel armature market in East Asia is expected to witness a slow growth over the foreseeable period due to automobile manufacturing industry downtime in China and Japan.

Steering wheel armature market in South Asia is expected to witness slow growth as rapid cut down in the production of automobile vehicles and the instability in Indian economy on the back of probable recession which is estimated to hamper the automobile Industry.

Though, the existing vehicle fleet is estimated to provide market growth in the aftermarket segment in the South Asia region. The steering wheel armature market in Latin America is also touted for stable growth, with Brazil and Mexico being two prominent countries behind the surge in the market.

Due to the lack of a substantial growth potential for manufacturing or sales of automobile vehicles, the Middle East and Africa automotive steering wheel market is anticipated to stagnate.

Nikhil Kaitwade
Principal Consultant
LinkedIn
Talk to Analyst

Find your sweet spots for generating winning opportunities in this market.

Talk to Analyst

How is the Competitive Landscape in the Steering Wheel Armature Market

In the automotive steering wheel market, growth has been observed due to the need for durability, reliability, and comfort while driving. Similarly, structural modifications and improvements in the steering system pertaining to driver comfort have caused a demand for new steering wheels that are gaining market traction. 

In recent years, safety concerns and comfort while driving have become crucial factors which have increased demand for steering wheel armature. Since the advent of power steering, the entire steering system has undergone an enormous amount of restructuring, which, in turn, has driven the growth of steering wheel armatures.  

Examples of some of the market participants in the global steering wheel armature market identified across the value chain include Getac Technology Corporation, Tianjin Liuhe Magnesium Product Co., Ltd., Lunt Manufacturing, Nihon Plast Co., Ltd., GSK InTek Co., Ltd., ROS INDUSTRIE SRL, MZW Motor, STARION CO., LTD, Summit Steering Wheel Co., Ltd., Magpulse Technologies Pvt. Ltd., Shanghai Fangle Auto Parts Co. Ltd, TaiHangChangQing Automobile Safety System Co., Ltd.

Report Scope

Report Attribute

Details

Growth rate

CAGR of 7.10% from 2022 to 2032

Base year for estimation

2021

Historical data

2020 - 2028

Forecast period

2022 - 2032

Quantitative units

Revenue in US$ million/billion and CAGR from 2022 to 2032

Report coverage

Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis

Segments covered

Material Type, Number of Spokes, Vehicle Type, Sales Channel, & Region.

Regional scope

North America (U.S., Canada); Latin America (Mexico, Brazil); Europe (Germany, Italy, France, U.K, Spain, Russia); East Asia (China, Japan, South Korea); South Asia (India, ASEAN); Oceania (Australia, New Zealand); Middle East and Africa (GCC Countries, South Africa, Northern Africa)

Country scope

U.S., Canada, Mexico, Brazil, Germany, Italy, France, U.K, Spain, Russia, China, Japan, South Korea, India, ASEAN, Australia, New Zealand, GCC Countries, South Africa, Northern Africa

Key companies profiled

Getac Technology Corporation, Tianjin Liuhe Magnesium Product Co., Ltd., Lunt Manufacturing, Nihon Plast Co., Ltd., GSK InTek Co., Ltd., ROS INDUSTRIE SRL, MZW Motor, STARION CO., LTD, Summit Steering Wheel Co., Ltd., Magpulse Technologies Pvt. Ltd., Shanghai Fangle Auto Parts Co. Ltd, TaiHangChangQing Automobile Safety System Co., Ltd

Customization scope

Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs.

Become a MarketNgage Insider

An unified Market Research Subscription Platform, built for today’s disparate research needs.

Key Segments Profiled in Steering Wheel Armature Market

By Material Type:

  • Magnesium or Magnesium alloy Steering wheel armature
  • Steel or Steel alloy steering wheel armature
  • Aluminium or Aluminium alloy steering wheel armature
  • Carbon fiber steering wheel armature

By Number of Spokes:

  • Steering wheel armature with one spoke
  • Steering wheel armature with two spokes
  • Steering wheel armature with three spokes
  • Steering wheel armature with four spokes
  • Steering wheel armature with six spokes

By Vehicle Type:

  • Passenger Cars
  • Compact Cars
  • Mid-Size
  • SUV
  • Luxury
  • Light Commercial Vehicles (LCV)
  • Heavy Commercial Vehicle (HCV)
  • Trucks & Trailers
  • Buses & Coaches

By Sales Channel:

  • Original Equipment Manufacturer (OEM)
  • Aftermarket

By Region:

  • North
  • Latin
  • Europe
  • East Asia
  • South Asia
  •  Oceania
  • Middle East
  •  Africa

Frequently Asked Questions

The steering wheel armature market is expected to record a CAGR of 7.10% during the forecast period 2022-2032, up from US$ 65.47 Billion in the year 2022 to reach a valuation of US$ 130.591 Billion by 2032.

Key players holding substantial market share include Getac Technology Corporation, Tianjin Liuhe Magnesium Product Co., Ltd., Lunt Manufacturing, Nihon Plast Co., Ltd., GSK InTek Co., Ltd., ROS INDUSTRIE SRL, MZW Motor, STARION CO., LTD, Summit Steering Wheel Co., Ltd., Magpulse Technologies Pvt. Ltd., Shanghai Fangle Auto Parts Co. Ltd, TaiHangChangQing Automobile Safety System Co., Ltd.

As per the analysis, the steering wheel armature market share is likely to be US$ 130.591 Billion by 2032.

Steering wheel armature demand is likely to be accelerated by concerns for safety and comfort while driving.

Table of Content

NA

Customize this Report

Let us know your requirement to get
100% FREE customization

List of Tables

NA

Nikhil Kaitwade
Principal Consultant
LinkedIn
Talk to Analyst

Find your sweet spots for generating winning opportunities in this market.

Talk to Analyst
List of Charts

NA

Need specific information?

Request Customization

Explore Automotive Insights

View Reports
Google translate

Steering Wheel Armature Market