Market Overview

The global automotive heated steering wheel market is expected to grow significantly in the coming years, driven by increased demand for comfort and safety features in vehicles. The heated steering wheel is a relatively new innovation in the automotive industry and has become a popular feature in premium and luxury vehicles.

Meaning

A heated steering wheel is a feature that warms the steering wheel’s surface to provide warmth and comfort to the driver’s hands. The heating system is typically integrated into the steering wheel’s rim, and the temperature can be controlled by the driver.

Executive Summary

The automotive heated steering wheel market is expected to grow at a significant rate in the coming years, driven by increasing demand for comfort and safety features in vehicles. The market is highly competitive, with several leading players offering a range of heated steering wheel options.

Important Note: The companies listed in the image above are for reference only. The final study will cover 18–20 key players in this market, and the list can be adjusted based on our client’s requirements.

Key Market Insights

1. The global automotive heated steering wheel market is expected to grow at a CAGR of over 8% during the forecast period.
2. North America is the largest market for automotive heated steering wheels, driven by the region’s harsh winter climate.
3. Electric vehicles are expected to be a key driver of the market, as these vehicles require efficient and effective heating systems.
4. The market is highly competitive, with several leading players offering a range of heated steering wheel options.

Market Drivers

1. Increasing demand for comfort and safety features in vehicles is driving the market’s growth.
2. Harsh winter conditions in North America and Europe are driving demand for heated steering wheels.
3. The growing popularity of electric vehicles is driving demand for efficient and effective heating systems.

Market Restraints

1. The high cost of heated steering wheel systems is a key barrier to adoption.
2. Lack of awareness and availability of the technology in some regions is limiting market growth.

Market Opportunities

1. Expansion of the automotive market in emerging economies presents a significant growth opportunity for the heated steering wheel market.
2. Technological advancements and innovation in heating systems provide opportunities for manufacturers to improve the efficiency and effectiveness of heated steering wheels.

Market Dynamics

The automotive heated steering wheel market is highly dynamic, with several factors driving growth and change. The market is characterized by increasing demand for comfort and safety features, technological advancements, and competitive pressures.

Regional Analysis

North America is the largest market for automotive heated steering wheels, driven by the region’s harsh winter climate. Europe is also a significant market, with demand driven by cold weather conditions in many parts of the region. The Asia Pacific is expected to be the fastest-growing market, driven by the expansion of the automotive industry in the region’s emerging economies.

Competitive Landscape

Leading Companies in the Automotive Heated Steering Wheel Market:

1. ZF Friedrichshafen AG
2. Autoliv Inc.
3. Takata Corporation (Joyson Safety Systems)
4. Bosch Limited
5. Valeo SA
6. Toyoda Gosei Co., Ltd.
7. Key Safety Systems (Ningbo Joyson Electronic Corp.)
8. Grant Products International, Inc.
9. NRG Innovations
10. MOMO S.r.l.

Please note: This is a preliminary list; the final study will feature 18–20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

Segmentation

The automotive heated steering wheel market can be segmented by vehicle type, technology, and region. By vehicle type, the market can be segmented into passenger vehicles and commercial vehicles. By technology, the market can be segmented into resistive heating and inductive heating.

Category-wise Insights

1. Passenger vehicles are the largest segment of the automotive heated steering wheel market, driven by increasing demand for comfort and safety features in these vehicles.
2. Resistive heating is the most common technology used in heated steering wheels, as it is cost-effective and efficient.

Key Benefits for Industry Participants and Stakeholders

1. Increased demand for heated steering wheels presents opportunities for manufacturers to expand their product portfolios and increase revenue.
2. Development of more efficient and effective heating systems provides opportunities for manufacturers to improve product quality and reduce costs.

SWOT Analysis

Strengths:

1. Growing demand for comfort and safety features in vehicles.

2. Technological advancements and innovation in heating systems provide opportunities for manufacturers to improve product quality and efficiency.
3. Expansion of the automotive market in emerging economies.

Weaknesses:

1. High cost of heated steering wheel systems.
2. Limited awareness and availability of the technology in some regions.

Opportunities:

1. Expansion of the automotive market in emerging economies.
2. Technological advancements and innovation in heating systems provide opportunities for manufacturers to improve product quality and reduce costs.
3. Growing popularity of electric vehicles, which require efficient and effective heating systems.

Threats:

1. Increasing competition from new market entrants.
2. Changes in consumer preferences and demand.
3. Economic downturns and other external factors that could impact demand for vehicles and automotive accessories.

Market Key Trends

1. Increasing demand for advanced safety and comfort features in vehicles is driving the market’s growth.
2. Technological advancements and innovation in heating systems are providing opportunities for manufacturers to improve product quality and efficiency.
3. Growing popularity of electric vehicles is driving demand for efficient and effective heating systems.

Covid-19 Impact

The Covid-19 pandemic has had a significant impact on the automotive industry, including the heated steering wheel market. The pandemic has led to a decline in automotive sales, as many consumers have delayed purchases or reduced spending due to economic uncertainty. However, the demand for comfort and safety features in vehicles has remained strong, and the market is expected to recover as the pandemic subsides.

Key Industry Developments

1. In February 2021, Gentherm announced the acquisition of Etratech Enterprises, a leading provider of electronic controls and systems integration solutions.
2. In March 2021, ZF Friedrichshafen AG launched a new generation of heated steering wheels, featuring improved heating performance and reduced power consumption.

Analyst Suggestions

1. Manufacturers should focus on developing more efficient and effective heating systems to meet the growing demand for comfort and safety features in vehicles.
2. Companies should expand their product portfolios and increase investment in research and development to stay competitive in the market.

Future Outlook

The global automotive heated steering wheel market is expected to continue to grow at a significant rate in the coming years, driven by increasing demand for comfort and safety features in vehicles. Technological advancements and innovation in heating systems provide opportunities for manufacturers to improve product quality and efficiency. The market is highly competitive, and companies that invest in research and development and expand their product portfolios are expected to be well-positioned for success.

Conclusion

The automotive heated steering wheel market is a growing segment of the automotive accessories market, driven by increasing demand for comfort and safety features in vehicles. The market is highly competitive, with several leading players offering a range of heated steering wheel options. Technological advancements and innovation in heating systems provide opportunities for manufacturers to improve product quality and efficiency, and the expansion of the automotive market in emerging economies presents significant growth opportunities for the market. Despite challenges such as high costs and limited awareness and availability of the technology in some regions, the future outlook for the market is positive, and the market is expected to continue to grow at a significant rate in the coming years.