Global Automotive Heated Steering Wheel Market 2017-2021
About Automotive Heated Steering Wheel
Heated steering wheels are often thought of as a luxury equipment and are most often included in high-end cars. A heating element in the steering wheel heats the rim of the wheel so that the whole touch surface is warm to touch. This eliminates the need for bulky gloves to keep the fingers and hands warm while driving. The system can be activated simply with the help of a steering wheel-mounted switch.
Technavio’s analysts forecast the global automotive heated steering wheel market to grow at a CAGR of 6.82% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive heated steering wheel market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Heated Steering Wheel Market 2017-2021
Technavio recognizes the following companies as the key players in the global automotive heated steering wheel market: Gentherm, Key Safety Systems, Takata, Whelio, and ZF TRW.
Other Prominent Vendors in the market are: Grant Products, Polaris Industries, Smart Planet, and Sportsman’s Market.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is introduction of DSMS on heated steering wheels. A driver state monitoring system (DSMS) is an in-vehicle tool adopted to analyze driver state while driving, thereby by preventing fatalities or injuries if distractions are observed. It is an electronic system used in automobiles that works based on parameters regarding measuring inactiveness, drowsiness, or fatigue.”
According to the report, one driver in the market is rise in auto sales in colder regions. Heated steering wheel is used to provide warmth to the driver by using thermoelectric technology in cold conditions. Basically, it enhances the comfort of the individuals driving for long distances. However, comfort is not the only factor that is driving the market growth. The increase in automotive sales in colder regions is also driving the market growth. The below exhibit will depict the growth rates of auto sales in some cold regions.
Further, the report states that one challenge in the market is high cost of steering system production hindering heated steering wheel market. The cost of steering systems has increased in accordance with the costs of product development, designing, and maintaining steering system technologies. Furthermore, the prices of steel, electronic components, and plastics used to produce steering systems have risen recently. Such price hikes have forced manufacturers to reconsider before adopting technologically advanced steering systems, such as EPS and EHPS, that feature both electronic and mechanical components.
Gentherm, Key Safety Systems, Takata, Whelio, ZF TRW, Grant Products, Polaris Industries, Smart Planet, and Sportsman’s Market.
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