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.
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.
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.
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 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. |
By Material Type:
By Number of Spokes:
By Vehicle Type:
By Sales Channel:
By Region:
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.
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Steering Wheel Armature Market
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