Automotive Multi-function Steering Wheel Market : A Well-Defined Technological Growth Map With An Impact-Analysis

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.

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.

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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.

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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.