Categories: Market Research

Steering Wheel Armature Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Steering Wheel Armature Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Steering Wheel Armature Global Market Report 2024, The steering wheel armature market size has grown strongly in recent years. It will grow from $76.84 billion in 2023 to $83.45 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to shift to power steering systems, advancements in safety features, introduction of tilt and telescopic adjustments, adoption of multimedia and control interfaces, evolution of anti-theft mechanisms..

The steering wheel armature market size is expected to see strong growth in the next few years. It will grow to $111.98 billion in 2028 at a compound annual growth rate (CAGR) of 7.6%. The growth in the forecast period can be attributed to shift towards integrated controls, adoption of advanced sensors, rise in customization options, growth in haptic feedback systems, demand for lightweight materials.. Major trends in the forecast period include customization and personalization demands, compliance with safety standards, adoption of connectivity and infotainment features, design and ergonomic improvements, advancements in driver assistance systems..

The increasing demand for automobiles is expected to propel the growth of the steering wheel armature market going forward. Automobile refers to a wheeled motor vehicle typically having four wheels powered by an internal combustion engine and can also be powered by electricity or other forms of energy. A steering wheel armature is a component of the steering system used in an automobile that provides the structural foundation for all steering wheel mountings, including airbags and driver controls. For instance, in January 2023, according to MarkLines Co. Ltd., a US-based provider of online information services to the automotive industry, there were 1.287 billion units of light vehicles sold in the US in 2022, a 5.4% increase from the same month in 2021. Also, truck and SUV sales increased 5.3% from December 2021 to 1.02 billion units, while passenger car sales increased 5.7% to 0.266 billion units. Therefore, the increasing demand for automobiles is driving the growth of the steering wheel armature market.

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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), Aftermarket

Major companies operating in the steering wheel armature market are increasing their focus on developing adaptive steering to gain a competitive edge in the market. Adaptive steering is a type of vehicle steering system that can continuously and intelligently alter the relationship between the driver’s steering inputs and the angle of the steered road wheels. For instance, in May 2021, ZF Friedrichshafen AG, a Germany-based commercial transportation systems firm, announced ReAX Adaptive Steering, which gives drivers a more comfortable driving experience that may assist in boosting maneuverability, decreasing tiredness, and improving safety. ReAX makes use of sensor technology that can calculate the driver’s input 1000 times per second, adjusting for any torque input (such as crosswinds, road crowning, and poor road conditions). This reduces the physical stress on the driver, which aids in lowering driver tiredness, increasing driver alertness, and improving overall vehicle safety—all of which assist fleets in retaining and recruiting competent drivers.

The steering wheel armature market report table of contents includes: