An automotive multi-function steering wheel is integrated with several in-vehicle system controls such as music system, connected mobile phone, and radio system, via several buttons mounted over the steering wheel.
Increase in demand for in-vehicle sophistication is
primarily driving the demand for multi-function steering wheels. Consumer
preference for easy in-vehicle operations, such as operating the music system,
interior lighting system, and accessing the mobile phone, is propelling the
demand for multi-function steering wheel. Preference among manufacturers is
shifting toward in-vehicle automation in order to compete in the highly
competitive automobile market, which in turn is fueling the demand for
multi-function steering wheels. Moreover, availability of multi-function
steering wheel at a reasonable cost is driving the global
automotive multi-function steering wheel market across the
globe.
Introduction of newer vehicle models equipped with highly
advanced and sophisticated vehicles is likely to offer significant
opportunities to the global automotive multi-function steering wheel market.
Rising per capita income of individuals across several developing countries,
leading to increase in vehicle buying tendency, has offered numerous
opportunities to the global automotive multi-function steering wheel market.
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The global automotive multi-function steering wheel market
can be segmented based on technology, vehicle type, sales channel, and region.
In terms of technology, the global automotive multi-function steering wheel
market can be bifurcated into advance driver assistance system (ADAS) control
enabled and infotainment system control enabled. Several vehicle manufacturers
who provide ADAS system as an integral part of the vehicle provide the controls
on the steering wheel. Providing controls for ADAS technologies on the steering
wheel eliminates driver distraction while operating these technologies, which
enhances safety.
Based on vehicle type, the global automotive multi-function
steering wheel market can be bifurcated into passenger vehicles and commercial
vehicles. Incorporation of technology has always been high in passenger
vehicles. The segment accounted for a major share of the market, in terms of
revenue, in 2018. It is projected to maintain its leading position during the
forecast period.
In terms of sales channel, the global automotive
multi-function steering wheel market can be split into OEM and aftermarket.
Several auto manufacturers provide multi-function steering wheel in order to
enhance in-vehicle comfort and sophistication. Moreover, rising demand for
premium and luxury class vehicles, due to rising per capita income of
consumers, is propelling the OEM segment of the market. Consumers can replace
their old steering wheel with a new aftermarket multi-function steering wheel.
In terms of region, the global automotive multi-function
steering wheel market can be segmented into five prominent regions. North
America accounted for a major share of the market, in terms of revenue,
followed by Europe. Rate of adoption of technology is high among consumers
across North America. Moreover, higher per capita income of individuals across
the region fuels the demand for higher level of vehicle sophistication.
Consequently, the demand for multi-function steering wheels is rising across
North America. Asia Pacific has a large consumer base of automobiles and
related components. Rising per capita income of individuals across Asia Pacific
and expansion of road infrastructure across the region are likely to offer
significant opportunities to the automotive multi-function steering wheel
market.
This study by TMR is all-encompassing framework of the
dynamics of the market. It mainly comprises critical assessment of consumers'
or customers' journeys, current and emerging avenues, and strategic framework
to enable CXOs take effective decisions.
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The study strives to evaluate the current and future growth
prospects, untapped avenues, factors shaping their revenue potential, and
demand and consumption patterns in the global market by breaking it into
region-wise assessment.
The following
regional segments are covered comprehensively:
- North
America
- Asia
Pacific
- Europe
- Latin
America
- The
Middle East and Africa
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