Steering Wheel Armature Market: Global Industry Analysis and Forecast (2023-2029)

Steering Wheel Armature Market size was valued at US$ 65.13 Bn. in 2022 and the total revenue is expected to grow at 7.1% through 2023 to 2029, reaching nearly US$ 105.28 Bn.
Steering Wheel Armature Market Overview:
The steering wheel armature market is expected to increase at a 7.1 % annual pace, reaching a value of USD 105.28 Bn by the end of 2029. The global expansion of the automotive industry is propelling the steering wheel armature market forward. The structural foundation for all steering wheel mountings, including airbags & driver controls, is provided by the steering wheel armature, which is a component of an automobile. Because of their cost effectiveness and durability, magnesium and aluminium alloys are commonly used to make steering wheel armatures.To know about the Research Methodology :- Request Free Sample Report

One of the main factors influencing the growth of the market is the rise in public awareness about safety & comfort while driving. Because of the introduction of power steering technology, there is a growing need for modern steering wheels with new and unique designs, which is propelling the market forward. The increase in demand for carbon fiber armatures is due to the ongoing efforts being made to reduce vehicle weight, as well as the development of upgraded and high-end automobiles and extra amenities incorporated in the vehicles with controls mounted on the steering wheel. Furthermore, the market benefits from high disposable income, urbanisation, lifestyle changes, the rise of the automotive sector, increased vehicle sales, and an expanding automobile fleet. Furthermore, in the forecast period of 2023 to 2029, the aesthetics of motor vehicles with an innovative design of the steering wheel armature provide profitable prospects to market players.
Steering Wheel Armature Market Dynamics:
Rising concerns about driver safety and comfort are key factors that are predicted to drive the demand for steering wheel armature. The entire steering system has undergone major renovation since the introduction of power steering, leading to the sales of steering wheel armatures. The need for sophisticated steering wheels with new and inventive designs has increased as a result of the recent development of upgraded and high-end automobiles and extra functions added in vehicles with controls mounted on the steering wheel.

The steering wheel armature of the McLaren P1 GTR, for example, has six spokes. Manufacturers are also attempting to entice customers by improving the appearance of their automobiles by developing a new and novel steering wheel armature design. The need for steering wheel armature will increase as a result of this aspect. With continual efforts to reduce vehicle weight, the carbon fiber armature is expected to have promising growth during the forecast period.

For medium-range and ordinary passenger cars, many automakers use three-spoke steering wheels, which will stifle market expansion to some extent. The recent decrease in the vehicle manufacturing industry, as well as the likelihood of a recession, is predicted to strike most automobile manufacturers, reducing sales of steering wheel armatures in the coming years.

The adoption of three spoke steering wheels for medium and ordinary passenger automobiles, on the other hand, is predicted to stifle market growth. In the forecast period of 2023-2029, the downturn in the vehicle production sector owing to COVID-19 is anticipated to pose a threat to the market.
Steering Wheel Armature Market Segment Analysis:
Based on Type, the market is segmented into Magnesium or Magnesium alloy, Steel or Steel alloy, Aluminium or Aluminium alloy, Carbon fiber. There is an increased demand for high-quality industrial valves in the automotive and transportation industries, as well as other industries. The market for Steering Wheel Armature is now being driven by the need to reduce the risk of contamination. The growing concern about the market and industry is predicted to increase the Automotive and Transportation market.

Based on Number of Spokes, the market is segmented into One, Two, Three, Four and Six. The Three spokes segment leads the market as most of the car’s segment comprises of three spoke steering wheel armature. By adjusting the position of a spoke when assembling with a hub and rim, a steering wheel armature can be utilized for a variety of steering wheels. A rim; a hub disposed in a middle portion of the rim; and at least one spoke having one end portion combined with the hub and the other end portion combined with the rim, wherein the number and location of the spoke can be changed when the spoke is combined with the rim and the hub are described in detail.

Based on Application, the market is segmented into Passenger Cars and Commercial Vehicles. Application valves for the steering wheel armature are one of the most basic and essential components of today's modern technological society. In the worldwide market, the Passenger Vehicles segment is predicted to hold the biggest market share.
Steering Wheel Armature Market Regional Overview:
The robust PARC vehicle fleet in North America is expected to gain significant traction in the aftermarket segment, however diminishing automotive manufacture is expected to hinder market development. Due to downtime in China & Japan's vehicle manufacturing industries, the market in East Asia is likely to grow slowly in the near future. The market for steering wheel armatures in South Asia is predicted to grow slowly due to rapid reductions in car vehicle production and the volatility in the Indian economy as a result of a possible recession, which is expected to impair the automobile industry.

Though, in the South Asia area, the current vehicle fleet is expected to give market growth in the aftermarket segment. The market in Latin America is also expected to grow steadily, with Brazil and Mexico being two of the most important countries driving the market. The Middle East and Africa automotive steering wheel market is expected to stall due to a lack of significant growth potential for manufacturing or sales of car vehicles.

The objective of the report is to present a comprehensive analysis of the market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the market dynamics, structure by analyzing the market segments and project the market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the market make the report investor’s guide.
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Steering Wheel Armature Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 65.13 Bn.


Forecast Period 2023 to 2029 CAGR:
7.1%
Market Size in 2029:
US $ 105.28 Bn.


 Segments Covered:
by Type
Magnesium or Magnesium alloy
Steel or Steel alloy
Aluminium or Aluminium alloy
Carbon fiber


by Application
Passenger Cars
Commercial Vehicles


by Number of Spokes
One
Two
Three
Four
Six



Steering Wheel Armature Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Steering Wheel Armature Market Key Players
1. Getac Technology Corporation (Taiwan)
2. Tianjin Liuhe Magnesium Product Co., Ltd. (China)
3. Nihon Plast Co., Ltd. (Japan)
4. GSK InTek Co., Ltd. (Taiwan)
5. ROS INDUSTRIE SRL (Italy)
6. STARION CO., LTD (India)
7. Summit Steering Wheel Co., Ltd. (Thailand)
8. Magpulse Technologies Pvt. Ltd. (India)
9. Shanghai Fangle Auto Parts Co. Ltd (China)
10. TaiHang ChangQing Automobile Safety System Co., Ltd (China)

Frequently Asked Questions:

What is the forecast period considered for the Steering Wheel Armature market report?
Ans. The forecast period for the Steering Wheel Armature market is 2023-2029.

What segments are covered in the Steering Wheel Armature Market Report?
Ans. The Steering Wheel Armature Market is segmented by Type, Application, Number of Spokes and Regions

What is the compound annual growth rate (CAGR) of the Steering Wheel Armature market for the forecast period?
Ans. The CAGR of the Steering Wheel Armature market for the forecast period 2023-2029 is 2.5 %.

Which is the dominating segment by type in the Steering Wheel Armature market?
Ans. Steel or Steel alloy segment will dominate the Steering Wheel Armature market by the end of 2029.

Which country is expected to hold the largest share in Steering Wheel Armature market?
Ans. US will dominate the Steering Wheel Armature market by the end of 2029.